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IHS Markit applauds local content law, as Guyanese go after billions in oil investments

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IHS Markit said Guyana’s government should be lauded for successfully avoiding over-demanding or unrealistic targets that would delay investment before developing expertise in measuring and coordinating industrial development actions. This comment comes as locals go after billions in investments being...
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Excluding Exxon, other operators could reduce competitiveness of auction – VP

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While the Guyana government has not yet decided on whether it will exclude from its upcoming oil blocks auction, international oil companies (IOCs) that already have substantial interest in oil block(s) offshore Guyana, Vice President Dr. Bharrat Jagdeo said...
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Guyana moves to screen public office holders’ assets, as oil economy swells

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As Guyana’s economy continues to grow - faster than any other in the world - five persons have been sworn in as members of the country’s Integrity Commission, an independent agency responsible for screening the assets of public office...
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T&T hopes to court more investors for deep water, onshore acreage with revised tax terms

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In recognition of the immediate need to increase gas supply capacity to preserve its world-class petrochemical and liquefied natural gas sector, Trinidad and Tobago is making swift moves to review its tax system governing shallow water, deep water and...
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EPA renews ExxonMobil’s Liza-1 permit

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The Environmental Protection Agency (EPA) has renewed ExxonMobil's environmental permit for the Liza Phase One project. It announced the official renewal on Tuesday evening. See below for the full statement: The Environmental Protection Agency (EPA) has renewed the Environmental Permit for...
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Profit share, royalty, ringfencing, taxation for major upgrades in Guyana’s new model PSA – VP

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Guyana's Vice President Dr. Bharrat Jagdeo said that the new model production sharing agreement (PSA) to be introduced later this year will feature major improvements in four areas: profit sharing, royalty, ringfencing and taxation. The Stabroek Block PSA, granted to...
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Britain’s energy profits levy a threat to Shell’s North Sea oil and gas investment, company says

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Shell said its North Sea oil and gas investment is being threatened by Britain’s windfall tax, as the country attempts to increase its domestic energy supply. The 25% energy profits levy on oil and gas operators was introduced days ago...
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Guyana eyes low carbon automotive industry; moving to set up electric vehicle charging stations

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In the face of the detrimental effects of climate change and rising global temperatures, there has been a global shift to utilise more electric vehicles (EVs). These “greener” vehicles are undoubtedly better for our environment since they emit no...
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New oil province undergoing dramatic modern transformation

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Guyana is undergoing a transformation that will in the next five years, make it unrecognisable. This transformation has been deemed the dawn of a modern Guyana, according to the South American nation’s Minister of Finance, Dr. Ashni Singh. Billions in...
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Guyana steering clear of ‘old style’ NOC to avoid corruption, other risks – VP

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As Guyana nears a decision on whether to form a national oil company (NOC), it is looking to mitigate risks historically associated with some NOCs such as corruption. To this end, government wants to ensure it does not create...
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High-tech seismic campaign offshore Guyana to wrap up in December

ExxonMobil Guyana will complete its latest seismic data acquisition campaign in December, marking the end of a months-long effort...

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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