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Oil industry could be wiped out “on the other side of the pandemic” – US Energy Secretary warned

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The United States Energy Secretary Dan Brouillette has noted that if oil producing countries did not agree to cuts in an attempt to rebalance a low price market and to counter the heavy impact of COVID-19, there may not...
Exploration

Oil prospects keeping Guyana’s outlook favourable

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The vast oil fields which have been discovered off the coast of Guyana by ExxonMobil continue to boost the economic outlook of the country even in light of an imminent global recession and growing domestic challenges triggered by political...
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BPTT’s gas operations continue despite COVID-19 difficulties – Claire Fitzpatrick

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Regional President of BP Trinidad and Tobago (BPTT) Claire Fitzpatrick said even though her company has been forced to make changes to its operations due to COVID-19, there has been no disruption in its supply of natural gas. According to...
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Bloomberg: World economy may be crashing but Guyana still seen Growing 53%

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(Bloomberg) The world may be falling into its worst recession in almost a century, but one tiny South American economy is still forecast to grow 53% this year. Guyana will enjoy by far the world’s fastest expansion, and will be...
Exploration

More than half of 2020 licensing rounds set to be wiped out – Rystad Energy

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More than half of the world’s planned licensing rounds are likely to be cancelled this year due to the combined effect of the COVID-19 pandemic and the ongoing oil price war, a Rystad Energy impact analysis forecasts. New licensed...
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How the pandemic wiped out oil demand around the world

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(Bloomberg) Global oil demand is being destroyed as the coronavirus forces people around the world to remain indoors and avoid all unnecessary travel. Currently, between a third and a half of the world’s population are in lockdown, meaning few people...
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Guyana oil revenues could fall by 15% – 40% – IDB

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In a report released this month on the impact of COVID-19 on the Caribbean region, the Inter-American Development Bank (IDB) said the pandemic coupled with low oil prices and Guyana’s elections conflict are expected to have deep implications for...
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Elections stalemate, COVID-19 present risks for Guyana despite fast-growth – World Bank

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While Guyana’s Gross Domestic Product (GDP) is projected to grow by 51.7 percent in 2020 and 8.7 percent in 2021, the still incomplete national election outcome, the current low oil price market and the ongoing battle with the COVID-19...
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OPEC+ production deal: back from the brink

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After a 4-day marathon of global meetings and arduous and sometimes frustrating negotiations involving the U.S., Mexican, and Russian Presidents as well as the Crown Prince of Saudi Arabia, the OPEC+ group agreed to collectively cut production in May...
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Baker Hughes taking multi-billion-dollar impairment

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US-based international industrial service company Baker Hughes announced on Monday its financial update in response to the significant decline in oil and gas prices and the COVID-19 pandemic. In addition to taking critical steps to reduce the spread and...
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Hammerhead gas to flow through pipeline as soon as project starts

Gas from ExxonMobil’s newly sanctioned Hammerhead development will begin flowing immediately through Guyana’s Gas-to-Energy (GtE) pipeline once production starts...

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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