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2018 E&P Budget: Hess allocates hundreds of millions for exploration, development in Stabroek Block; says opportunities getting ‘bigger and better’

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Hess Corporation (NYSE:HES) today announced its 2018 E&P capital and exploratory budget will be $2.1 billion, the same as 2017. The 2018 budget allocates increased capital for continuing exploration and development activities offshore Guyana and for the Bakken, which includes growing the rig...
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Oil could struggle to top $70 as U.S. output offsets OPEC cuts: Reuters poll

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(Reuters) - Oil prices are unlikely to advance much higher than $70 a barrel in 2018, with the market caught between the opposing forces of OPEC-led production cuts and surging U.S. output, a Reuters poll showed on Wednesday. The survey...
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President Granger welcomes UN decision on border controversy with Venezuela

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Guyana’s Head of State, President David Granger has hailed the decision to refer the controversy arising out of the claim by the Bolivarian Republic of Venezuela to Guyana’s territory, to the International Court of Justice (ICJ). United Nation’s (UN) Secretary...
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This oil major has a supercomputer the size of a soccer field

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Big Oil is now Big Tech. So big, in fact, that Eni SpA’s new supercomputer is the size of a soccer field. In the multi-million dollar pursuit of the world’s most powerful computers, the Italian explorer says it’s taken the lead. Its...
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Border controversy between South American oil neighbours headed for ICJ

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A bitter border controversy between oil giant Venezuela and its eastern neighbour, Guyana, has been referred to the International Court of Justice (ICJ) by United Nation’s Secretary General, Antonio Guterres. The development obtains since the two countries were unable to...
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ExxonMobil to ramp up Permian production to 600,000 barrels

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ExxonMobil today announced that it plans to triple total daily production to more than 600,000 oil-equivalent barrels by 2025 from its operations in the Permian Basin in West Texas and New Mexico. Tight oil production from the Delaware and Midland...
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The death spiral of Venezuela’s oil sector and what can be done about it

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(Forbes) The Venezuelan oil sector is on a death spiral despite having one of the largest resource endowments in the world. According to its report to OPEC, Venezuela’s production was 1.62 million barrels per day (b/d) in December 2017, a...
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Brazil’s Petrobras promises dividend as soon as it returns to profit

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(CNBC) The semi-public company Petrobras has promised to start paying dividends to shareholders again, as soon as it returns to profit after being hit by several scandals in recent years. Petrobras, one of the largest companies in Latin America and...
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Guyana could be producing over 10 million barrels of oil monthly by 2022

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Monthly oil production in the South American country of Guyana could top the 10 million barrel mark by 2022 with the coming on stream of a second phase of development in the prolific Liza field located approximately 120 miles...
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Exxon’s $50-billion bonanza returns spending to pre-rout level

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(Bloomberg) -- ExxonMobil Corp. is set to spend $50 billion over the next half decade in a return to the oil giant’s spending habits before crude suffered its worst price rout in a generation. With oil prices now hovering above $65/bbl...
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Payara still leads ExxonMobil’s record-breaking ramp-up offshore Guyana

ExxonMobil’s Payara project continues to hold the record for the fastest production ramp-up among all oil developments in Guyana’s...

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