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Exxon Guyana acreage equivalent to 2,000 Gulf of Mexico blocks; nation prepping for windfall

OilNOW -
ExxonMobil’s position in the South American country of Guyana spans 11.5 million acres, inclusive of the 6.6 million acres Stabroek Block where more than 3.2 billion barrels of oil have already been found. The company says this is “equivalent to...
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Guyana gets US$20M from World Bank for O&G capacity building

OilNOW -
Guyana says it will use a US$20M loan approved by the World Bank for capacity building initiatives ahead of first oil in 2020.These include finalizing critical legislation and the establishment of critical units, such as a Petroleum Revenue Unit...
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Guyana says ExxonMobil signature bonus still intact, earning interest

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Guyana’s Minister of Finance, Winston Jordan says none of the US$18M—received as a signing bonus from US oil major ExxonMobil—has been spent, and the sum has in fact earned interest between July 2016 and now since it was placed...
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Japanese Master Plan focusing on technical advice not policy – Trotman

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An Oil and Gas Master Plan developed by the Mitsubishi and Chiyoda Corporations in collaboration with the Government of Japan provides a technical review of the use of petroleum and its by-products in Guyana and the South American country’s...
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Exxon targeting 2 billion barrels of oil in first 3 phases of development in Guyana

OilNOW -
US oil major ExxonMobil is targeting production of 2 billion oil equivalent barrels in Guyana over the first three phases of development in the 6.6 million acres Stabroek Block, beginning with Liza Phase 1 in 2020. In its recently released...
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New Zealand halts future oil & gas offshore exploration permits

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(Reuters) - New Zealand will not grant any new permits for offshore oil and gas exploration, Prime Minister Jacinda Ahern said on Thursday, taking the industry by surprise with a decision that it says will push investment overseas. The centre-left...
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BP, Petrobras in strategic business alliance

OilNOW -
BP and state-owned Brazilian oil company Petrobras have announced they have signed a Memorandum of Understanding (MoU) to form a strategic alliance to jointly explore potential business opportunities both in Brazil and beyond. Petrobras is globally recognized as the world’s...
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Exxon Papua New Guinea gas resource increase by 84 percent

OilNOW -
Exxon Mobil Corporation (NYSE:XOM) said Wednesday that the size of the natural gas resource at the P’nyang field in Papua New Guinea has increased to 4.36 trillion cubic feet of gas, an 84 percent increase from a previous assessment completed...
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World Bank funding to help boost GRA technical capacity in O&G

OilNOW -
Priority is being given in Guyana to the full establishment of a unit that deals specifically with oil and gas within the Guyana Revenue Authority (GRA) – the South American country’s tax agency. Finance Minister Winston Jordan in an interview...
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Guyana to employ best, brightest worldwide for new Energy Dept.

OilNOW -
Guyanese President David Granger says his administration has identified a roadmap towards the creation of a Department of Energy (DoE) under the South American country’s Georgetown based Ministry of the Presidency (MotP). He gave the brief update on Wednesday, speaking...
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Guyana to engage U.S. partners on tariffs as gold, oil exports remain exempt

If Guyana has its way in talks with the United States, recently announced tariffs on Guyanese exports would be...

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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