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Frontera gives CGX new extensions for US$19 million loan, Joint Operation Agreement

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CGX Energy has been given a further extension to finalise the Joint Operating Agreement (JOA) it has with Frontera Energy for the Corentyne Block and the US$19 million loan it also took to cover its Guyana projects. Both have been extended to...
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Fate of Petrobras hangs in the balance as Lula, Bolsonaro go head-to-head

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The tight electoral race for Brazil’s Presidency will end finally on October 30 when top candidates Jair Bolsonaro and leftist Luiz Inácio Lula da Silva go to a run-off after delivering unexpected poll numbers on October 2. After the votes...
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Guyana outranks Saudi Arabia, Norway, Qatar as country with world’s second highest oil reserves per capita

Shikema Dey -
New oil producer Guyana now ranks second only to Kuwait on the list of countries with the highest oil reserves per capita, placing it ahead of producers like Saudi Arabia, Norway, and Qatar, according to the International Monetary Fund...
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Guyana’s 2022 crude output valued at US$9.3 billion

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The International Monetary Fund (IMF) has projected the total value of crude produced in the Stabroek Block this year at US$9.33 billion. This accounts for 93.4 million barrels of expected production, at an average price of US$99.90 per barrel. Guyana’s profit...
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Guyana must perform delicate balancing act between present and future needs, says energy expert

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From the diverse landscape of Ghana to the ultramodern architecture of Qatar, one can find a plethora of lessons on what to do with oil revenues. But the one thing Guyana, an oil explorer’s paradise must not do, is find...
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Tullow Oil aims for net zero by 2030 on Scope 1 and 2 emissions

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Tullow Oil, a company with interests offshore Guyana, says it plans to become a net zero by 2030 on its Scope 1 and 2 emissions. It said it will achieve this through decarbonising activities to eliminate flaring on its operated...
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Guyana’s non-oil economy also performing well, IMF report shows

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The International Monetary Fund (IMF) projects that Guyana, for the next five years, will see growth in its non-oil economy. The Washington-based institution projected that the country would see a growth of 7.2% Gross Domestic Product (GDP) for 2022. It said...
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Shell Brasil leases Maersk Developer to explore BC-10 field

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Maersk Drilling said it has secured a contract from Shell Brasil for the provisioning of the semi-submersible rig Mærsk Developer in the Campos basin offshore Brazil. The contract is expected to commence in March 2023, in direct continuation of the rig’s current...
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Climbing costs leaving IOCs hesitant to sanction new projects, despite record profits

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Record high profits are doing nothing to prompt the sanctioning of new deepwater oil projects, according to Norway’s Rystad Energy. “Despite the high commodity prices and record high profits within the upstream industry, sanctioning of new oil and gas projects...
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Whose is bigger? Brazil, Guyana will host world’s largest floating oil production vessels

Shikema Dey -
Oil production vessels definitely have a wow factor. Their sheer size, processing power and capability of operating for decades without pause make them truly impressive facilities. The ‘Egina’ is a beast of a floating, production, storage, and offloading (FPSO) vessel...
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More Guyanese technicians graduate from FacTor training program 

SBM Offshore Guyana’s Trainee Technician program churned out another 24 Guyanese graduates, who are now one step closer to...

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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