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World’s biggest wealth fund wants out of oil & gas

OilNOW -
(Bloomberg) The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks. Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to...
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Hess sees Guyana as “growth engine”, sets aside billions to prefund oil development in Stabroek Block

OilNOW -
In a presentation at the Bank of America Merrill Lynch 2017 Global Energy Conference on Thursday, Hess Corporation (NYSE:HES) Chief Executive Officer John Hess, disclosed a number of steps the company is taking, which is the clearest indication yet that it is betting big on...
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SBM seeking manpower services for Liza Destiny as conversion of VLCC begins

OilNOW -
SBM offshore subsidiary; Guyana Deep Water Operations Inc. (GDO), is inviting companies to bid for the provision of manpower services for the operation of the Liza Destiny FPSO, scheduled to arrive in Guyana late 2019. GDO said via a public...
Prime Time

Oil companies should farm into Guyanese diaspora before exploring skills elsewhere

OilNOW -
If the skill-set required in Guyana’s oil and gas industry is not available in-country, oil companies should be encouraged to tap into the vast Guyanese diaspora before looking elsewhere for services and human capital, says a former government official. Close...
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16 Guyanese now equipped with culinary skills for offshore catering

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Sixteen Guyanese between the ages of 19 and 36 completed a three-day introductory program in Offshore Catering and Hospitality Techniques on Wednesday, facilitated by Carnegie School of Home Economics with support from manpower services provider, El Dorado Offshore (EDO). See...
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OPEC predicts global oil demand will surpass 100 million bpd by 2040 requiring US$10.5 trillion in investments

OilNOW -
The latest edition of the OPEC World Oil Outlook predicts oil will remain the world’s largest source of energy over the next two decades, despite the increasing importance of renewables. Released in an exclusive briefing to senior industry executives at...
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Noble Group shares drop to lowest since 1999 after Co-CEO quits

OilNOW -
(Reuters) - Shares in Singapore-listed Noble Group on Tuesday tumbled as much as 12.7 percent to their lowest in nearly two decades, after Jeffrey Frase resigned as Co-Chief Executive Officer (CEO). The beleaguered commodity trader said on Monday that Frase...
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Massive O&G outreach awareness exercise planned for 2018

OilNOW -
The Guyana government is looking to embark on a wide-ranging coast-to-coast oil and gas outreach awareness programme in 2018 that will also include visits to Guyanese living in the diaspora. Minister of Natural Resources, Raphael Trotman, during a recent interview...
News

Oil price hit a 28-month high

OilNOW -
Oil price hit a 28-month high last week due to expectations on the OPEC/non-OPEC output-cut agreement and concerns about the political tensions in Saudi Arabia. Last week, Brent Crude future for January 2018 delivery rose to $64.65 a barrel, or the highest since June 2015, while...
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US leads world in oil and gas production, IEA says

OilNOW -
(BBC) International energy markets are set for "major upheaval" as the US cements its status as the world's largest oil and gas producer, while China overtakes it as the biggest oil consumer. The predictions come from the International Energy Agency's annual...
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Hess gives back Suriname oil block at Guyana border

U.S. oil company Hess has relinquished Block 59 offshore Suriname, a deepwater area located near the maritime border with...

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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