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Curacao court authorizes ConocoPhillips to seize $636M in PDVSA assets

OilNOW -
A Curacao court has authorized ConocoPhillips to seize about $636 million in assets belonging to Venezuela's state oil company PDVSA due to the 2007 nationalization of the U.S. oil major's projects in Venezuela. The legal action was the latest in the Caribbean to...
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ON Energy PSA: 53% profit oil, 1% royalty for Guyana

OilNOW -
The Production Sharing Agreement (PSA) between the Government of Guyana and ON Energy, signed on February 12, 2013, outlines a 53% share of profit oil for the South American country and 1% royalty, payable by the company. Recoverable contract...
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Guyana Legislative Assembly unanimously approves ICJ legal fees

OilNOW -
Guyana’s 65 Member National Assembly on Friday unanimously voted to approve some US$4M for the State’s legal defence at the International Court of Justice (ICJ) in the Hague—monies to be sourced from a US$18M signing bonus paid to Guyana...
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Guyana contracts American firm to review ExxonMobil application for giant Liza Phase 2 development

OilNOW -
The Environmental Protection Agency (EPA) has hired an American company; Rampal US Corporation to assess and certify an Environmental Impact Assessment (EIA) study for the ExxonMobil Liza phase II development. This was confirmed on Friday by Guyanese Minister of State,...
Exploration

Hart Energy: oil, gas exploration activity picks up but concerns remain

OilNOW -
The success story unfolding offshore Guyana where ExxonMobil Corp. has made seven oil discoveries coupled with recent wins by Chevron Corp., Total SA and Royal Dutch Shell Plc in the Gulf of Mexico (GoM) plus others offshore Norway and...
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Oil at $100 is a possibility next year says Bank of America

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(Bloomberg) Oil prices could rally to $100 a barrel next year, a level not seen since 2014, as supply risks in Venezuela and Iran strain global markets, according to Bank of America Corp. Brent futures, trading near $77 on Thursday, are...
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TechnipFMC Q1 profits almost quadrupled

OilNOW -
First quarter profits almost quadrupled at TechnipFMC as the oil service giant cashed in on better market conditions. The company also attributed its £100million pre-tax income to synergies achieved through the merger between Technip and FMC Technologies, completed early last...
News

Guyanese officials to visit Mexico in ‘technical exchange’ mission on petroleum

OilNOW -
Four officials from Guyana’s Ministry of Natural Resources (MNR) will soon be visiting Mexico as part of a ‘technical exchange’ exercise with the Mexican Institute of Petroleum (IMP). The South American country’s Natural Resources Minister, Raphael Trotman met with the...
News

UK oil, gas industry needs 40,000 new workers from now to 2035

OilNOW -
The UK oil and gas industry will likely need to recruit more than 40,000 new people from now to 2035 to offset natural attrition and ensure the sector can support Vision 2035 and the broader energy diversification agenda, according...
News

IMF gives Guyana thumbs up on fiscal prep for oil

OilNOW -
The International Monetary Fund (IMF) on Wednesday said it welcomed the progress being made in Guyana on establishing a comprehensive fiscal framework for managing oil wealth while forecasting a turnaround in the South American country’s economic outlook when revenues...
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IEA warns of major drop in oil investment as clean energy gains momentum

Upstream oil investment is expected to decline by 6% in 2025, marking the first drop since 2020 and the...

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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