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Global energy crisis forcing more “measured approach” to financing fossil fuels – WoodMac

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The ongoing energy crisis has caused investors to rethink financing for fossil fuels. According to Consultancy Group, Wood Mackenzie, the more measured approach accounts for real-world constraints on global financial institutions and corporations in making long-term financing and capital...
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Oil block auction opens for South America’s high-value basin, 25 billion barrels at stake

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Guyana President Dr. Mohamed Irfaan Ali announced the opening of the country’s first competitive offshore bidding, early Friday morning, offering “25 billion potential barrels” to entrants. The round will be open until April 14, 2023. Evaluations and negotiations will follow,...
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Stabroek Block PSA terms enable mega projects at industry-leading standard- stakeholder

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While Guyanese authorities are criticised for the "generous" fiscal terms in the Stabroek Block Production Sharing Agreement (PSA), those very terms are being recognised for unlocking what is now the most low-cost, high-return resource base of the decade. Speaking at the ...
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WoodMac expects NOCs to play key role in Guyana, other vital deepwater basins

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Global research group, Wood Mackenzie expects national oil companies (NOCs) to maintain their dominant role in the future, particularly in vital deepwater basins such as Guyana, Mexico, Brazil, and Gabon. Mexico has PEMEX, Brazil has Petrobras, and Gabon has the Gabon...
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UK approves first new coal mine in 30 years

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The United Kingdom administration has granted permission for the start-up of a deep coal mine project in the northwest of England. This is the first coal project to receive the government’s blessings in 30 years. Project documents note that the Woodhouse Colliery mine...
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Guyana seeking proposals for installation of new electricity transmission lines, substations

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Guyana is inviting proposals from suitable firms to install the transmission lines and substations for the integration of the new 300-megawatt (MW) combined cycle gas turbine power plant to be constructed at Wales, West Bank Demerara. The US-based partnership CH4/Lindsayca will be constructing...
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Power company opens tender for coastal solar farms in Guyana

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Guyana Power & Light (GPL) is inviting bids for the engineering, procurement, and construction (EPC) of eight utility-scale ground-mounted solar photovoltaic (PV) plants with battery energy storage systems, to be placed at Berbice, Linden and Essequibo. Project documents indicated that the...
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Renewables to surpass coal as biggest electricity generation source in 2025 – IEA

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Renewables constitute the only category of electricity generation sources expected to grow in the next five years, a new report from the International Energy Agency (IEA) said. This projection sees the category gaining 10 percentage points over the forecast...
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Exxon after another win at Guyana block that keeps delivering

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ExxonMobil has moved to a new well offshore the South American country of Guyana, where it has found over 11 billion barrels of oil equivalent since 2015, spread across more than 30 prolific discoveries. The new well is called Lancetfish-1,...
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Saipem buying US$230M advanced drill ship to capitalise on high offshore demand

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Saipem said Monday that it has strengthened its offshore drilling fleet with the new Santorini drillship. The company exercised a purchase option with Samsung Heavy Industries for the vessel with US$230 million available cash to be paid by the...
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‘Discovery 6’ Supercomputer unlocks over US$1 billion in value from Guyana operations – ExxonMobil

ExxonMobil has commissioned one of the world’s most powerful supercomputers, Discovery 6, to boost efficiency and accelerate data analysis...

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