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BP to slash one seventh of workforce in a major cost-cutting move

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(S&P Global) BP announced one of the most aggressive wave of job cuts in its history June 8, with plans to slash a seventh of its global workforce, as the oil major looks stem losses from the pandemic-triggered oil...
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Energy companies keeping wallets closed for Republican campaigns

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(Bloomberg) --The oil and gas industry, long one of the most reliable sources of campaign cash for Republican candidates at all levels, is turning a cold shoulder to President Donald Trump. Reeling from the worst oil-price crash on record and...
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Guyana Takatu Basin may have yet-to-be-found oil resources

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Explorers have had interest in Guyana’s Takatu Basin, located in the southern part of the country approximately 480 km (300 miles) from the coast, for several decades. The basin extends westward into Brazil and separates Guyana’s Northern and Southern...
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Brent climbs above $40 after OPEC+ extends production cuts

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Crude oil prices climbed more than 2% early on Monday as the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, agreed on Saturday to extend their current oil production cuts until July month-end. Brent crude rose as...
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Days of cheap gas are over in country with largest oil reserves in the world

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Venezuela President Nicolas Maduro has said fuel prices will increase in the cash-strapped South American country from June, putting a limit on state subsidies that for decades had allowed citizens to fill their gas tanks virtually for free. Although the...
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Market set to tighten as OPEC+ agrees to extend 9.7 million b/d output cut

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(Wood Mackenzie) OPEC+ today agreed a one-month extension of the 9.7 million barrels per day (b/d) production cut. The extension will tighten the market further and could see Brent prices rise from the current $40/bbl toward $45-to-$50/bbl. Ann-Louise Hittle, vice...
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OPEC+ averts full scale disaster in market-based oil industries – Wood Mackenzie

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Ed Crooks, Vice-Chair, Americas at Wood Mackenzie says rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the cartel was founded in 1960, it almost broke...
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Ranger is deepest drill campaign ever conducted by ExxonMobil offshore Guyana

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The successful foray by ExxonMobil into the Ranger-1 reservoir offshore Guyana saw the deepest drilling exercise to date some 60 miles north-west of the prolific Liza field. The Ranger-1 well was drilled in a new area, encountering approximately 230 feet...
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Maka, Sapakara could be developed with 150,000 b/d FPSO

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The Maka Central-1 and Sapakara West-1 discoveries, the first of their kind offshore Suriname, are likely to be developed in coming years utilizing a high capacity floating oil production complex. The two discoveries are located approximately 20 kilometers (12...
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Venezuela’s oil exports sink to 17-year low, choked by U.S. sanctions

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(Reuters) - Venezuela’s oil exports plummeted in May to their lowest level since 2003 as U.S. sanctions choked exports and two Mexican firms that had acted as intermediaries for Venezuelan crude sales stopped receiving oil, Refinitiv Eikon data and...
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Guyana launches Global Student Exchange with EU & UG on health, oil and gas, engineering sectors

The European Chamber of Commerce Guyana (ECCG), in partnership with the European Union and the University of Guyana (UG),...

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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