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Hess Announces 13th Discovery Offshore Guyana

Yellowtail-1 well is fifth discovery in Turbot area Turbot area expected to become major development hub Adds to previously announced estimated gross discovered recoverable resource of more than 5.5 billion barrels of oil equivalent NEW YORK–(BUSINESS WIRE)–Apr. 18, 2019– Hess Corporation (NYSE: HES) today announced a new discovery offshore Guyana at the Yellowtail-1 well, marking the 13th discovery on the Stabroek Block. The discovery adds to the previously announced estimated

Prepare for $80 oil this summer as “wounded bulls” rise, RBC warns

International oil prices will average $75 a barrel in 2019, and consumers may find themselves contending with bouts of $80 crude this summer, RBC Capital Markets said. The global investment bank revised its oil price forecast higher Thursday, pointing to a cocktail of market conditions. Those include steep OPEC supply cuts, robust demand, geopolitical risk and investor positioning that leaves crude futures with plenty of room to run. “We see

Ma’aden acquires Meridian Group in Africa

Ma’aden will acquire an 85 per cent stake in the Mauritius-based Meridian Group, a move in which Ma’aden is set to extent its network of operations across southern Africa, from Malawi to Mozambique, Zimbabwe and Zambia Source: African Review Ma’aden acquires Meridian Group in Africa {$excerpt:n} Texas Global Systems News

US Drops 10 Oil and Gas Rigs

This week’s rig count saw declines of eight oil rigs and two gas rigs for a net loss of 10. Source: Offshore US Drops 10 Oil and Gas Rigs {$excerpt:n} Texas Global Systems News

Oil Heads for Weekly Loss

Oil heads for its first weekly drop since early March as uncertainty over the future of global producer curbs, Iranian exports and U.S. inventories kept investors on edge. Source: Offshore Oil Heads for Weekly Loss {$excerpt:n} Texas Global Systems News