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Exploration

Explorers forging ahead in one corner of South America deepwater

OilNOW -
Oil majors and National Oil Companies have been left with no choice but to re-assess exploration spend in 2020 as the price of oil plummeted forcing shut-ins and lay-offs across the industry where conventional exploration spend had been set...
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Since 2000 ExxonMobil has reduced emissions by over 400 million metric tons of CO2

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Oil is the world’s primary source of energy. The need to minimize the environmental impact of extracting this crucial resource has long engaged the attention of nations around the world. Many countries, including Guyana, have signed onto the Paris...
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Brazil’s Petrobras says it will not hire oil tankers that visited Venezuela

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(Reuters) - Brazil’s Petroleo Brasileiro SA has told shippers it will not hire any tankers that have visited Venezuela in the past 12 months, the state-controlled oil company said on Friday, signaling adherence to U.S. sanctions on the Latin...
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BP to take up to $17.5 billion writedown, lowers oil outlook

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(Reuters) – BP will take a writedown of up to $17.5 billion in its second-quarter earnings after sharply lowering its long-term oil and gas price outlook as it now expects a faster transition away from fossil fuels. The earnings are...
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ExxonMobil plugs additional GY$50 million into Iwokrama forest conservation efforts

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The Iwokrama International Centre (IIC) said in a press release on Friday it has received an additional GY$50 million from ExxonMobil Guyana toward the implementation of a five-year science strategy that will also fund key investments to help protect...
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U.S. court tosses $1.4 billion judgment against former Venezuelan oil minister

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(Reuters) - A federal judge in Texas set aside a $1.4 billion default judgment against a former Venezuelan oil minister, ruling he was not properly notified of the lawsuit, but said the U.S. company that alleged fraud and bribery...
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Exxon set to revive North Sea sale after months of delays

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(Reuters) - ExxonMobil is preparing to restart the sale of its British North Sea assets after weaker oil prices and the coronavirus outbreak led to months of delay, industry and banking sources said. The sale process, initially planned for late...
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Global upstream investments set for 15-year low – falling to $383 billion in 2020

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Following the publication of the upstream industry’s first quarter results, a Rystad Energy analysis reveals a gloomier investment-budget picture than previously thought. Global spending is now forecasted to reach $383 billion this year, the lowest level in 15 years...
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Oil demand recovery under spotlight as lockdowns ease

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Optimism over a swift and steady economic rebound from crushing pandemic lockdowns have helped global oil prices stage a dizzying rebound from near two-decade lows in April, S&P Global said in a report on Thursday. Nearly all the oil demand...
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Liza Destiny FPSO designed to avoid routine flaring

OilNOW -
The 120,000 barrels per day Liza Destiny FPSO producing oil at the Stabroek Block offshore Guyana was designed to ensure there is no routine flaring in the daily operations of the vessel. Operating processes during production operations include safely flowing...
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Exxon gives back portion of Stabroek Block to Guyana government

ExxonMobil and its partners in Guyana have relinquished 2,534 square kilometers of the Stabroek offshore oil block to the...

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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