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World Bank provides US$35M to support Guyana O&G preparations

OilNOW -
The World Bank and Guyana’s Minister of Finance Winston Jordan on Friday, July 27, signed a policy-based loan agreement for US$35 million to support the creation of the financial framework necessary for the Oil and Gas (O&G) industry. This loan...
News

ExxonMobil earns $4 billion in Q2; Guyana among key projects pushing growth plan

OilNOW -
Exxon Mobil Corporation announced on Friday, July 27, its estimated second quarter 2018 earnings of $4 billion, or $0.92 per share assuming dilution, compared with $3.4 billion a year earlier. Guyana continues to play a key role in pushing the company’s...
Exploration

Guyana ‘uniquely advantaged by scale, reservoir quality, cost and rapid returns’ – Hess

OilNOW -
The more than 4 billion oil-equivalent barrels discovered to date in the Stabroek Block offshore Guyana is uniquely advantaged by its scale, reservoir quality, cost, rapid cash paybacks and superior financial returns. John Hess, Chief Executive Officer of Hess Corporation...
News

Third drillship to arrive in Guyana by year-end; ExxonMobil still to decide on contractor

OilNOW -
As exploration and production activities continue to ramp up offshore Guyana, US oil major ExxonMobil will engage another drillship to aid in the search for more oil. This vessel will be the third such drillship, joining the Stena Carron...
News

BP set to acquire $10.5B in shale assets from BHP

OilNOW -
In a move that will upgrade and materially reposition its US onshore oil and gas business, BP has agreed to acquire a portfolio of world-class unconventional oil and gas assets from BHP. The acquisition will bring BP extensive oil...
News

SBM in leniency deal with Brazil gov’t, Petrobras

OilNOW -
SBM offshore announced on Thursday that it has signed a Leniency Agreement with the Brazilian Ministry of Transparency and Comptroller’s General Office (CGU), the General Counsel for the Republic (AGU) and Petrobras. The current agreement follows previous resolutions reached by...
News

Saipem slips deeper into the red

OilNOW -
Losses widen but increase in new contracts gives brighter outlook (Upstream) Italian contractor Saipem increased its losses during the first half of 2018 as revenues also slipped. The company posted a loss of €323 million ($377.3 million) for the first six...
News

Guyana remains shining light in Hess portfolio as company reports US$130M Q2 net loss

OilNOW -
Hess Corporation (NYSE: HES) on Wednesday reported a net loss of $130 million, or $0.48 per common share, in the second quarter of 2018, compared to a net loss of $449 million, or $1.46 per common share, in the...
News

Sovereign Wealth Fund to ensure roads, bridges, health care and citizens are “well taken care of” – Trotman

OilNOW -
The Government of Guyana says it is committed to ensuring that legislation is in place by 2020 that is “both responsive to national concerns and meets international best practices.” This is the view of Minister of Natural Resources, Raphael Trotman,...
News

Ring plundered $1.2 billion of Venezuelan oil money, laundered it in South Florida

OilNOW -
A web of former Venezuelan officials and businessmen was charged in Miami Wednesday with operating a massive $1.2 billion international money-laundering racket funded with stolen government money that was invested in South Florida real estate and other assets, the...
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Latest News

Energy InsightsChevy Devonish -

The Oil Pollution Prevention, Preparedness Response and Responsibility Act: Liability 

In my last piece, I gave an overview of Guyana’s new Oil Pollution Prevention, Preparedness Response and Responsibility Act...

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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