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Saipem slips deeper into the red

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Losses widen but increase in new contracts gives brighter outlook (Upstream) Italian contractor Saipem increased its losses during the first half of 2018 as revenues also slipped. The company posted a loss of €323 million ($377.3 million) for the first six...
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Guyana remains shining light in Hess portfolio as company reports US$130M Q2 net loss

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Hess Corporation (NYSE: HES) on Wednesday reported a net loss of $130 million, or $0.48 per common share, in the second quarter of 2018, compared to a net loss of $449 million, or $1.46 per common share, in the...
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Sovereign Wealth Fund to ensure roads, bridges, health care and citizens are “well taken care of” – Trotman

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The Government of Guyana says it is committed to ensuring that legislation is in place by 2020 that is “both responsive to national concerns and meets international best practices.” This is the view of Minister of Natural Resources, Raphael Trotman,...
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Ring plundered $1.2 billion of Venezuelan oil money, laundered it in South Florida

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A web of former Venezuelan officials and businessmen was charged in Miami Wednesday with operating a massive $1.2 billion international money-laundering racket funded with stolen government money that was invested in South Florida real estate and other assets, the...
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Tullow Oil records over $500 million profit at half year as plans for oil search in Guyana advances

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UK-based Tullow Oil has recorded revenue of $905 million; gross profit of $521 million; post-tax profit of $55 million and free cash flow of $401 million for the six months ended 30 June 2018. The company, in announcing its 2018...
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ExxonMobil awaiting approvals from regulators to proceed with FID for Lisa Phase 2

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ExxonMobil will make its Final Investment Decision (FID) on the giant Liza Phase 2 Development offshore Guyana following key approvals from regulators which the company hopes to receive by year end. Country Manager, Rod Henson, told OilNOW the Environmental Impact...
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Liza Phase 1 is ExxonMobil’s biggest greenfield project since 2015 – Rystad Energy

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ExxonMobil greenfield investments have been “virtually non-existent” since 2014 says Norway-based Rystad Energy, in a new report published on Tuesday. The largest International Oil Company (IOC) in the world has a lot riding on the small South American country of...
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Coming oil bonanza is ‘more than we can spend in a lifetime’ – Trotman

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Guyana’s Minister of Natural Resources, Raphael Trotman, during an interview on Monday at his Duke Street, Georgetown office, said the Government is not oblivious to criticisms in the oil and gas sector, but noted that it must be constructive. He said, “What we are...
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Big Oil goes from begging for cash to rewarding shareholders

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(CNN Money) When crude crashed below $30 a barrel, the debt-riddled oil industry was forced to beg for cash from Wall Street. Many cash-strapped companies survived the downturn by selling shares at a record-setting pace. The oil industry is returning...
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Exxon forging ahead with rapid exploration, appraisal drilling; second well at Ranger targeted

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ExxonMobil is forging ahead with its exploration and appraisal drilling programme offshore Guyana with new prospects in its crosshairs and plans to further assess proven oil fields. As the US oil major updated its total estimated recoverable reserves for...
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Guyana says Venezuela’s plan for election in Essequibo breaches peace accord and World Court order

The Guyana government said an apparent plan by Venezuela to host an election in the Essequibo region is a...

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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