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An assessment of the gold-for-oil program: a position paper

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | January 9, 2024 | Comment off

The Gold for Oil (G4O) program emerged in response to the 1973 oil crisis, triggered by an oil embargo imposed by OPEC members, particularly Saudi Arabia, on nations perceived as supporting Israel in the Yom Kippur War (Birjandi, 2003). This crisis caused a global energy shortage and a surge in oil prices, prompting negotiations between oil-producing and importing countries to exchange oil for gold instead of conventional fiat currencies, allowing oil exporters to accumulate gold reserves (Falola & Genova, 2005).

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Guyana: the new oil centre of the world

Oil & Gas‚ Oil and Gas Industry | intent | December 19, 2023 | Comment off

On the northeastern tip of South America, there are three little countries stacked in a row; anomalies of empire whose imperial histories still have resonance today. Guyana, Suriname and French Guiana. One formerly of the British Empire; one formerly of the Dutch Empire; one still an overseas department of France and all speaking the language that their colonial masters left them. Of these, Guyana, formerly British Guyana and the only English-speaking country in South America, has been in the news lately following a referendum in Venezuela where President Maduro invited Venezuelans to decide if a large chunk of Guyana should, in fact, be Venezuelan. Given the vast oil riches off the coast of Guyana, the referendum unsurprisingly passed. Once the sabre-rattling verbal aggression died down, there was agreement that no one wanted to go to war and that the foreign ministers of each country would negotiate a solution over the next three months.

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Rigworld signs MOU with UMaT for support

Oil & Gas‚ Oil and Gas Industry | intent | December 19, 2023 | Comment off

Rigworld International Services Ltd, an oil and gas service company has signed a Memorandum of Understanding(MOU) with the University of
Mines and Technology (UMaT) to support the Department Chemical and Petrochemical Engineering to acquire the needed equipment and offer
students the opportunity to intern.

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Oil, Eni ready to sign a contract in Venezuela

Oil & Gas‚ Oil and Gas Industry | intent | December 19, 2023 | Comment off

For the next decade, Latin America is likely to maintain its predominant role in the oil sector. Unlike past years, it can now count on Venezuela’s return to international markets, as the Biden administration has decided to lift the sanctions in force since 2019. This decision is mainly conditioned on the holding of transparent and democratic elections by 2024. This agreement will allow Venezuela to exploit its immense resources, represented by 303 billion barrels and over 5 billion of cubic feet of natural gas, ranking as the largest reserve in the world. Major international companies are already looking to seize this opportunity, including Eni and Repsol, which are currently finalizing the details of a contract with Petróleos de Venezuela Sa (Pdvsa), the state-owned company. As reported by Bloomberg, negotiations are at an advanced stage, and an agreement is expected to be reached by the end of the month.

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