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Economic crisis prompts a showdown and a shutdown in Suriname

OilNOW -
(New York Times) Suriname ground to a halt on Wednesday as its banks, shops and factories shuttered in a showdown between its beleaguered private sector and its authoritarian government over how to respond to a deepening economic crisis. The closures...
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Over 1 million oil field services jobs to be cut in 2020 as COVID-19, price crash wreak havoc

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More than a million jobs in the oilfield service industry (OFS) are likely to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, a Rystad Energy impact...
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Saipem seeking EOIs for construction of Guyana fabrication yard

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Italian engineering and drilling services firm Saipem is inviting companies to express interest in bidding for the construction of a fabrication yard to support its operations at the Stabroek Block offshore Guyana. The contracting period has been given as second quarter...
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US, UK warn of ‘serious consequences’ for those looking to ‘benefit from electoral fraud’ in Guyana

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The United States of America and the United Kingdom are stepping up their call for full transparency in Guyana’s March 2 election where to date a winner has not been declared. “The calls for a free, fair, credible election in...
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Staatsolie issues US$195 million international bond ahead of anticipated offshore oil boom

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Suriname state oil company Staatsolie Maatschappij Suriname N.V. has issued a US$195 million bond in Suriname and Curaçao. This bond issuance, executed on March 23, is internationally listed on the Dutch Caribbean Securities Exchange (DCSX). De Surinaamsche Bank N.V....
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Schlumberger cuts spending 30%, eyes rapid slowdown in oilfield activity

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(Reuters) - Schlumberger, the world’s largest oilfield services company, on Tuesday said it would cut spending by 30% this year from last year’s levels as the oil market has been roiled by the coronavirus outbreak and Saudi-Russia price war. The...
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Bloomberg: A country’s future as world’s fastest-growing economy crumbles

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(Bloomberg) When Exxon Mobil Corp. came to Guyana, the U.S. oil giant brought with it the promise of extraordinary economic growth. Now the tiny South American country is embroiled in a bitter battle over who might control that wealth...
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O&G project sanctioning faces up to US$131 billion in reduction this year

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The effect of the COVID-19 virus on global demand for oil and gas, along with an ongoing price war that has sent oil prices tumbling at an unprecedented rate, are poised to wreak havoc on new project development plans...
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Lankhorst bags mooring lines contract for 2nd Guyana FPSO

OilNOW -
Leading deepwater mooring rope manufacturer, Lankhorst Offshore, said it has been awarded a contract by SBM Offshore to supply the mooring lines for the Liza Unity Floating Production Storage and Offloading (FPSO) for ExxonMobil’s Liza oil field offshore Guyana. This...
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COVID-19 cases, deaths spike globally

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As Oil and gas producers around the world continue to step up measures to prevent or limit the spread of the coronavirus, World Health Organization Director-General Tedros Adhanom Ghebreyesus warned the “pandemic is accelerating,” in a tweet on Monday. There...
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GCCI aiming to push MSMEs toward global competitiveness at 2025 Business Development Forum

The Georgetown Chamber of Commerce and Industry (GCCI) will host its annual Business Development Forum (BDF) on November 13...

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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