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Three years after $1 billion Venezuela deal, U.S. oilfield firm shuts doors

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(Reuters) - An Oklahoma oilfield company that played a central role in Venezuela’s high-profile attempt to convince the world it could halt production declines at its dilapidated oilfields has shut its doors, according to three people familiar with the...
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Explorers hopeful Suriname discovery signals extension of Stabroek mega oil play

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Explorers have been looking closely at the multi-billion-barrel oil resource at Guyana’s Stabroek Block with hopes that this prolific petroleum system stretches across to Suriname where efforts to find hydrocarbons offshore have been futile…until now. The discovery at Maka Central-1...
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Venezuelan oil exports fell by a third in 2019 as U.S. sanctions bit

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(Reuters) - Venezuela’s oil exports plummeted 32% last year to 1.001 million barrels per day, according to Refinitiv Eikon data and state-run PDVSA’s reports, as a lack of staff and capital drove output to its lowest level in almost...
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Apache’s stock rockets toward biggest gain in nearly 50 years after company strikes oil offshore Suriname

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Shares of Apache Corp. on Tuesday surged toward their biggest one-day gain in nearly 50 years, after the oil-and-gas company announced a “significant oil discovery” off the shores of Suriname, MarketWatch said in a report. That prompted Bank of America...
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Apache makes significant oil discovery offshore Suriname

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Apache Corporation (NYSE, Nasdaq: APA) and Total S.A. (NYSE: TOT) today announced a significant oil discovery at the Maka Central-1 well drilled offshore Suriname on Block 58. The well was drilled using the drillship Noble Sam Croft with Apache as operator holding a 50%...
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Mexico hedges oil output for 2020 as risks grow

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(Reuters) - Mexico has completed its annual oil hedging program for 2020 at $49 a barrel, the finance ministry said on Friday at a time when the finances of both the sovereign and state oil company Pemex are particularly...
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Companies investing big in South America’s massive offshore oil fields – Canary, LLC CEO

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Large sums of monies are being invested in bringing massive oil fields in Guyana and Brazil to development which will help to add significant volumes to South America’s production output in the new decade. In an op-ed published on Forbes,...
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Petronas wraps up acquisition of two deepwater fields in Brazil

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Malaysian oil and gas company Petronas announced on Saturday the completion of the transaction for the acquisition of 50 per cent equity in the Tartaruga Verde producing field (BM-C-36 Concession) and Module III of the Espadarte field (Espadarte Concession),...
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Brazilian northeast beaches hit by second oil spill

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(Reuters) - Crude oil smudges have been spotted at some Brazilian beaches in the northeast state of Ceará, the country’s navy said on Monday, almost two months after the area was hit by another oil slick. That was part of...
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Oil on track for best year since 2016

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(Bloomberg) -- Oil is on track for the biggest yearly gain since 2016 as declining U.S. crude stockpiles eased oversupply concerns, and heightened geopolitical risk gave the commodity a boost. Futures in New York held near a three-month high Monday....
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Offshore EPC contract awards projected to reach US$54 billion in 2025 amid challenges

The offshore oil and gas industry is expected to see a slight 1% year-on-year growth in engineering, procurement, and...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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