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Venezuela’s foreign currency income tumbles 99% as oil exports dry up

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Sanctions imposed by the United States have had a debilitating impact on Venezuela’s crude exports from which the country got most of its foreign currency revenues. Citing the impact of this on the economy, President Nicolás Maduro tweeted on Wednesday...
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Shell to cut up to 9,000 jobs in low-carbon transition

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(Reuters) - Royal Dutch Shell announced on Wednesday plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy. Shell, which had...
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Preparing Guyanese women for opportunities in oil and gas a top priority for local NGO

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Guyanese Non-Governmental Organization (NGO), Women in Oil and Gas, is seeking to change age-old stereotypes about the way women are perceived as to their readiness and suitability for technical fields, including those in the petroleum sector. So says Dr. Dawn...
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Local content requirements must be flexible, realistic – Angele Ramsaransing-Karg

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Countries which lack the necessary skills and experience in the oil and gas industry run the risk of slowing down development of their petroleum resources if local content requirements are not realistic and lack flexibility. So says Angele Ramsaransing-Karg, Manager...
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Venezuela buying fuel from Iran with plane loads of gold

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Venezuela has reportedly obtained fuel from Iran in return for plane loads of gold, according to comments which have been attributed to Iranian Chief Commander of the Islamic Revolutionary Guard Corps (IRGC), Yahya Safavi. The Middle East Monitor (MEM) quotes...
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Keppel reviewing offshore business, plans to sell between S$3-5 billion of assets

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Keppel Corporation Limited (Keppel) said Tuesday it plans to unlock value from S$3-5 billion of assets over the next 3 years as part of a strategic review of its offshore and marine business. Keppel affiliate, Keppel Shipyard Ltd., has been...
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Oil falls as virus count mounts, U.S. debate looms

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(Reuters) - Oil prices fell on Tuesday as Europe and the United States grappled with a surge in new coronavirus infections and investors were cautious ahead of the first U.S. presidential debate. Brent's November contract, which expires on Wednesday, fell...
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Guyana oil revenue will more than double T&T’s and quadruple Suriname’s – Rystad Energy

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The South American country of Guyana is on course to receive the highest estimated total income from its multi-billion-barrel oil and gas resources when compared to both Suriname and Trinidad and Tobago (T&T), under various oil price scenarios. This...
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Less than 15 percent of Guyana’s discovered resources have been sanctioned

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With over 8 billion barrels of oil equivalent discovered to date and just two approved developments, Guyana still has significant hydrocarbon resources yet to be produced. Analysts have said developing these resources early would be prudent, since delays run...
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Majors exiting 203 country positions but remain in play at key locations like Guyana

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The largest oil and gas companies in the world, including US oil major ExxonMobil, are revising their long-term oil price and demand outlook, and looking to streamline their portfolios to improve cash flow, cost efficiency...
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GranMorgu FPSO construction hits 27% as Suriname targets first oil by 2028

Construction of the floating production, storage and offloading (FPSO) platform for Suriname’s GranMorgu project has reached 27%, state oil...

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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