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ExxonMobil acquires deepwater blocks offshore Mauritania

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ExxonMobil (NYSE: XOM) affiliate ExxonMobil Exploration and Production Mauritania Deepwater Ltd. has signed production-sharing contracts with the government of Mauritania for three deepwater offshore blocks. Blocks C22, C17 and C14 are located an average of 200 km (124 miles) offshore...
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The Nigerian Production Sharing Contract: An Overview

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The Production Sharing Contract (PSC) was widely introduced in 1993 to address some of the issues faced by the Joint Operating Agreement (JOA) and also to provide a suitable agreement structure for encouraging foreign investment in offshore acreage. Under...
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Crude oil price: December 4

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(NRT) Crude oil prices have dropped slightly on December 4, compared to the previous day. The price of Brent oil is at $63.46 a barrel, from $63.62, and U.S. WTI crude is at $57.98 from $58.30. The Organization of the Petroleum...
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Malaysia’s Petronas forecasts oil prices to hold in US$50-US$60

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Malaysia’s state energy company Petroliam Nasional Berhad , or Petronas, forecast oil prices to hold in the US$50s and US$60s in its 2018-2020 Activity Outlook report. “In our view, the oil price outlook will hover around US$50s to US$60s per...
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Exxon eyes Egypt’s offshore oil and gas – sources

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(Reuters) Exxon Mobil (XOM.N) is considering a foray into Egypt offshore oil and gas, seeking to replicate rivals’ success in the country and boost its reserves, officials and industry sources said. Officials from the world’s largest listed oil producer recently...
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Skills training must include culture of efficiency, safety – Trotman

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Guyana’s Minister of Natural Resources, Raphael Trotman, says due to the high-investment-high-risk environment of the international petroleum sector, business models maximize efficiency while preserving safety, and as such, efforts must be made to incorporate this culture in skills training...
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Maduro to create cryptocurrency backed in oil and diamond reserves

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As Venezuela's financial crisis deepens, President Nicolas Maduro announced on Sunday the creation of a digital cryptocurrency to fight a financial blockade fueled by US sanctions on the Latin American country. The digital cryptocurrency will be called the Petro and...
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Oil to rise in 2nd half of 2018 – Wood Mackenzie

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The OPEC and NOPEC agreement to keep current production restraints in place through 2018 will contribute to an oil price increase in the second half of next year, according to Wood Mackenzie. “The stakes were high for OPEC,” Ann-Louise Hittle, Wood Mackenzie...
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MoF, MNR to form joint technical committee on oil

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Following a recommendation by the International Monetary Fund (IMF), the Government of Guyana is in the process of establishing an Inter-Ministerial Technical Committee (IMTC) on Petroleum. This committee was deemed necessary for the coordination and collaboration between the two...
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ExxonMobil courts Guyanese companies for support contracts

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US oil major ExxonMobil has begun to up the ante in its push to sensitize the Guyanese business community of opportunities during its exploration and development phases in the coming decades and is in fact encouraging private companies from...
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Ali names 25-member cabinet; Vickram Bharrat back at oil ministry

President Irfaan Ali of Guyana unveiled 25 ministerial Cabinet appointees on Saturday evening, as the government embarks on its...

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