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OPEC’s mission to bolster oil market enters make-or-break phase

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(Bloomberg) The latest mission by OPEC and its partners to contain an oil glut is entering its most critical phase. Saudi Arabia, Russia and other major crude exporters struggled to keep a surplus in check over the past six months...
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US allows Chevron to remain in Venezuela

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(Argus) The US will extend by three months Chevron's exemption from sanctions targeting Venezuela's oil sector. Chevron and oil field service providers Halliburton, Schlumberger, Baker Hughes and Weatherford will have until 27 October to wind down business in Venezuela, the...
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Inpex enters Anadarko’s Gulf of Mexico blocks

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(Offshore Energy) Japan’s Inpex has reached an agreement with Anadarko Petroleum to acquire a 40 percent participating interest in Keathley Canyon blocks 921 and 965 as well as Walker Ridge blocks 881 and 925 in the U.S. Gulf of...
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Saipem secures over US$160M in new contracts

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Saipem has been awarded new contracts in offshore drilling in Romania and Abu Dhabi worth over 160 million USD. According to one contract, the company will drill a well in Romania’s Black Sea waters, expectedly in the fourth quarter of...
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Opposition Leader wants more oil benefits for Guyana; says this must be balanced against investor returns

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Guyana's Opposition Leader Bharrat Jagdeo believes the South American country needs to alter the terms of future Production Sharing Agreements (PSAs) to maximize benefits for all Guyanese, but says this must be balanced against investor returns. “They will be...
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Permian water woes pose risk to production

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Rising produced water volumes and expanding costs pose a significant risk to production growth in the Permian basin, Ryan Duman, Senior Analyst at Wood Mackenzie, told delegates at the Unconventional Resources Technology Conference (URTeC) in Denver. Amid low breakevens and...
Exploration

Tullow aiming to drill Suriname wildcat in 2020

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UK-based Tullow Oil and its joint venture partners are gunning for a drill campaign at a Suriname wildcat in 2020. The company said this week that is has interests in three blocks in Suriname; Blocks 54, 62 and 47. “Following...
Exploration

UK Analyst and Guyanese Economist say high royalty rate could make Guyana less competitive

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UK-based data analytics and consulting company GlobalData and a Guyanese Economist both say the scope for an upward adjustment in the royalty rate under Guyana’s current model Production Sharing Agreement is limited and warns that increasing this beyond a...
Exploration

Offshore project sanctioning in 2019 stands at $56 billion

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To survive in the lower oil price environment of the past five years, E&Ps and service companies alike have sharpened their pencils and delivered significant cost reductions for the offshore industry. Rystad Energy says the resulting cost savings is...
Exploration

Whatever happens the oil will flow

OilNOW -
The sheer magnitude of Guyana’s oil producing potential has been recognised by many international publications and industry experts. With ExxonMobil Guyana expecting to produce over 750,000 barrels of oil per day by 2025, Guyana will soon become one of...
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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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