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Sharp oil price pullback unlikely as demand improves: Goldman

OilNOW -
(Reuters) - The risk of a sharp pull-back in oil prices has decreased as the rebalancing of the crude market gathers pace, Goldman Sachs said, aided by a gradual lifting of coronavirus lockdowns and a faster-than-expected fall in output. The...
Exploration

ExxonMobil spent over US$35 million on Guyanese suppliers in Q1 2020

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ExxonMobil Guyana has spent over US$35 million or approximately 7.1 billion Guyana dollars on more than 500 local suppliers in the first quarter of this year. The company said local suppliers remain important to the success of its operations...
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Guyana can become storage or manufacturing hub with wise use of oil money – Anthony Paul

OilNOW -
If Guyana is to avoid the consequences that come with being heavily dependent on oil, then it must have a focused strategy for diversifying the economy says Trinidad and Tobago-based Energy and Strategy Advisor, Anthony Paul. During a recent interview...
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Petrobras makes double oil strikes in Brazil’s pre-salt

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Brazilian oil company Petrobras announced on Monday two oil strikes in the Santos and Campos Basins offshore the South American country. Petrobras said oil, which is of excellent quality, was found in the Southeast area of the Búzios in the...
Exploration

Guyana in ‘Golden Triangle’ of mega oil reserves

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Guyana falls within the Golden Triangle of mega oil reserves along with countries such as Brazil, Venezuela and Nigeria, and producers in the US Gulf of Mexico. Deepwater drilling used to be prohibitively expensive, but high oil prices in 2007...
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CAPEX cuts hit US$120 billion across 170 companies – Guyana offshore pushes on

OilNOW -
COVID-19 lockdown measures have brought a sharp drop in global oil and gas demand, with the International Energy Agency estimating that global oil demand could fall by approximately 26 percent this month. GlobalData says the crash in prices - aggravated...
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Supermajors’ first quarter earnings were bad and will likely get worse

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(Bloomberg) --Big Oil emerged from first-quarter earnings battered and bruised, but things are only going to get uglier. Major oil and gas producers from Norway to the U.S. saw profit plunge in the opening three months of the year. Exxon...
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Oil stockpiles have stopped growing in world’s biggest buyer

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The great oil glut of 2020 may have already peaked in the world’s biggest crude importer, Bloomberg said in a report on Monday. Crude inventories in China have shrunk in recent weeks after rising to record levels, according to analysts...
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Analysis: US oil and gas rig count falls 34 to 398 as Permian collapse extends

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(Platts) The US oil and gas rig count fell 34 to a total of 398 in the week ended May 6, as Permian basin drilling activity continued to decline, rig data provider Enervus said Thursday. Oil rigs again led the...
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CGX adjusts Guyana drilling plans but remains confident in potential of strategically positioned blocks

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Canadian-based CGX Energy Inc., operator at the Demerara and Corentyne Blocks offshore Guyana, has been left with no choice but to make adjustments to its 2020 drilling plans due to the effects of the COVID-19 pandemic. In its latest financial...
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Jennifer Geerlings-Simons makes history as Suriname’s first female President amid offshore oil plans 

PARAMARIBO-SURINAME: Suriname’s National Assembly convened on Sunday to elect the country’s next president in an important parliamentary session. In...

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