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Hess’ net Stabroek Block output jumps 66,000 bpd; 8 million barrels sold in third quarter

OilNOW -
Hess Corporation, which holds a 30% stake in the Stabroek Block, reported on Wednesday that its net production in the offshore concession increased by 66,000 barrels of oil per day (bpd). In its operational update on Guyana, the company said...
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COP27 must outline clear roadmap for financing climate adaptation – UN Secretary General

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When the 2022 United Nations Climate Change Conference, more commonly referred to as COP27, gets underway next week, global leaders must once and for all, outline a clear roadmap for providing vulnerable nations with vital financing for climate adaptation. This...
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14 oil blocks up for auction in South America’s hottest new basin

Kemol King -
Guyana’s Vice President, Dr. Bharrat Jagdeo, announced Thursday that the government settled the main fiscal terms for the new model production sharing agreement, including 10% royalty and a 65% cost recovery cap. These terms, he explained, will apply for blocks awarded at...
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Over GY$32 billion deposited into Guyana oil fund for October

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For October 2022, Guyana’s Natural Resource Fund (NRF) account received almost GY$33 billion (US$155.943 million) in deposits. This was noted by the Central Bank in its monthly summary of the Fund’s financial position and performance. Central Bank said royalties received for that period...
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Maersk Nomad arriving in Guyana this month to support Exxon’s drilling operations

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ExxonMobil affiliate, Esso Exploration and Production Limited Guyana (EEPGL) has signed the subsea support vessel – the Maersk Nomad – to support its field development activities in Guyana’s offshore Stabroek Block. According to Maersk, the contract has a minimum one-year...
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Guyana hikes royalty to 10% in major overhaul of PSA fiscal terms

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Guyana’s Vice President, Dr. Bharrat Jagdeo on Thursday announced new fiscal terms as part of an updated model production sharing agreement being introduced in the new oil producing South American country. The government has said over the months that new...
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Exxon gearing up for major Supplier Forum in Guyana next week

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Major stakeholders leading the development of the oil and gas sector in Guyana are gearing up to host the second in-person Guyana Supplier Forum. ExxonMobil Guyana and the Centre for Local Business Development are at the helm of the organisation...
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CGX, Frontera kickstart relinquishment process for Berbice, Demerara blocks

OilNOW -
CGX Energy, its subsidiary ON Energy, and Frontera Energy have begun the relinquishment process for two oil blocks they control in Guyana – Demerara and Berbice. CGX said on September 20, 2022, the government provided a Deed of Surrender to...
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No mention of FID for Suriname’s Block 58 during TotalEnergies earnings conference

Shikema Dey -
TotalEnergies – operator of Suriname’s offshore Block 58 held its Q3 Earnings Conference last Thursday to appraise shareholders of its massive US$6.6 billion haul for the quarter. But its Chief Financial Officer (CFO), Jean-Pierre Sbraire, made no mention of any intended final...
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Deakin expects Lula to freeze Petrobras divestments, sell domestic fuels below world market price

OilNOW -
Luiz Inácio Lula da Silva has won Brazil’s presidential election. Following the transfer of power in Brazil, Latin America’s largest democracy, myriad reforms are expected in the energy sector. Arthur Deakin, analyst and Director for Americas Market Intelligence (AMI) Energy Practice,...
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Guyana’s power demand hits record high at 221.3 megawatts 

Guyana has recorded its highest-ever electricity demand this year, with peak consumption reaching 221.3 megawatts (MW) in September. The...

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