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Constructive relationship between Guyana and IOCs pushing rapid development of oil resources

OilNOW -
The Guyana government’s early approval in April of the US$10 billion Yellowtail Project is a testimony of the “constructive relationship” it has with the International Oil Companies (IOCs) operating at the Stabroek Block, says Hess Corporation’s Chief Executive Officer,...
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Maersk Drilling awarded additional three-well contract with Aker BP

OilNOW -
Maersk Drilling has secured a contract with Aker BP, on behalf of the Ivar Aasen license, who will employ the ultra-harsh environment jack-up rig Maersk Invincible for the drilling of three infill wells at the Ivar Aasen field offshore...
Exploration

Exxon eyes bigger production facilities, extending current projects – Darren Woods

OilNOW -
Guyana’s prolific Stabroek Block holds an estimated 11 billion barrels of oil equivalent with only a fraction of the 6.6 million acres (26,800 square kilometers) explored by operator ExxonMobil and its partners Hess and CNOOC so far. More exploration activities are on the...
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Amidst global disruptions, Guyana is proverbial rose in economic garden – private sector chair

OilNOW -
Guyana has suffered from brain drain for a very long time. The bulk of these migrants have gone on to live in the United States and Canada primarily, for better opportunities. But with the discovery of oil and gas resources,...
Exploration

Equinor to go after Namibia-like exploration success offshore Argentina

OilNOW -
Equinor, the Norwegian state-owned multinational energy company, operates a Block offshore Argentina called CAN-100, which the country hopes later this year will yield a discovery as successful as Namibia’s. Rystad Energy's Senior Vice President and Head of Latin America, Schreiner...
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IMF will not be calling the shots on National Oil Company for Guyana- Vice President

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While the International Monetary Fund (IMF) has advised that a business case does not exist for a National Oil Company (NOC) in Guyana, Vice President, Dr. Bharrat Jagdeo firmly asserts that the financial body does not decide or determine what is...
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Guyana still intent on establishing Petroleum Commission – VP

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Guyana’s Vice President, Dr. Bharrat Jagdeo has assured that the government has every intention of establishing a Petroleum Commission. The VP, during a press conference on Friday, did not indicate a definitive timeline when the Commission would be instituted but...
News

Exxon reports over US$5 billion profit despite huge impairment over Russia exit

OilNOW -
ExxonMobil Corporation on Friday announced an estimated first-quarter 2022 earnings of US$5.5 billion compared with US$8.9 billion in the fourth quarter of 2021. The company also reported a US$3.4 billion impairment which it said is associated with its planned...
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Guyana’s September auction will not include onshore blocks – VP

OilNOW -
Guyana’s upcoming oil blocks auction will not include any onshore acreage, Vice President Dr. Bharrat Jagdeo told reporters during a press conference on Friday. Government needs more time to determine whether the auction would disenfranchise nearby communities. “Onshore… we have a...
News

Guyana removes cement tax to facilitate oil-driven construction boom

OilNOW -
Guyana’s Minister of Finance, Dr. Ashni Singh on Friday announced the removal of Value Added Tax (VAT) on cement, responding to the need to support the construction boom the South American nation is experiencing. Effective April 29, the government’s expectation...
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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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