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T&T is not the best example for Guyana to follow – Caribbean Economist

OilNOW -
The effects of the COVID-19 pandemic on the oil industry should help Guyana, South America’s newest oil producer, to understand a most valuable lesson — avoid heavy dependence on oil alone and diversify the economy at all costs. This...
News

Achieving carbon emission goals still possible with oil extraction – API Chief Economist

OilNOW -
Since the discovery of large volumes of oil offshore Guyana, and now becoming a producer, the ability to balance this with the country’s low carbon agenda has long engaged the attention of environmentalists, some of whom believe the two...
News

Hess charters 3 supertankers to store oil production

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(Bloomberg) -- Hess Corp. is chartering a trio of supertankers to hold more than half of its North Dakota crude production as rapidly filling storage forces some drillers to curtail output. The U.S. oil explorer said it has enlisted three...
Exploration

Apache spuds 3rd Suriname well as search for more crude intensifies

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Apache Corporation and Total S.A have spudded their third well offshore the South American country of Suriname. The two companies each hold 50% interest in Block 58 where they have made 2 discoveries to date. In the second half of...
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Full-blown crisis in Trinidad & Tobago’s petrochemical sector

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There is now a full-blown crisis in Trinidad and Tobagio’s petrochemical sector, with four plants shut down in four months and word that more could be taken out of operation as the sector reels under low commodity prices and...
News

Struggling oil market finally stabilized but recovery will take up to 3 months – JP Morgan

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Global oil demand remains at historic lows as inventory vastly outpaces storage, but JPMorgan analysts think the worst of the commodity-market carnage is over, according to a report from Markets Insider. The coronavirus pandemic and the ignition of a price...
News

Chevron, Exxon curtail production as US shut-ins set to double

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US production of 616,000 barrels of oil per day (bpd) will be shut during May and 655,000 bpd during June as a result of the supply-demand imbalance that the Covid-19 pandemic has created, according to a Rystad Energy analysis...
News

Hess reports US$2.4 billion loss – Liza field helps boost production

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Hess Corporation reported Thursday a net loss of $2,433 million, or $8.00 per common share, in the first quarter of 2020 even as oil production increased due in part to output from the Liza Phase 1 Development offshore Guyana. “Our priorities...
News

Credit Suisse sees 9 development phases at Stabroek Block with production ballooning to more than 1 million bpd

OilNOW -
Zürich-based investment bank Credit Suisse sees potential at Guyana’s Stabroek Block for 9 development phases that would push production well above 1 million barrels of oil per day and expects the resource estimate on the block to further increase...
News

Noble books $1.1 billion in Q1 losses as Guyana offshore helps to offset decline in operating days

OilNOW -
Noble Corporation on Wednesday reported a net loss of $1.1 billion or $4.25 per diluted share for the first quarter of 2020, on total revenues of $281 million. Noble said the adjusted results for the first quarter compared to a net loss attributable to...
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‘Business as usual’: No disruption in Guyana’s operations despite Venezuela controversy – GCCI Pres.  

Kathy Smith, President of the Georgetown Chamber of Commerce and Industry (GCCI), has made it clear that there has...

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