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South Korea keen on Brazil’s Tupi crude – Platts

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(S&P Global Platts) Fresh demand from South Korea could keep the market sentiment for October-delivery barrels of Brazilian crudes buoyed, even as the grades' cash differentials could face some headwinds as China-based end-users pivot toward competitive Russian crudes, trade...
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Major transformational plan unveiled in country with world’s 17th largest oil reserves

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As Guyana continues to expeditiously develop its hydrocarbon resources, the government wants to ensure that it builds a framework that supports economic transformation taking place in the new oil producing country. Against this backdrop, President Dr. Mohamed Irfaan Ali...
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Hotel business booming in world’s fastest growing economy

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Hospitality is one of the fastest growing sectors in Guyana. One businessman, Robert Badal, recently said that the Guyanese public hears an announcement of a new hotel project every week. In the span of just four days this past week,...
Exploration

TotalEnergies inks new PSC with Algeria’s Sonatrach for onshore blocks

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French multinational TotalEnergies signed a new 25-year production sharing contract (PSC) with Algeria’s state oil company Sonatrach, Occidental and Eni for two onshore blocks – 404a and 208 – in the Berkin Basin. The PSC, signed under Algeria’s new hydrocarbon...
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Guyana aiming for major infrastructure overhaul by 2030, as largest building expo launched

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The Guyana government launched the International Building Expo at the National Stadium Friday night, the largest one to date, heralding a massive infrastructural overhaul for the new oil producing country this decade. Sherwyn Greaves, Chief Executive Officer of the Central Housing...
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Expanded low carbon strategy tabled after months of consultations

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After more than seven months of nationwide consultations, the Guyana government tabled its new and expanded Low Carbon Development Strategy (LCDS) 2030 in the National Assembly on Thursday. It was the Senior Minister in the Office of the President...
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Guyanese, T&T companies in subsea support joint venture

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Caribbean Subsea Specialist Inc., (CSSI) a Guyanese majority-owned subsea services company has entered the country’s market, promising to bring world-class training to the oil and gas sector. Launched on Thursday evening, CSSI’s Operations Coordinator, Dylan Galt, said that the company...
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Guyana government asks House to inject GY$332.6M into Hess/Mount Sinai healthcare initiative

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The Guyana Government on Thursday submitted to the National Assembly, a request for supplementary funding totaling GY$44.7 billion for the fiscal year 2022. Of that sum, GY$332.6 million (nearly US$1.6 million) is being sought for withdrawal from the Consolidated...
Industry Insight

Guyana oil revenues to break US$1 billion mark this year; exceed US$7.5 billion by 2030 – Rystad Energy

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Bolstered by ExxonMobil’s industry leading production and development pace in the Stabroek Block, Guyana’s oil and gas revenues are on track to break the US$1 billion mark this year and accelerate to US$7.5 billion annually in 2030, research by Rystad Energy shows. The independent...
News

CGX’s drilling of Wei-1 well delayed to fourth quarter

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CGX Energy Inc. said final preparations are underway for the planned spudding of the Wei-1 well in the Corentyne Block in October 2022. The Wei-1 exploration well, located approximately 14 kilometres northwest of the Kawa-1 exploration well in the Corentyne block,...
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Staatsolie approves commercial field for Sloanea-1 gas discovery in Suriname’s Block 52

Staatsolie Maatschappij Suriname N.V. has approved the Commercial Field for the Sloanea-1 gas discovery in Block 52 offshore Suriname....

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