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Oil climbs on solid demand outlook

OilNOW -
(Reuters) Oil prices rose on Wednesday after a drop in U.S. crude inventories reinforced OPEC's robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or...
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Yellowtail will be Guyana’s biggest offshore development to date with massive 250,000 bpd output – Project Summary

OilNOW -
The Yellowtail development, Guyana’s fourth deepwater petroleum production project, is targeting 250,000 barrels of oil per day, the largest volumes yet for a single development offshore the South American country. According to documents submitted to the Environmental Protection Agency by...
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The top three challenges of being the most appealing fossil fuel opportunity in the world

OilNOW -
By Arthur Deakin – OilNOW It is no longer a secret that Guyana is one of the most attractive investment opportunities in the world. The country has discovered 9 billion barrels of recoverable oil, and that is likely only half...
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Singapore shipbuilder capturing big contracts for South America floaters

OilNOW -
Keppel Offshore & Marine has secured yet another contract for a South America-bound floater. The company announced on Monday that it was hired for the turnkey delivery of P-78, one of the largest Floating Production, Storage and Offloading (FPSO)...
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Supplying Guyana domestic market will help tackle growing gas-to-oil ratio offshore

OilNOW -
As an increasing number of developments come on stream offshore Guyana, large amounts of associated gas will be produced alongside high volumes of oil. Following the already producing Liza phase 1 project is phase 2, targeting 220,000 barrels of oil...
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India wants oil from ‘stable geographies’ such as Guyana, Brazil and Norway

OilNOW -
Indian Oil Corporation (IOC) remains keenly interested in sourcing crude from “geopolitically relatively stable geographies” such as Norway, Brazil and Guyana, as it embarks on a strategic growth path that will aim to maintain focus on its core refining...
Exploration

Brazil offshore wells could quadruple to 19 this year

OilNOW -
(S&P Global Platts) Brazil's National Petroleum Agency expects the number of exploration wells drilled off the country's coast to nearly quadruple in 2021 to 19 wells as oil companies ramp up activity and the coronavirus pandemic wanes, the regulator's...
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Dubai non-oil private sector records biggest expansion in one and a half years

OilNOW -
(Reuters) Dubai's non-oil private sector recorded its biggest expansion in one and a half years in April, a survey showed on Monday, a sign that the emirate's economy is closing in on its pre-COVID-19 growth trajectory. The seasonally adjusted IHS...
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Development of non-oil resources could build Guyana’s stock of transferrable skills – World Bank

OilNOW -
Guyana is endowed with considerable untapped natural resources, including minerals, agricultural lands, forests and water, which oil revenues could help develop. Enabling the growth of high value-added sectors in which Guyana has a comparative advantage based on its natural...
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Suriname bid round closes with interest shown in less than 50% of blocks offered

OilNOW -
Suriname’s Shallow Offshore Bid Round closed on April 30 with international oil companies showing interest in just 3 of the 8 oil blocks that were on offer. According to state oil company Staatsolie Maatschappij Suriname N.V., a total of 10...
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ExxonMobil says Guyana operations funded from equity, not U.S. taxpayers’ dollars

ExxonMobil Guyana says no American taxpayer money is financing its operations in the South American country. President, Alistair Routledge,...

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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