Guyana News Updates, May 25, 2023

Guyana Energy Conferece (GIPEX) on 10-12 May 2022

By Anthony Bryan

https://www.dropbox.com/s/nlr2zb01mb49f7s/Anthony%20Bryan.mp4?dl=0

 

 

US-CARICOM Trade and Investment Relations Recording and Discussion Paper

By Scott MacDonald

May 19, 2022

https://mailchi.mp/4daa79ea01b3/webinar-2-us-caricom-trade-and-investment-relations-recording-and-discussion-paper?e=3dd2b26749

 

 

Congresswoman Waters Calls on President Biden to Advance Financial Access and Inclusion for Caribbean Nations

U.S. House Committee on Financial Services

May 25, 2022

https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409502

 

 

Int’l Energy Expo 2023 launched with focus on traditional sectors – Guyana Times

February 14-17, 2023

 

 

 

 

‘Modern Guyana’ well underway with US$260M Demerara Crossing leading the transformation – Finance Minister – News Room Guyana

 

FAO says “rapid study”, available data determined low fish catch not as a result of oil production: Kaieteur News

The Food and Agriculture Organization (FAO) used data that is currently available to conclude that the noticeable decline in fish catch was not as a result of the offshore oil operations. Not only that, but the body said that a rapid assessment was conducted to ascertain the situation. The FAO on Monday responded to a letter sent by Environmentalist, Simone Mangal-Joly, in which she requested that the report be released to assure the public of the study’s credibility.

 

Deal finally signed to audit US$9b in expenses claimed by Exxon and partners: Stabroek News

-local consortium undertaking task

Nearly 22 months after it took office, the PPP/C Government yesterday finally signed a deal to audit a whopping US$9b in expenses claimed by ExxonMobil and its partners  which could help to establish whether this country is receiving all of the oil profits it should. Under the maligned 2016 Production Sharing Agreement, up to 75% of each’s year’s oil revenues can be assigned to production costs while the remainder comprises profit oil to be split evenly between Guyana on one hand and ExxonMobil, Hess and CNOOC on the other. If any of the production costs are disallowed by the auditors it could potentially expand profits to this country.

 

Uaru project to have spare parts on hand, flare plan in place to prevent Liza-1 issuesOilNOWNews Room  

ExxonMobil Guyana is looking to put all systems in place to ensure optimal performance for its fifth development. Ahead of environmental authorisation from authorities, the oil giant is taking steps to ensure that issues with flaring do not occur there. Exxon’s in-country Projects Manager Anthony Jackson on Monday disclosed at a public scoping meeting for the project that the company will ensure spares are installed for the compression system aboard the development’s vessel to reduce non-routine flaring.

 

Texas-based firm to conduct impact study on Exxon’s fifth Stabroek Block developmentOilNOW

The Houston Texas-based Acorn International will be conducting the environmental study for ExxonMobil’s fifth development in the Stabroek Block – Uaru. On Monday, ExxonMobil’s local subsidiary, Esso Exploration & Production Guyana Limited (EEPGL), held a public scoping meeting on Uaru at the Umana Yana. There, Exxon’s in-country projects manager Anthony Jackson made the disclosure. Acorn will take over from Environmental Resources Management (ERM) – the company that completed the oil major’s environmental studies for the Liza 1, Liza 2, Payara  and Yellowtail developments.

 

Exxon to submit study on produced water for US$10B Yellowtail Project: OilNOW

According to the provisions of the Petroleum Production Licence (PPL) for the US$10 billion Yellowtail Project, ExxonMobil Guyana is required to conduct an in-depth study on the feasibility of re-injecting produced water. It is expected to do this while ensuring that the base design for the project includes tie-in points and space for produced water injection equipment. The licence specifically notes that within 30 days of the date of Environmental Permit (April 1, 2022), the licensee must submit to the subject Minister and the Environmental Protection Agency for approval, terms of reference, methodology and work plan (including the schedule of activities) for a study detailing the costs, environmental benefits, and feasibility of implementing a system for the re-injection of produced water, save and except in defined unavoidable situations, as the primary disposal method.

 

Saudi Aramco is leading candidate for partnering with Guyana on National Oil Company – Deakin: OilNOW

If Guyana considers the establishment of a National Oil Company (NOC), Americas Market Intelligence (AMI) Analyst, Arthur Deakin, believes that partnering with Middle Eastern oil giant Saudi Aramco offers significant upside, although still presenting some notable risks. In his most recent column published on OilNOW, Deakin spoke about key factors that would need to be addressed in the discussions about setting up a NOC. He pointed out that if a NOC is indeed established, it would likely be joined by a Middle Eastern firm.

 

Column, By Arthur Deakin: The implications of a National Oil Company (NOC) in Guyana: OilNOW

The government of Guyana, which is sitting on 11 billion barrels of oil equivalent, will have a much-anticipated bid round for its remaining untendered oil blocks in the third quarter of 2022. The government is currently deciding whether to use these blocks to create a National Oil Company (NOC) or hold an open bidding process. With a 90% exploration success rate in the Stabroek block, and the quickest offshore development in recent years, international oil companies and investors are closely monitoring the government’s final decision.

 

Gas project will help push micro, small, medium businesses, avert Dutch Disease – GCCI President: OilNOW

New to the global oil-producing scene, Guyana has received endless forewarnings about not falling into the trap of the dreaded ‘Resource Curse’ or ‘Dutch Disease’ – the cause of significant challenges for many oil-rich nations. The government has said it is keen on doing everything in its power to avoid heading down this path and according to the President of the Georgetown Chamber of Commerce and Industry (GCCI) Timothy Tucker, pushing the development of micro, small and medium-sized enterprises (MSMEs) is a key part of this strategy.

 

Economic benefits of gas- to-energy project: Guyana Times (Editorial)

The gas-to-shore project is touted to transform the energy landscape and bring immense benefits to the country, both at the household level and for the business sector. The primary objective of this project is to significantly reduce the country’s energy cost by a minimum of 50 per cent. Of recent though, some observers and commentators alike have vehemently criticised and labelled the project a “white elephant” in the making.

   

Every citizen at present owes ExxonMobil $9M – IEEFA Financial Analyst: Kaieteur News

For every US dollar that Guyana earns per barrel of oil produced in the Stabroek Block, the Oil companies walk away with six dollars. Compounding the situation is the fact that at present, given the developments already undertaken and underway, each citizen of this country owes the oil company some US$44,000. Additionally, at the rate Esso Exploration and Production Guyana Limited (EEPGL)—ExxonMobil Guyana—has envisaged the developments, the ones already identified would see the country repaying ExxonMobil at least US$75B to develop which would mean that the country would be repaying debts on that amount until 2070.

 

Liza 1 Permit expires next week: Kaieteur News

Touting the importance of Guyanese to challenge in the courts, the flagrant violations allegedly being perpetrated by Esso Exploration and Production Guyana Limited (EEPGL)—ExxonMobil Guyana against the people of Guyana, International Lawyer Melinda Janki is of the view that this is necessary in order to send the clear messages that the abuse would not be tolerated any further. This was among the damning conclusions by Janki who during a webinar yesterday pronounced that the much vaunted oil bonanza in Guyana was only for the oil companies and not Guyana and that the country is presently on a path to disaster. This, she said, was not just economically but environmentally and socially.

 

FAO says “rapid study”, available data determined low fish catch not as a result of oil production: Kaieteur News

The Food and Agriculture Organization (FAO) used data that is currently available to conclude that the noticeable decline in fish catch was not as a result of the offshore oil operations. Not only that, but the body said that a rapid assessment was conducted to ascertain the situation. The FAO on Monday responded to a letter sent by Environmentalist, Simone Mangal-Joly, in which she requested that the report be released to assure the public of the study’s credibility.

 

Local companies struggling to get in on oil contracts …owners complain about late payments, bundling of services: Kaieteur News

Minister of Natural Resources, Vickram Bharrat has put oil companies on notice that the Government of Guyana will not tolerate the shortchanging of citizens in their own country after it was brought to the attention of the administration complaints of unfair competition and other issues in the industry. He made these and other remarks on Tuesday as the ministry hosted the first consultation on the Local Content Legislation, passed in December last year.

 

News Room: ExxonMobil hopes to gain environmental approval for oil production at the Uaru field and ahead of that approval, the company says that it intends to install spare parts and pursue other plans that may reduce natural gas flaring at the site. This is according to Anthony Jackson, the in-country projects manager, for Esso Exploration and Production Guyana Limited (EEPGL), ExxonMobil’s local affiliate, who spoke at a public scoping meeting at the Umana Yana on Monday.

 

News Room: Acorn International, a US-based environmental and social risk management consultancy, has been selected to independently study the potential risks of ExxonMobil’s fifth project offshore Guyana, Uaru. This was revealed on Monday, during a public scoping meeting held at the Umana Yana for the Uaru project. This meeting was held ahead of the requisite environmental impact assessment that will be conducted to study the impact the Uaru project may have on the environment. And the announcement comes after Esso Exploration and Production Guyana Limited (EEPGL), ExxonMobil’s local affiliate, used another consultancy, Environmental Resources Management (ERM) to assess the environmental impact of five other projects.

 

News Room: Five months after the passage of the historic local content legislation, the government continues to express frustration with the underhand practices of some foreign companies operating in the local oil and gas sector. In the first implementation consultation on Tuesday since the law was enacted in December 2021, Natural Resources Minister Vickram Bharrat said the government was unhappy because some foreign companies were still short-changing Guyanese.

 

Non-tariff barriers, other matters raised as Pres Ali holds talks with CPSO – Guyana Times

 

Trinidad local entrepreneurs want opportunities in Guyana – Trinidad Guardian

https://www.guardian.co.tt/news/local-entrepreneurs-want-opportunities-in-guyana-6.2.1497373.1f4be1b5d7

 

Guyana won’t shift from ICJ to settle border controversy with Venezuela- – Demerara Waves Online News- Guyana

 

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