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Oil prices hold near 3 1/2-year high; Brent nears $80 as market braces for Iran sanctions

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(Market Watch) Oil prices rose Friday, with Brent crude trading close to the $80-a-barrel threshold, in anticipation of renewed U.S. economic sanctions on Iran. July Brent crude LCON8, +0.64% rose 30 cents, or 0.4%, at $79.60 a barrel on ICE...
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Oil revenue to fund extensive road networks/bridges, regional airports and more – Patterson

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Guyana’s Minister of Public Infrastructure, David Patterson, says his ‘shopping list’ has already been prepared and approved for the undertaking of a number of major transformational infrastructure projects when revenue from oil production begins to flow in 2020. During an...
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Pakistan, Abu Dhabi appoint TechnipFMC to manage 250,000-bpd refinery project

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Pak-Arab Refinery Ltd (PARCO), a joint venture between the governments of Pakistan and Abu Dhabi, said on Thursday it has appointed TechnipFMC to manage a 250,000-barrels-per-day refinery project. According to a Reuters report, TechnipFMC will manage the pre-engineering, procurement and...
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Oil hits $80; pipeline operators consolidate

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Oil prices hit $80 per barrel for the first time in more than three years on Thursday on concerns Iranian exports could fall, reducing supply in an already tightening market. Among the analysts weighing in, Boston Consulting Group’s Jamie...
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8 wells at Liza will produce more oil than Delaware Basin’s 1,400 – Hess

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Chief Executive Officer of Hess Corporation, John Hess, says when it comes to low development cost and favorable financial returns Guyana is a much better prospect than the Permian’s Delaware Basin. The CEO was at the time speaking during a...
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Guyana Opposition Leader decries state of preparedness for oil & gas

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Leader of the Opposition Peoples Progressive Party Civic (PPP/C) in Guyana, Bharrat Jagdeo, on Wednesday outlined a number of key legislation for the country’s emerging oil and gas industry which are yet to be finalized, pointing out that this...
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Petrobras receives new FPSO, takes loan

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Brazil’s Petrobras has received its P-67 FPSO from the China Offshore Oil Engineering Company (COOEC), international media reported Wednesday. The vessel will be remodified in Brazil towards the end of the month before being moved to the NOC’s Lula North pre-salt field. P-67 has...
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IEA warns global oil demand may suffer as crude nears $80

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Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the International Energy Agency said on Wednesday. The Paris-based IEA cut...
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Guyana seeking initial US$1.7M from World Bank to help fund ‘gas to shore’ study

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Minister of Natural Resources, Raphael Trotman, has disclosed that the Government of Guyana through the Ministry of Finance has applied to the World Bank for the release of an initial 1.7 million US dollars, out of the 20 million...
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Repsol to end pursuit of oil growth in light of clean energy push

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Spanish company Repsol plans to end its pursuit of oil growth amidst a global move to transition to clean energy. This is according to a Bloomberg report published on Tuesday. According to the article, the company is the first of...
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Exxon affirms full transparency in disclosures of Guyana oil and gas finds

ExxonMobil Guyana Limited (EMGL) on Sunday rejected suggestions that it is concealing oil discoveries made in the offshore Stabroek...

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