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World’s largest offshore rig owner declares bankruptcy

OilNOW -
(Bloomberg) --Valaris Plc became the latest casualty of the global slump in oil prices, filing for bankruptcy Wednesday as the world’s largest offshore rig owner by fleet size seeks to restructure a roughly $7 billion debt load. The Chapter 11...
News

U.S. considers expanding Venezuelan oil sanctions

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(Bloomberg) --The Trump administration is considering additional sanctions on Venezuela aimed at halting the remaining fuel transactions permitted with the South American nation, according to people familiar with the matter. The measures could target crude swaps with companies in Asia...
News

The approach of Guyana’s new government in developing its multi-billion-barrel oil resources

OilNOW -
The newly installed government in Guyana says it is seeking to change the country’s approach to oil and gas by ensuring benefits to Guyanese from the offshore resources are maximized. Officials of the now two-week old administration have said...
News

Guyana’s oil industry will not be run by a “lone wolf”- Natural Resources Minister

OilNOW -
Even though he is tasked with managing the day to day operations of Guyana’s oil industry, Minister of Natural Resources, Vickram Bharrat has been keen to note that the sector would not be run by “a lone wolf”.  During an...
News

World’s biggest wealth fund wants ‘clarification’ on new CEO

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(Bloomberg) -- The world’s biggest wealth fund said it’s eager to get clarity on who will lead it, after a botched recruitment process to find a new chief executive triggered a political storm that’s still playing out. Norges Bank Investment...
News

Payara review included in-depth assessment of eleven key areas

OilNOW -
Through the engagement of a specialist firm in December 2019, the in-depth review of the Field Development Plan (FDP), Environmental Impact Assessment (EIA) and supporting documents for the Payara development also included an assessment of eleven key areas of...
News

Total sanctions third phase of Mero project in deepwater Brazil

OilNOW -
Total and its partners have taken the investment decision for the third phase of the Mero project (Libra block), located 180 kilometers off the coast of Rio de Janeiro, in the prolific pre-salt area of the Santos Basin in Brazil. The Mero 3...
Exploration

Report: 9 prospects at Kaieteur Block hold an estimated 2.1 billion barrels of oil

OilNOW -
A study conducted on the Kaieteur Block offshore Guyana has revealed that nine prospects, including the Tanager-1 well where exploration drilling is underway, hold an estimated 2.1 billion barrels of oil resources. The Stena Carron drillship arrived at the Tanager-1 well site a week...
News

Staatsolie lays out key objectives for Suriname ahead of deepwater oil production

OilNOW -
With a string of discoveries, ongoing exploration, and multiple targets yet to be drilled, Suriname is on the verge of becoming an offshore oil producer. State oil company, Staatsolie, says it hopes to see several objectives being achieved as the country moves...
News

Start date, scope for review of Guyana local content policy to be worked out – Energy Consultant

OilNOW -
Trinidadian energy consultant Anthony Paul says details for his engagement with the Government of Guyana to review the country’s Local Content Policy are being worked out. Mr. Paul recently confirmed to OilNOW that he was contacted by the newly installed administration in Guyana...
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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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