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Hess hedged more than 80% of its oil for 2020, says Guyana remains key investment as production climbs to 75,000 bpd

OilNOW -
Since the onset of the COVID-9 pandemic, Hess Corporation’s response has been hinged on three key principles—preserve cash, preserve capability, and preserve the long-term value of its assets. In terms of preserving cash, the company’s Chief Executive Officer (CEO),...
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Guyana will attract more investment if border controversy is settled

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(South Florida Caribbean News) The Guyana/Venezuela Border controversy needs to be resolved soonest so that Guyana can further exploit the resources of its maritime space and landmass which is being claimed by Venezuela. This was the view shared by three...
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Snapshot – world in coronavirus-induced recession

OilNOW -
COVID-19 has now spread to 190 countries with more than 8 million confirmed cases and more than 430,000 deaths, GlobalData said in its latest virus-tracking report. The highest official case counts are in the US, Brazil, Russia, India, UK,...
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Oil from US-sanctioned Venezuela regime lines up off China

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(Bloomberg) -- Venezuela’s oil exports have collapsed since the U.S. placed sanctions on its state producer, but some crude from the OPEC member is still making its way to buyers in Asia. Officially, China hasn’t imported any Venezuelan crude since...
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OPEC forecasts improving oil demand in H2 2020, ahead of key committee meeting

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(S&P Global) In its latest monthly oil market report released June 17, OPEC kept its 2020 forecasts largely unchanged from the May outlook, noting a historic contraction in oil demand but improving fundamentals in the months ahead. "Following an unprecedented...
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Oil production ramps up at Stabroek Block as gas reinjection system comes back online

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Two of the three gas handling systems are back online at the Liza Destiny FPSO resulting in a reduction in flaring and a gradual ramp up in oil production. In a comment to OilNOW on Tuesday, ExxonMobil Guyana Public and...
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Major oil executives ‘optimistic’ amid anxiety over coronavirus ‘second wave’

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(CNBC) Sixteen of the world’s leading energy executives met virtually at an unprecedented meeting Tuesday night to talk about how big oil will navigate its biggest crisis in recent history while confronting the coronavirus pandemic. “Each one of us has had...
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Path cleared for Irfaan Ali to assume Presidency in South America’s newest oil producing nation

OilNOW -
After a harrowing 107 days with no results since Guyanese went to the polls, the country’s electoral body decided on Tuesday to begin taking the necessary steps for an official declaration of the General and Regional Elections results which...
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Solid gains from Guyana, Brazil and Norway key as global oil output set to limp back to life – IEA

OilNOW -
The International Energy Agency said in its latest monthly report that global oil output in 2020 will continue to exceed demand but will rebound in 2021 as the oil market rebalances, providing OPEC+ cuts ease and a handful of...
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Venezuela’s fall leaves world’s richest oil reserves tapped by a single rig

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(Bloomberg) --Venezuela’s fall from oil superpower to failing producer can be illustrated in one image: a single drilling rig working the world’s largest oil reserves. As fields across the nation shut amid a relentless U.S. campaign to cut Venezuela off...
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The Oil Pollution Prevention, Preparedness Response and Responsibility Act: Liability 

In my last piece, I gave an overview of Guyana’s new Oil Pollution Prevention, Preparedness Response and Responsibility Act...

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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