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Goldman Sachs boosts 2021 oil forecast, recommends Brent as an ‘effective’ hedge against uncertainty for investors

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(Business Insider) Goldman Sachs expects the oil market to gain momentum in 2021 as the coronavirus-induced slump in demand is mitigated by the "rising likelihood of widely available vaccines" next spring. Analysts at the bank forecast international benchmark Brent will...
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Venezuelan oil official flees to U.S. with intel on Maduro’s inner circle

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(Bloomberg) --A former Venezuelan oil official fled the country and is talking to U.S. authorities about aiding their investigation of a high-level corruption scheme that helped plunge the oil-rich nation into an economic meltdown. Carmelo Urdaneta Aqui, a onetime legal...
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Oil and gas companies continue to fold under severe pressure even as Guyana offshore blooms

OilNOW -
The COVID-19 pandemic is adding severe financial strain on a North American upstream industry that was already reeling under billions of dollars of debt. This comes at a time when prospects on the South American north coast continue to...
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T&T’s energy minister says no reports of Venezuelan tanker on verge of capsizing in Gulf of Paria

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Minister of Energy and Energy Affairs of Trinidad and Tobago Franklin Khan says the country’s Maritime Division is not aware of a tilting Venezuelan oil tanker which is purportedly in danger of capsizing near Guiria, a report in the...
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API’s Chief Economist to make global energy presentation to Guyana business group

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Chief Economist of the American Petroleum Institute (API) Dr Dean Foreman will make a presentation to the executive and membership of the Georgetown Chamber of Commerce and Industry (GCCI) on Tuesday September 1, 2020. Dr. Foreman will be presenting...
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President Ali pushes 60% reduction in electricity cost as part of gas to power initiative

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Guyana’s President, Dr. Irfaan Ali, says his administration is committed to establishing a natural gas facility to meet the energy needs of the South American nation. Dr. Ali's comments come almost a week after President of ExxonMobil Guyana, Alistair Routledge,...
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Top envoy says U.S. preparing tighter oil sanctions on Venezuela

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(Reuters) - The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially removing exemptions that allow some oil companies to receive crude...
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PPP/C government urged to embrace dual citizens, avoid wasteful investments – as part of new deal for oil development

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Acknowledging that it was vital Guyana got past its recent political crisis if the country had any hope of benefiting from its vast offshore oil discoveries, two individuals at the Institute of the Americas, University of California San Diego,...
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Normand Installer set to arrive in Guyana as development work for Liza Phase 2 continues

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Activities are ramping up offshore the South American country of Guyana in preparation for the Liza Phase 2 Development, set to come on stream by mid-2022. The multi-purpose offshore vessel Norman Installer will arrive at the Stabroek Block this...
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Brent hits five-month high

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(Reuters) - Oil rose on Monday, with Brent touching the highest in five months, underpinned by a 30% cut in Abu Dhabi crude supplies and encouraging Chinese data even as global demand struggles to return to pre-COVID levels in...
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Guyana's Oil LedgerKemol King -

Guyana gets another US$191 million from oil sales in June

Guyana earned just over US$191 million (GY$40 billion) from the sale of three oil cargoes (each about a million...

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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