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Guyana to establish petroleum cost recovery sub-committee

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As preparation ramps up for oil production in 2020, the Government of Guyana is to establish a cost-recovery sub-committee, according to information reaching OilNOW. While details remain sketchy, it is believed that this sub-committee will be resident within the...
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Liza Destiny builder Keppel secures $130M in projects

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Keppel Offshore & Marine (Keppel O&M) has bagged projects from repeat customers Petrobras and SOFEC Inc. (SOFEC) with a total value of $130M. According to a press release, the projects were bagged by its two wholly-owned subsidiaries Keppel FELS Brasil...
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Oil workers sue Shell over Gulf of Mexico platform fire

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(Reuters) Three offshore oil workers filed a lawsuit against units of Royal Dutch Shell and Enbridge, seeking $1 million in damages for injuries they allegedly received during a Nov. 8 fire on a U.S. Gulf of Mexico production platform. The...
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Japan’s MODEC to supply FPSO for Libra consortium in Brazil

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Japan’s MODEC, Inc. said on Tuesday it has signed a contract for supply, charter, and operations of a Floating Production Storage and Offloading (FPSO) vessel with Petróleo Brasileiro S.A. (Petrobras) as Leader and Operator of the Libra Consortium on...
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CGX renegotiates work programme for oil blocks in Guyana

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CGX Energy Inc. said Monday it has successfully renegotiated its work commitments for the Demerara, Corentyne and Berbice Petroleum Prospecting Licenses with the Government of Guyana. As part of the renegotiation, the Company has also agreed to relinquish 25% of...
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Brazil’s Temer relaxes stringent local content requirements

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The Government of the Federation of Brazil has yielded to demands for higher minimum percentages as they edge closer to an industry-wide local content policy. Brazil in recent years has become known for its stringent local content requirements; some of...
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The World Bank won’t back oil and gas – what now?

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(Chatham House) At the One Planet Summit in Paris last week, the World Bank Group announced that, from 2019, it will no longer finance upstream oil and gas. This reflects the Bank’s decision to realign its development assistance with...
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Canada firm plans $200M coin/share offering for oil and gas

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(Reuters) - Canadian oil financing firm Oleum Capital Inc plans to raise $200 million in mid-January through what it calls the world’s first offering of both shares and cryptocurrency tokens, a senior company executive told Reuters. The Calgary, Alberta-based company,...
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ExxonMobil Liza FPSO contractor SBM in $375 m bribery settlement in Brazil

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SBM Offshore, the company contracted by ExxonMobil to convert an oil tanker into a Floating Production, Storage and Offloading facility (FPSO) for the Liza Phase 1 development in the South American country of Guyana, has reached a settlement in...
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Hedge fund Elliott prepares second challenge to Hess Corp

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(Reuters) - Elliott Management Corp is readying for a new fight with Hess Corp (HES.N) to remedy what the activist hedge fund called on Thursday “continuing underperformance” by the U.S. oil and gas producer. This would be the second time...
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ExxonMobil’s Yellowtail startup strengthens upstream edge – Zacks Investment Research

Chicago-based firm, Zacks Investment Research, known for its independent investment analysis and the Zacks Rank system, has highlighted Exxon...

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