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Guyana to cycle its signing bonus through national coffers

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Guyanese Minister of State, Joseph Harmon has assured stakeholders that funds to be used from the US$18M signing bonus will first be placed in the country’s Consolidated Fund before being disbursed. The US$18 signing bonus paid by US Oil Major...
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No guarantee unprecedented rate of oil discoveries will continue – ExxonMobil Country Manager

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Despite the discovery of more than 3.2 billion barrels of oil off the Guyana coast, the South American country’s offshore basin still remains risky with no guarantee that the unprecedented rate of discoveries – seven to date – will...
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Business Ministry to take lead on development of local content policy framework

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Guyana’s Ministry of Business has been tasked with spearheading the development of the country’s local content policy framework, now slated to be finalized and completed by the end of April. This was disclosed by the South American country’s Minister of...
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Guyanese authorities meet to finalize national oil-spill response plan

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Guyanese authorities today began—through a one day stakeholder workshop—a review of its National Draft Oil Spill Contingency Plan, for finalizing and implementation within the next 24 months, ahead of first-oil in March 2020. Spearheaded by the South American country’s Civil...
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Guyana’s windfall from oil production is not fake news – US Ambassador

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United States Ambassador to Guyana Perry Holloway on Tuesday told an oil and gas forum that Guyana is set to receive significant revenue  when oil production begins in 2020 and this “is not fake news.” The US Ambassador vigorously outlined...
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Guyana moving towards compilation of first EITI report

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An independent administrator will soon be hired, as part of the requirement by the international body of the Guyana Extractive Industries Transparency Initiative (GYEITI), to support the South American country with the compilation of its first report. This was disclosed...
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Nabi Oil & Gas PSA outlines ‘sliding’ 70% cost recovery pegged on oil price of US$100 per barrel

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The Government of Guyana is to release another Petroleum Agreement shortly; this time for Nabi Oil and Gas Inc., signed in 2012. This is according to sources close to Cabinet. OilNOW understands that the Nabi contract could be released to...
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Goldman Sachs: oil’s seven sisters enter a ‘golden age’

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(Bloomberg) -- The world’s largest oil companies have survived a life-changing crisis, and are now poised to reap the rewards, Goldman Sachs Group Inc. said. Big Oil is in a sweet spot with rising oil prices and low operating costs,...
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Jamaica energy minister warns against unrealistic oil expectations

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Jamaica’s Minister of Science, Energy and Technology, Dr. Andrew Wheatley has warned against any unrealistic expectations of a financial windfall in the short term from the three-dimensional (3-D) seismic survey for offshore oil and gas exploration now getting under...
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Giant oil trader with no women in top jobs says change must come

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Commodity houses must do more to get women into top jobs, according to Vitol Group, the biggest independent oil trader, and a firm that like others in the industry staffs its leadership committee entirely with men. “We accept that it’s...
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Offshore Frontier Solutions wins contract for ExxonMobil’s Hammerhead FPSO in Guyana

Offshore Frontier Solutions Pte. Ltd. (OFS), a joint venture between MODEC Inc. and Toyo Engineering Corporation, has secured a...

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