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Conoco moves to take over Venezuelan PDVSA’s Caribbean assets

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(Reuters) - U.S. oil firm ConocoPhillips (COP.N) has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country, according to three...
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Guyana expected to become less dependent on donor funds when oil begins to flow

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Guyana is less than two years away from becoming a major oil producing economy and Chief Executive Officer of the CARICOM Development Fund (CDF), Rodinald Soomer, said the imminent revenue expected from this development could change the South American country’s...
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Robust systems to fight financial crimes, corruption vital in oil producing countries

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It is absolutely critical that countries in the region put robust systems in place to protect them from acts of financial crimes and corruption. This was the hallmark of the just concluded Regional Judges and Prosecutors workshop, organized by...
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Guyana on BP’s radar as oil major looks to expand presence in region

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Oil major BP Plc is closely following oil auctions in Brazil, Mexico and other potential offshore investment opportunities in Guyana, Colombia and Suriname in a bid to expand its presence in the region. Rising crude prices and energy reforms in...
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Petrobras chips away at debt with asset sales

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(Hart Energy) Brazil’s Petrobras intends to raise US$21 billion with the sale of assets by the end of this year, according to its 2018-2022 business plan, as the company works to lower debt while carrying out activities, mainly in...
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Guyana begins to cash in ExxonMobil signing bonus to cover legal fees at ICJ

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Guyana has begun the preliminary process in order to cycle funds from an US$18M signing bonus received from ExxonMobil in 2016, to defend its border controversy case at the International Court of Justice (ICJ). The move is documented in a...
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Reuters: Arrested Chevron workers could face treason charge in Venezuela – sources

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(Reuters) - Two Chevron Corp. employees detained in Venezuela last week could be charged with treason for refusing to sign a parts contract for a joint venture with state-owned oil company PDVSA, according to two sources familiar with draft...
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Venezuela arrests two Chevron executives amid oil purge

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(Reuters) - Chevron Corp (CVX.N) said on Tuesday two of its executives were arrested in Venezuela, a rare move likely to spook foreign energy firms still operating in the OPEC nation stricken by hyperinflation, shortages and crime. Venezuelan Sebin intelligence...
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BP, Petrobras in strategic business alliance

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BP and state-owned Brazilian oil company Petrobras have announced they have signed a Memorandum of Understanding (MoU) to form a strategic alliance to jointly explore potential business opportunities both in Brazil and beyond. Petrobras is globally recognized as the world’s...
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MNR pushing for development of spatial data management system

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Guyana’s Ministry of Natural Resources (MNR) will be moving to establish an information portal on the development of natural resources in the South American country the Department of Public Information (DPI) stated in a report. Natural Resources Minister, Raphael Trotman...
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Second phase of Berbice training facility progressing with extended timeline

The construction of the oil and gas training facilities at the Guyana Technical Training College (GTTCI) in Port Mourant,...

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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