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Nigeria oil minister says Exxon not leaving

OilNOW -
Reports that US oil major ExxonMobil was mulling the sale of oil and gas fields in Nigeria for up to $3 billion as the company focuses on Guyana’s Stabroek Block and investments in the US Permian Basin are untrue,...
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New milestone at Stabroek as first subsea tree installed

OilNOW -
The Liza Phase 1 Development has reached another incredible milestone—installation of the first subsea tree. A subsea tree monitors and controls the production of a subsea well. Affixed to the wellhead of a completed well, it can also manage fluids...
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100% Guyanese workforce preps Saipem shore base for first shipment of pipes offshore

OilNOW -
The first shipment of pipes for the Liza field to be loaded directly from the Saipem shore base facility, sitting on the eastern bank of the Demerara River in Georgetown, took place over the weekend, marking a significant step...
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Juan Guaido: Why China should switch sides in Venezuela

OilNOW -
(Bloomberg) China is the world's largest oil importer and Venezuela has the largest proven oil reserves in the world. For those two reasons alone, the economic relationship between our nations will inevitably grow. In fact, we hope for even...
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FID and key terms in O&G industry

OilNOW -
FID is the Final investment decision to invest in a project, typically made by the board and executive committee of oil companies. At this point, major risks have been mitigated and concerns addressed. The project then moves to execution,...
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Chevron gets treasure, trouble with rebel-hit Mozambique gas

OilNOW -
(Bloomberg) -- "With great power comes great responsibility," said Uncle Ben in the famous Marvel Comic turned blockbuster film Spider-Man (2002). Chevron Corp.’s acquisition of Anadarko Petroleum Corp. gives it access to the popular Permian Basin, in addition to...
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China, Russia ‘spread disorder’ in Latin America – Pompeo

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(Bloomberg) Secretary of State Michael Pompeo blamed China and Russia for spreading “disorder” in Latin America by funding failing development projects and supporting leaders such as Venezuelan President Nicolas Maduro, who the U.S. insists must step down from power. Pompeo,...
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Africa Oil ups stake in Eco Atlantic ahead of Guyana drill campaign

OilNOW -
Canada-based Africa Oil Corp. (AOI–TSX, AOI–Nasdaq-Stockholm) said on Wednesday it had acquired 4,752,850 common shares of Eco (Atlantic) Oil and Gas Ltd. (TSXV: EOG or LSE: ECO) for US$1.05 per common share for a total consideration of US$4,999,998. The common...
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Chevron joins ranks of ultra-majors in US$50B powerhouse deal – could become operator of Roraima Block

OilNOW -
Chevron’s announcement on Friday that it was acquiring Anadarko in a US$50 billion deal will see it joining the ranks of the ultra-majors and puts it in position to potentially acquire the Roraima Block offshore Guyana, pending approval by...
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Oil will impact Guyana in multiple ways: preparation to determine outcome

OilNOW -
The main economic impact of the oil sector on Guyana is expected to take place through oil revenues, which offer an opportunity to expand public investment in both human and physical capital, lifting key constraints to inclusive growth. So...
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Decision reached in arbitration over Hess’ stake in Guyana’s Stabroek Block

A decision has been reached in the high-stakes arbitration between ExxonMobil and Hess Corporation over a prized oil asset...

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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