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PDVSA signs $4B loan agreement with China Development Bank for expansion of heavy oil production in Orinoco

Green Car Congress

Venezuela’s PDVSA signed a $4.0-billion, billion, 8-year loan agreement with China Development Bank (CDB) for boosting production at the Sinovensa heavy oil joint venture in the Orinoco belt from 140,000 barrels per day to 330,000 barrels per day by 2016. Venezuela will also receive two other loans from China: one for $1.5

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ExxonMobil announces 6th oil discovery offshore Guyana with Ranger-1; Guyana may move from non-producer to regional powerhouse

Green Car Congress

The well was safely drilled to 21,161 feet (6,450 meters) depth in 8,973 feet (2,735 meters) of water. This latest success operating in Guyana’s significant water depths illustrates our ultra deepwater and carbonate exploration capabilities. Liza-2 well was drilled and tested in July 2016. Hess Guyana Exploration Ltd.

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Opinion: Is Russia Plotting To Bring Down OPEC?

Green Car Congress

per barrel prices in 2015 and 2016, oil export revenues will undershoot these pessimistic IMF projections, as crude prices are projected to stay below $60 through 2016 (EIA estimates for Brent are $54.07 in 2015 and 2016 respectively). in 2015 and 2016 respectively). billion respectively).

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How to Prevent Blackouts by Packetizing the Power Grid

Cars That Think

Similar mismatches in supply and demand contributed to massive cascading blackouts in August 2003 in the northeastern United States and Canada, in July 2012 in India , and in March 2019 in Venezuela. The brown line shows the uncoordinated load from 1,000 electric water heaters for reference. kilowatt-hours.

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ExxonMobil announces 6th oil discovery offshore Guyana with Ranger-1; Guyana may move from non-producer to regional powerhouse

Oil (..)

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Increase in US rig count will not cap oil prices

Green Car Congress

The following chart shows the figures for the past 19 months since it peaked in October of 2014 at 1,609 and hit the lowest level in years at only 316 in late May, merely 20% of the high water number. He was also optimistic WTI could exit 2016 at $70 because of the rapid rebalancing of global crude supply and demand.