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CIMC Raffles secures EPC contracts for Petrobras’ new FPSO hulls

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CIMC Raffles, a subsidiary of CIMC Group, has been awarded the engineering, procurement and construction (EPC) contract to supply the hulls for two new production vessels - P-84 and P-85 - by Seatrium.  These floating, production, storage and offloading vessels...
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China Merchants Heavy Industry building Fast4Ward hull for Suriname’s first offshore project 

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The Multipurpose Floater C (MPF C) Fast4Ward hull reserved by SBM Offshore for Suriname’s US$9 billion offshore development is being fabricated by China Merchants Heavy Industry (CMHI). TotalEnergies reserved the hull in June.  According to a July 12 Upstream Online...
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U.S. DOE seeks 4.5 million barrels for SPR amid rising crude prices

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The U.S. Department of Energy (DOE) has issued a solicitation to purchase 4.5 million barrels of crude oil for the Strategic Petroleum Reserve (SPR). However, the recent surge in crude prices may hinder this effort. US strategic petroleum reserves sink...
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Guyana salary levels “in another few years” will win back migrating nurses – Ali

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Guyana President Dr. Mohamed Irfaan Ali said Guyana’s salary levels, in a few years, will win back critical groups of workers who have left Guyana’s shores for more attractive remuneration.  “In another few years, our salary structure will be comparable...
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Exxon conducting drilling operations at Haimara-3

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ExxonMobil is continuing exploration drilling at the Haimara-3 well site in the Stabroek Block offshore Guyana. The drilling, conducted by the Noble Sam Croft, will conclude on July 31, 2024, according to a notice by the Maritime Administration Department.  The...
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OPEC adjusts 2024 economic growth outlook to 2.9%

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OPEC's latest Oil Market Report offers an optimistic view of the global oil market. The organization has revised its 2024 global economic growth forecast slightly higher to 2.9%. This adjustment is due to stronger-than-expected performances in key economies like...
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Several bids received in Suriname’s shallow water round targeting multi-billion-barrel resources

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Suriname's shallow water bid round has closed and according to its state oil company, Staatsolie, “several bids” were received.  “We would like to thank the companies which have shown their interest,” the Staatsolie said in a recent announcement.  The state oil...
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MODEC seeking contractors for monitoring system on 250,000 bpd Errea Wittu FPSO

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MODEC Guyana is requesting contractor services for the annual maintenance and certification of the Environmental and Motion Monitoring System (EMMS) on the FPSO Errea Wittu.  This vessel is expected to initially produce 250,000 barrels of oil per day (b/d), inject...
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Manatee will only lift TT’s “struggling” gas production to 2022 levels – Ramnarine 

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The news that Shell issued a final investment decision for the Manatee gas field was welcomed by Trinidad and Tobago’s former Energy Minister, Kevin Ramnarine.  But he believes the development will only make a small dent in lifting TT’s liquid...
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Talks underway for Guyana to sell its certified carbon into Singapore-based compliance market

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The Government of Guyana is now engaging in discussions to sell the country's certified carbon to airlines via a compliance market based in Singapore. “We’ve been fighting to get our carbon sold into a compliance market,” said Vice President, Bharrat...
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SEOGS 2025 moves to accommodate growing participation

Now in its fifth year, the Suriname Energy, Oil & Gas Summit (SEOGS) has grown into one of the...

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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