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Oil headed to $10 a barrel as virus lockdown eradicates fuel demand

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(FORBES) Oil prices have collapsed by more than half this year, to $23 per barrel on Thursday for West Texas Intermediate crude. But now is not yet the time to buy oil—because the worst is yet to come. Gasoline demand is...
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Guyana’s ‘niche product’ could help counter a bearish oil market – API Chief Economist

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Chief Economist at the American Petroleum Institute (API) Dr. Dean Foreman believes that Guyana’s oil economy is likely to withstand the current low-price environment triggered by the Russia-Saudi Arabia price war and now worsened by the COVID-19 global pandemic. “Guyana’s...
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Guyana remains a bright spot in oil’s universe but politics could change the outlook

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The International Monetary Fund, World Bank, and several other institutions, analysts and experts have all placed Guyana on the road to rapid economic growth and transformation fueled by the massive oil resources discovered by ExxonMobil off the country’s coast...
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SBM Offshore prioritising staff safety as global pandemic unfolds

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Dutch floater specialist SBM Offshore says the unprecedented times brought on by the global COVID-19 pandemic is resulting in a strong, united front from the company as it takes measures to ensure the health and safety of its workers. “As...
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CGX’s Logistics Yard to service development of Guyana Deep Water Port

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CGX Energy Inc. through its wholly owned subsidiary Grand Canal Industrial Estates Inc. (GCIEI) will in 2020 begin construction of phase 1a of the deep-water port at the mouth of the Berbice River in the South American country of...
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CNOOC lifts 1st oil cargo from Guyana, reports record performance for 2019

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China’s state oil company CNOOC has lifted its first 1 million barrels of light, sweet Liza crude from Guyana’s offshore Liza Phase 1 Development project. The company has a 25% stake in the 6.6 million acres Stabroek block as...
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Fugro partners with SEA-KIT to develop new range of uncrewed surface vessels

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SEA-KIT, a global provider of hi-tech solutions to maritime and research industries, will work with Dutch engineering company Fugro to develop a new range of agile and compact uncrewed surface vessels (USVs) which can deploy remotely operated vehicles (ROVs)...
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Global oil demand could collapse by over 16 million bpd in April

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Global oil demand is expected to take the biggest hit in the month of April falling by nearly 16 million barrels per day (bpd) year on year, representing almost a 16% drop. Rystad Energy said this downgrade takes into...
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Economic crisis prompts a showdown and a shutdown in Suriname

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(New York Times) Suriname ground to a halt on Wednesday as its banks, shops and factories shuttered in a showdown between its beleaguered private sector and its authoritarian government over how to respond to a deepening economic crisis. The closures...
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Over 1 million oil field services jobs to be cut in 2020 as COVID-19, price crash wreak havoc

OilNOW -
More than a million jobs in the oilfield service industry (OFS) are likely to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, a Rystad Energy impact...
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Eight Graduate Engineers complete SBM Offshore Guyana programme, nine join new cohort

Eight young Guyanese engineers have completed SBM Offshore Guyana’s Graduate Engineers’ Programme, marking the end of an intensive 18-month...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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