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BOMESC secures contract for Suriname’s first deepwater FPSO topside modules

OilNOW -
BOMESC Offshore Engineering Company Limited has signed a contract with STS VOF to construct topside modules for Suriname’s first floating production, storage, and offloading (FPSO) vessel.  The deal, valued between RMB 750 million and 1 billion (approximately US$102 million to...
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US Energy Agency forecasts falling oil prices and slower production by 2026

OilNOW -
The U.S. Energy Information Agency (EIA) has released its latest Short-Term Energy Outlook (STEO), which now includes forecasts for 2026. The report assumes U.S. gross domestic product (GDP) will grow by 2% in both 2025 and 2026. Global oil prices...
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John Hess says political risk in Guyana “low” as elections approach

OilNOW -
John Hess, Chief Executive Officer of Hess Corp., is confident in Guyana’s stability ahead of the South American nation’s general and regional elections this year.  Hess holds 30% of the shares in Guyana’s Stabroek Block. CNOOC is a partner, and...
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Offshore EPC contract awards projected to reach US$54 billion in 2025 amid challenges

OilNOW -
The offshore oil and gas industry is expected to see a slight 1% year-on-year growth in engineering, procurement, and construction (EPC) contract awards in 2025, reaching US$54 billion, according to Westwood Global Insights.  This increase is supported by 53 field...
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Oil revenue to fund 37% of Guyana’s US$6.6 billion 2025 budget

Kemol King -
US$2.46 billion in revenue earned from Guyana’s fast-growing oil sector will fund 37% of Guyana’s 2025 national budget. The plan to fuel the country’s development in 2025 was announced on Friday, by the Senior Minister in the Office of...
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Stena DrillMAX wraps up Exxon assignment in Guyana

OilNOW -
ExxonMobil’s contracted fleet of drillships in Guyana now stands at five with the recent departure of the Stena DrillMAX which has completed its assignment. The Maritime Administration Department (MARAD) said the vessel left Guyana’s Exclusive Economic Zone in January.  The...
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Guyana gov’t can withdraw up to 96% of last year’s oil earnings in 2025 budget

Kemol King -
The Guyana government can withdraw 96% of its 2024 earnings from the oil sector, based on the withdrawal rule in the Natural Resource Fund Act.  The rule allows the government to withdraw US$2.46 billion of the US$2.57 billion deposited into...
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Regulators, ExxonMobil near completion of Stabroek Block relinquishment process

OilNOW -
Minister of Natural Resources Vickram Bharrat announced that the process for ExxonMobil Guyana to relinquish 20% of the Stabroek Block is in its final stages.  The Petroleum Sharing Agreement (PSA) governing the Stabroek Block requires Exxon to relinquish 20% of...
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Guyana must seek strong, capable partners for oil development – Greenidge

OilNOW -
Guyana’s former Foreign Minister, Carl Greenidge, has stressed the need for the nation to partner with financially strong and technically capable companies to ensure the sustainable development of its oil and gas sector.  Speaking during a webinar hosted by the...
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Authorities say CGX has been treated fairly, insist no dispute exists with company

Kemol King -
There is no dispute between CGX Energy and the Guyana government, the country's Minister of Natural Resources, Vickram Bharrat, said Tuesday. The Minister’s comment comes a month after CGX and Frontera Energy - joint venture partners in the Petroleum Prospecting...
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Guyana-Suriname Basin, Brazil among busiest regions this year for high-impact drill campaigns

High impact exploration drilling is expected to remain stable in 2025, with 65-75 wells targeted for completion, compared to...

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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