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Petrobras adding more FPSOs despite rising costs

OilNOW -
Petrobras has been saddled with increased costs for floating production, storage, and offloading (FPSO) vessels, triggered by supply chain disruptions. Yet, the Brazil-state-owned company, in pursuing an aggressive production ramp-up, has four new vessels for start-up this year; a total...
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Secondary lane of discoveries in Stabroek Block could be pursued this year – Rystad Energy

Shikema Dey -
ExxonMobil is looking to increase its multi-billion barrel recoverable resources offshore Guyana this year. Its co-venturer Hess Corp. recently announced yet another significant discovery at Fangtooth SE-1. And according to Rystad Energy, more discoveries will come over the next several years, with...
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ExxonMobil affiliate puts US$560 million to develop ‘largest renewable diesel facility’ in Canada

OilNOW -
ExxonMobil’s majority-owned affiliate, Imperial Oil Ltd., has committed US$560 million to commence construction of the largest renewable diesel facility in Canada. Imperial’s renewable diesel facility will use low-carbon hydrogen produced with carbon capture and storage technology to help Canada meet...
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PROSPERITY UPDATES: Mega project could deliver Guyana’s first bilateral crude sales deal

OilNOW -
As the Prosperity floating production, storage and offloading (FPSO) vessel gears for start-up in Guyana’s Stabroek Block this year, it could see the country entering its first government-to-government oil deal. The Prosperity will be the third production vessel for Guyana...
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ON Energy about to dissolve, owes CGX US$3 million

OilNOW -
ON Energy Inc., a company registered in Guyana, is preparing to dissolve and owes its parent company CGX Energy Inc. US$3 million. But the company is now unable to pay its debts. ON had held a license for the Berbice block, onshore...
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PROSPERITY UPDATES: FPSO to set sail for Guyana in Q1 2023 – Hess

OilNOW -
The Prosperity floating production, storage, and offloading (FPSO) vessel is expected to set sail from the Keppel shipyard in Singapore in the first quarter of this year for Guyana where it will produce oil and gas for the next...
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Interest on Guyana oil fund inching close to GY$4 billion

OilNOW -
Guyana has deposited US$1.86 billion in royalties and profit oil payments to the Natural Resource Fund (NRF) raking in GY$3.67 billion in interest in the last three years. For 2022, the nation earned a whopping GY$3.65 billion (US$17.51 million) in...
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TechnipFMC scores significant subsea contract from Brazil’s Petrobras

OilNOW -
Subsea giant, TechnipFMC, announced the receipt of a substantial master services agreement (MSA) from Brazil’s state-owned entity Petrobras. For TechnipFMC, a substantial contract is valued between US$250 million and US$500 million. Jonathan Landes, President, Subsea at TechnipFMC, commented: “This new MSA...
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Uaru subsurface installations will be “twice as big as Yellowtail” – Hess

OilNOW -
ExxonMobil’s fifth project in Guyana, Uaru, is shaping up to be a giant undertaking both in terms of its field development and total cost.    The estimated cost comes in at a massive US$12.7 billion – reflecting current market conditions with...
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Liquidation of CGX subsidiary, ON Energy, to have no impact on Guyana operations

Shikema Dey -
As CGX Energy’s subsidiary, ON Energy, faces liquidation, the process will have no impact on the company’s current operations in Guyana. “Not at all,” Professor Suresh Narine, Executive Co-Chairman of CGX Energy’s Board of Directors, told OilNOW on Wednesday. ON Energy...
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Decision reached in arbitration over Hess’ stake in Guyana’s Stabroek Block

A decision has been reached in the high-stakes arbitration between ExxonMobil and Hess Corporation over a prized oil asset...

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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