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Sources say Venezuela wins grace period on China oil-for-loan deals

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(Reuters) - Venezuela’s government has negotiated an agreement with Chinese banks for a grace period until the end of the year on some $19 billion in loans that are paid off with oil shipments, according to three sources in...
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Drilling rigs count collapsing globally but Guyana offshore remains resilient

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Even as the number of rigs drilling for oil and gas continues to collapse globally, activities offshore Guyana not only continues, but is being ramped up, particularly in the ExxonMobil-operated acreages, including Stabroek Block where the company has so...
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Oil spurring hope and strengthening bond between two of South America’s smallest nations

OilNOW -
Guyana and Suriname, with populations of approximately 780,000 and 575,000 respectively, are among the smallest countries on the South American continent, both in terms of area and inhabitants. But these two small nations have now become a big deal with...
Exploration

A tough summer for oil-dependent nations may foretell their new normal

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(Bloomberg) --From Baghdad and Algiers to Caracas, many of the world’s oil capitals are experiencing a summer of discontent. It could be a glimpse of their future. Iraq has seen fatal protests as its electricity grid buckles amid searing heat,...
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ExxonMobil Guyana workforce expands; over GY$14B spent locally in first half of 2020

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ExxonMobil Guyana said on Wednesday more than 2000 Guyanese are supporting its operations in the South American country, representing 55 percent of the total workforce. The company said its direct workforce grew to 155, more than 50 percent of which...
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Employment at Oil Field Service companies lowest in a decade

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The oil market turmoil brought on by Covid-19 has led to lower-than-anticipated activity and delayed projects, forcing the industry to deploy cost-cutting measures. A Rystad Energy analysis of the top 50 oilfield service (OFS) firms show that staffing is...
News

Oil rises after bigger-than-expected drop in inventories

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(Reuters) - Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic. Brent crude...
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Guyana can become the next non-OPEC oil giant – Lisa Viscidi

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Guyana can become one of the largest non-OPEC oil producers in a few years, with the potential to encroach on the markets of less competitive producers as the South American country continues to develop its industry. This is the view...
News

Payara for further review ahead of decision on approval

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Government approval for Payara, ExxonMobil’s third development project offshore Guyana, remains on hold as the new administration seeks external assistance to further review the work that has been done so far in assessing the project. “Specifically to the Payara licence,...
News

US doubles support for transparency in Guyana’s extractive sector

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The United States Embassy in Georgetown on Monday announced that United States’ Agency for International Development (USAID)’s support for transparency and good governance in Guyana’s extractive sector has been bolstered with an additional $500,000 grant provided for the Guyana...
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Q1 withdrawal from Guyana’s oil fund up 60% from last year’s

The Guyana government ramped up withdrawals from the country’s oil fund in the first quarter of 2025, taking out...

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