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Tullow cuts debt, raises profit under new CEO

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(Reuters) Tullow Oil reduced debt in the first-half of 2017 and reported a rise in gross profit under its new CEO, Paul McDade, but a recent drop in oil prices means the company’s bottom line remains under threat. Tullow has...
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Saipem secures $500M in contracts, FPSO deployment

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Saipem has been awarded a new E&C Offshore contract by Saudi Aramco for Engineering, Procurement, Construction, Installation (EPCI) activities and Trunklines & Installation (T&I) works in Saudi Arabia, under the Long-Term Agreement in force, renewed in 2015 until 2021. The...
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BP takes $750 million hit for Angola exploration write-off

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(Reuters) BP will book a $750 million charge for unsuccessful exploration campaigns in Angola, the company said on Thursday, a write-off that will weigh on its second-quarter results. The British oil and gas company said it has decided to relinquish...
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“We are willing to learn, build capacity” for oil & gas – Guyanese manufacturing body

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The head of a body that represents manufacturers in Guyana says businesses are eager to learn and build capacity in order to capitalize on opportunities in the oil and gas sector. President of the Guyana Manufacturing and Services Association (GMSA)),...
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Anadarko caps more than 6,000 oil and gas flowlines

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Anadarko Petroleum said late Friday that it has tested more than 4,000 active oil and gas lines and plugged another 2,400 inactive ones per a state order issued after a fatal home explosion in Firestone in April, the Denver...
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Guyana not yet prepared to disclose identities of oil negotiators – State Minister

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The Guyanese public is no closer to knowing the full identities of those who have been negotiating terms and conditions on their behalf for development and production of offshore oil resources.  The country’s Minister of State, Joseph Harmon, told...
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Head of Guyana regulatory body should be appointed through political consensus – IDB specialist

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As Guyana prepares to reap the benefits from oil production set to begin in 2020, a key Inter-American Development Bank (IDB) energy specialist working on the Extractive Industries Transparency Initiative (EITI) is warning the country to be mindful of expenditure...
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Crude rises for sixth straight session

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(Reuters) Crude oil rose for a sixth straight session on Thursday to its highest since June 19 on a decline in US output, but ongoing worries about global oversupply continued to drag. US West Texas Intermediate crude had risen 28...
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Guyana’s draft Sovereign Wealth Fund legislation to face public scrutiny – Finance Minister

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Guyanese will soon have an opportunity to scrutinize draft legislation being formulated for the establishment of a Sovereign Wealth Fund (SWF) that will play a major role in the management of significant revenues expected from oil production in the...
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Oil will convert Guyana’s deficit to surplus – IMF

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The International Monetary Fund (IMF) said that Guyana’s external outlook remains favourable and is expected to improve with the start of oil production. The IMF Staff Country Report for Guyana, released on June 28, says the commencement of oil production...
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Steam turbines, oil tanks in Guyana for Gas-to-Energy project

US-based group Lindsayca-CH4 said two state-of-the-art steam turbines and two oil tanks arrived in Guyana on December 21, 2024.  The...

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