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CARICOM oil producing neighbours sign tourism pact

OilNOW -
CARICOM oil producers Guyana and Suriname signed a tourism agreement on Monday in Paramaribo that is intended to boost efforts in both countries to increase tourism and visitor arrivals between the two territories. The Tourism Accord is viewed as a...
Exploration

ExxonMobil acquires over 1.7 million acres offshore Egypt

OilNOW -
ExxonMobil said Monday it has secured more than 1.7 million acres for exploration offshore Egypt. “These awards strengthen our exploration portfolio in the Eastern Mediterranean,” said Mike Cousins, senior vice president of exploration and new ventures at ExxonMobil. “We look forward...
News

Bourbon Offshore sold to creditors

OilNOW -
(The Maritime Executive) On December 23, the court overseeing the reorganization of Bourbon Offshore chose a purchase bid from Société Phocéenne de Participations (SPP), a company owned by Bourbon's creditors. The transfer of ownership of Bourbon's holding company, Bourbon...
News

Fugro acquires sole ownership of Seabed Geosolutions

OilNOW -
Dutch engineering company Fugro, which is in a partnership with Guyanese firm Ground Structures Engineering Consultants Inc., has entered into an agreement to acquire geoscience company, CGG’s 40% shareholding in Seabed Geosolutions and to terminate the Seabed Geosolutions’ joint...
News

Liza Phase 1 rapid start-up good news for oil industry – Wells Fargo

OilNOW -
From discovery in 2015 to start of oil production less than five years later, the rapid start-up of the Liza Phase 1 Development is good news for the global oil industry says a senior analyst at US multinational financial...
News

Oil holds near three-month high as U.S. crude stockpiles shrink

OilNOW -
Oil held gains near the highest close in over three months after U.S. crude stockpiles declined more than expected, Bloomberg reported on Monday. Futures were little changed in New York after capping a fourth weekly advance on Friday, the longest...
News

Average crude oil prices could be lower in 2020 due to rising inventories

OilNOW -
The U.S. Energy Information Administration expects average crude oil prices will be lower in 2020 than in 2019 because of rising inventories. Outside the United States, production is expected to continue to grow in Brazil, Norway, and in Guyana...
News

South America leads for planned and announced FPSOs

OilNOW -
South America has the highest number of planned and announced floating production storage and offloading (FPSO) additions globally between 2019 and 2025, with 27 projects. This is followed by Africa, Asia and Europe with a respective 15, eight and...
News

Crude settles in black after large US draw

OilNOW -
(S&P Global) Crude futures settled higher Friday after the US Energy Information Administration reported a large draw in US crude oil inventories. An uptick in refinery demand weighed on US crude oil inventories last week, extending their decline for a...
News

Liza Crude could break into US Gulf Coast, European markets – S&P Global

OilNOW -
With an API of 32.1 degrees and sulfur content of 0.510 percent, the crude now being produced at the Liza Phase 1 Development offshore Guyana could see interest from buyers on the US Gulf Coast and those in locations...
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Improvements in infrastructure, productivity pushing Guyana’s non-oil GDP – IMF

Guyana’s oil sector is projected to account for a slightly smaller share of the country’s economy in 2025 for...

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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