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Guyana oil revenue surpasses half billion USD, next lift just days away

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As of October 31, 2021, Guyana’s Natural Resources Fund (NRF) grew to US$534 million. This is according to a monthly oil fund report prepared by the Ministry of Finance (MoF). The last reported figure in the NRF was US$436...
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Six oil companies will compete to sell up to 55 million barrels of Brazil crude

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(S&P Global Platts) Six oil companies will compete for the rights to buy Brazil's share of profit oil from four subsalt production sharing fields, with up to 55 million barrels of crude available, government subsalt management company Pre-Sal Petroleo...
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Stabroek Block projects accelerating demand for hotel rooms, city houses

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Stabroek Block operator, Esso Exploration and Production Guyana Limited (EEPGL), has indicated that there will be a potential increase in demand for lodging in the Georgetown area as work on its development projects come on stream. This was specifically noted...
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20 billion barrels projected at Guyana’s largest oil block; region is hotbed for investments, analyst says

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The Guyana-Suriname basin is the most appealing frontier market opportunity in the world and Brazil’s pre-salt reserves are also gaining attention, says a leading market intelligence company studying energy trends in the region. The total projected reserves at Guyana’s...
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SBM Offshore moving forward with record-breaking project financing, delivers second floater to Guyana

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Dutch floater specialist SBM Offshore said Thursday it has been able to arrange, year to date, US$4.1 billion project related financings to fund a record-breaking order book, demonstrating the financial strength of the company and the confidence which its...
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Appeal hearing granted to US oil execs jailed in Venezuela

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(AP) — Six U.S. oil executives detained in Venezuela for four years on corruption charges have been granted a hearing before an appeals court, a rare decision by the judicial system in the South American country. A judge this week...
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Suriname leading offshore bid rounds since 2016, Guyana set to excite in 2022 – Norway group

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Guyana, Suriname and the Caribbean region is currently seeing a slowdown in licensing activity for a number of reasons, including the effects of the COVID-19 pandemic on frontier exploration which has prompted international oil companies to focus primarily on...
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PXGEO awarded contract for seismic project in Brazil

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Marine geophysical service provider PXGEO has entered into an agreement with Petrobras to acquire an Ocean Bottom Node (OBN) seismic project in Brazil commencing in H2 2022 with an approximate duration of 3 months. The deal with Petrobras is the...
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Sod turned for another major hotel as Guyana oil boom expands

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A sod turning ceremony occurred on Wednesday morning in Guyana at a Providence, East Bank Demerara site earmarked for the construction of a US$32 million Hyatt Place Georgetown hotel. The project, adding to a long line of hotels coming to...
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Guyana building multiple power plants to replace heavy fuel oil with natural gas

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The Government of Guyana is working on multiple gas-fired power plants to reduce its dependence on heavy fuel oil (HFO). This is being done in anticipation of the gas-to-energy pipeline which ExxonMobil will start constructing in 2022. In August, Guyana’s...
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President Ali wants Guyana’s private sector to form supply vessel group for offshore assignments

Guyana President Irfaan Ali on Friday urged the country’s private sector to form a consortium capable of joining offshore...

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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