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Oil revenue will fuel construction boom – Business Minister

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Massive cash injection from oil production is expected to have a multiplier effect on the Guyana economy that will fuel a construction boom and trigger growth in a number of other sectors. This is the view of Guyana’s Business...
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Statoil to change name to Equinor to reflect broad energy push

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(Reuters) - Norway’s Statoil said on Thursday it would change its name to Equinor, saying this would reflect its commitment to be a broad energy company rather than one just focused on oil. In a video posted on social media,...
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Tillerson has 180 million reasons not to return to oil industry

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(Bloomberg) -- It isn’t clear where Rex Tillerson goes from here, but he has 180 million reasons to avoid the oil industry. The freshly ousted Secretary of State’s exit package from former employer Exxon Mobil Corp. stipulates that if Tillerson returns to...
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Urgency of Sovereign Wealth Fund cannot be understated – US Ambassador

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United States Ambassador to Guyana Perry Holloway says the establishment of a revenue and investment framework that effectively manages the expected windfall from oil production is of vital importance if the South American country is to be truly transformed. Writing...
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Ecuador seeks $800M investment in oil & gas bid

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(Reuters) - Ecuador on Tuesday launched a bidding round for foreign companies to develop oil and gas reserves, hoping to attract some $800 million in investment to boost production in the Andean nation’s sluggish economy. Winners will operate four oil...
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Noble crew member wants fellow Guyanese to get on board

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A Guyanese crew member working on the Noble Bob Douglas drillship that will soon depart the Gulf of Mexico to begin development of the Liza oil field in the South American nation is calling on his countrymen to get...
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Hess planning ‘investor day’ for Guyana oil bonanza

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Hess Corporation continues to be encouraged by positive results coming out of Guyana where, in partnership with CNOOC Nexen and the operator - ExxonMobil - 3.2 billion recoverable barrels of oil have been confirmed from 5 out of a...
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Hess moves to buy back US$1B in shares as Guyana gets “bigger, better”

OilNOW -
Hess Corporation said on Thursday that its Board of Directors has authorized the purchase of $1.0 billion of Hess common stock by the end of 2018. The newly authorized program is in addition to the $500 million share repurchase program Hess announced in late...
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IMF finds Guyana US$18M signing-bonus ‘relatively high’ – Trotman

OilNOW -
The Guyana government believes the US$18M signing bonus it received from ExxonMobil - part of a modified 2016 Production Sharing Agreement (PSA) - is relatively high given the risks involved and the fact the country is still not a...
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More discoveries coming; Guyana seen as ‘deepwater sweet spot’ – Wood Mack

OilNOW -
More oil discoveries offshore the South American country of Guyana are expected to be made as exploration continues on the back of an already discovered 3.2 billion recoverable barrels. Industry Analyst Wood Mackenzie believes that globally, the most-favoured plays will...
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Libra Consortium announces first oil at third FPSO in Brazil pre-salt

Shell Brasil Petróleo Ltda. (Shell Brasil), a subsidiary of Shell plc, announced on Thursday the start of production of...

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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