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Guyana planning “paced ramp-up in spending” for oil revenues

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New oil producer Guyana is keen on ensuring the windfall from its vast offshore hydrocarbon resources is spent in a manner that does not ‘overheat the economy’. "We are also mindful of the volatility inherent in petroleum revenues, as well...
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Opposed to flaring, open to offshore development – Guyana looking to maximise benefits from oil

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In what is quite possibly its sharpest criticism of one aspect of ExxonMobil's offshore activities, Guyana's Vice President Bharat Jagdeo said last week that his government is “opposed to flaring.” His comment came at a press conference hosted by...
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ExxonMobil among big players set to participate in virtual O&G conference

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A high-powered lineup including oil and gas industry leaders, and officials from the Guyana and Barbados Governments will participate in the inaugural Caribbean Virtual Oil and Gas Summit (CARIVS) set for September 15-17, 2020. Guyana’s Minister of Natural Resources, Honourable...
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Clarity, transparency needed for ‘cash transfers’ – expert warns

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Following an announcement by the Guyana Government that there would be targeted cash transfers from oil revenues for the country’s vulnerable, an expert in the natural resources industry is advising that the world’s newest oil producing nation establishes a...
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Stabroek Block flaring 17 times lower than global average

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According to the World Bank Global Gas Flaring Tracker Report released in July this year, the global average for flaring stands at 8.49 billion cubic meters as of 2019. Russia, Iraq, the United States, Iran and Venezuela are the top five countries...
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Oil prices decline as EIA reports first weekly U.S. crude-stock climb in 7 weeks

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(MarketWatch) Oil prices declined on Thursday after U.S. government data revealed a weekly climb in U.S. crude inventories, on the heels of six consecutive weeks of declines, raising expectations of an oversupplied market as uncertainty continues to surround the...
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O&G investments result in capital account surplus of US$1.8 billion for Guyana

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Investments being made in Guyana’s growing oil and gas sector have resulted in a capital account surplus in 2019--the year that the South American nation achieved first oil.  Guyana’s Minister of Public Works, Juan Edghill, highlighted the performance of the...
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Cash transfers from O&G for the vulnerable – says new Guyana Government

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Among the announcements made on Wednesday during a Budget 2020 Speech made by Guyana’s Minister of Public Works, Juan Edghill, was a promise of cash transfers for the country’s vulnerable.  “The oil resource belongs to the people of Guyana. We...
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Approval of Payara this month will keep 2023 first oil target on track – Hess

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Although already delayed since 2019, if the Payara development is approved by the end of September, this will ensure that the 2023 timeline for oil production start-up remains on track, adding another 220,000 barrels of oil per day to...
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TT Energy Chamber launches Local Content Management System

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The Energy Chamber of Trinidad and Tobago on Wednesday launched its Local Content Management System (LCMS), the first of its kind in the region, which seeks to establish a robust framework to estimate the proportion of a dollar spent...
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TechnipFMC mobilizes first subsea 2.0® tree from Guyana for Uaru development

TechnipFMC marked a key milestone for its configure-to-order Subsea 2.0® platform, which has benefited from its global talent pool....

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