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CNOOC, Tullow, SBM Offshore among 13 more with approved Local Content Plans

OilNOW -
Guyana's Ministry of Natural Resources announced on May 29 the approval of thirteen additional Local Content Annual Plans for the reporting year 2023. Approved plans detail the utilisation of Guyanese goods and services for the year in question. Vickram Bharrat,...
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US government is fully supportive of Gas-to-Energy project – Jagdeo 

OilNOW -
The Gas-to-Energy project in Guyana is progressing. Alistair Routledge, President of ExxonMobil Guyana, and Dr. Bharrat Jagdeo, Guyana's Vice President, provided updates on the project during recent press engagements. On the government’s side, Mr. Jagdeo conveyed optimism about positive engagements...
News

SBM Offshore revolutionises asset performance with intelligent agents, data analytics

OilNOW -
SBM Offshore, a global leader in offshore energy solutions, has unveiled its development of intelligent agents and data analytics to predict events and optimise asset performance. The company said its innovative solutions have continuously captured over 160 million time-series...
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Exxon encouraged by prelim work on Guyana’s 5th FPSO as new builder enters market

OilNOW -
ExxonMobil made a shift from SBM Offshore to Mitsui Ocean Development & Engineering Company Inc. (MODEC) for its fifth production vessel - Errea Wittu.  While construction is in its early stages, Exxon remains confident that MODEC can deliver and match...
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Guyana’s gas strategy will explore opportunity for joint development with Suriname

OilNOW -
Vice President Dr. Bharrat Jagdeo said on May 25 that Guyana’s gas strategy, expected to be drafted at the end of the year, will explore the opportunity for joint development with Suriname.  “In some areas like Pluma, more gas,...
News

Guyana received US$421 million out of US$1.6 billion 2023 oil funds as of April

Kemol King -
With a third of the year past, Guyana has received 26% of the US$1.63 billion in 2023 revenues which the Ministry of Finance projected would be deposited into the country's oil fund. The US$421 million received, accounts for payments...
News

Guyana is Suriname’s best bet for natural gas

Shikema Dey -
Suriname’s mega port coined Firebird LNG will see US$5.4 billion being invested to create a shore base and an economic zone - similar to that of the Vreed-en-Hoop Shore Base Inc. (VEHSI) which will service ExxonMobil Guyana’s Yellowtail development.  Phoenix...
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Guyana tax regulator boosting capacity for oil audits

OilNOW -
With five sanctioned projects in the Stabroek Block, and a sixth in the pipeline for review, the Government of Guyana has mandated its regulators to establish a special oil and gas auditing unit to keep track of the growing...
News

Fate of thousands of businesses and opportunities for Guyanese at stake with insurance ruling – PSC

OilNOW -
An umbrella organisation representing businesses across Guyana is now speaking out, following the recent court ruling on oil spill insurance in the South American country. The Private Sector Commission (PSC) said in a statement on May 20 that it is...
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Guyana to employ strict justification guidelines to monitor cost overruns on oil projects

OilNOW -
Guyanese authorities have assured that a strict monitoring process is in place to ensure all cost overruns for projects in the Stabroek Block are scrutinised. This was specifically noted by Vice President, Dr. Bharrat Jagdeo, the chief policy maker...
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IEA warns of major drop in oil investment as clean energy gains momentum

Upstream oil investment is expected to decline by 6% in 2025, marking the first drop since 2020 and the...

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