Guyana News Updates – May 13-15, 2022
US-CARICOM Relations: “Exploring Business Opportunities for and with the Private Sector: A Transactional Focus”
Shridath Ramphal Centre (UWI)/US Embassy/Caribbean Policy Consortium (CPC)
Thursday, May 19, 2022, 11am-12:30pmEST
US Commerce Department South America Business Conference
Monday, May 16, 2022 – Sao Paulo Brazil
Guyana Agri Expo – Department of Public Information
May 19-21, 2022
Agri-investment forum aims to reduce region’s annual food import bill | News | May 19-21, 2022
Guyana: the world’s fastest growing economy
MENAS London – Wednesday 25 May 2022
Int’l Energy Expo 2023 launched with focus on traditional sectors – Guyana Times
Enterprise Florida Inc., World Trade Center Miami eye Guyana – Guyana Chronicle
Investment portal connecting Guyanese entrepreneurs, start-ups with investors –https://guyanainvestors.com/
Guyana’s private sector to partner with businesses in China – News Room Guyana
Hotels, hospitals in plan for first phase of Silica City – News Room Guyana
International gold mining companies eyeing Guyana operations – News Source Guyana
Guyana’s natural gas development is likely to outshine its renewable energy strategy | OilNOW
Guyana set to produce US$61Trillion in oil from four projects – Kaieteur News
NOC, Hydrocarbon Institute could make Guyana a more relevant player in oil supply chain – Surinamese Economist | OilNOW
Kawa-1 points to hydrocarbon potential in Guyana-Suriname shallow water acreage – IHS Markit | OilNOW
Oil revenues increase with receipt of $4.3B in royalties: Guyana Chronicle
THE revenue-generating potential of Guyana’s oil and gas sector continues to be displayed, with the latest indication of this being the receipt of $4.3B in oil-and-gas royalties. Specifically, according to the Bank of Guyana, some $4,390,903,000 was, in April, deposited into the Natural Resource Fund (NRF) – an account at the US Federal Reserve Bank which stores direct returns from the oil and gas sector. Based on the report from the Central Bank, this payment increased the balance of the fund to US$741,047,527.69.
Update: Hull for Guyana’s largest approved oil project delivered: OilNOW
SBM Offshore said in a first quarter trading update that the hull for the ‘ONE GUYANA’ floating production, storage, and offloading (FPSO) vessel has already been delivered. It is a Fast4Ward® multi-purpose floater (MPF) hull, under SBM Offshore’s industry leading Fast4Ward® program. “Engineering and procurement are progressing in line with project schedule,” the update stated. First oil is scheduled for 2025. The FPSO will be designed to produce 250,000 barrels of oil per day, with associated gas treatment capacity of 450 million cubic feet per day and water injection capacity of 300,000 barrels per day.
Exxon plans to build new offloading facility, road on west bank of Demerara River: News Room
A new offloading facility and heavy haul road are among the supporting infrastructure ExxonMobil expects to build by 2023 to help advance the gas-to-energy project at Wales on the West Bank of Demerara (WBD), Region Three. ExxonMobil, through its local affiliate Esso Exploration and Production Guyana Limited (EEPGL), hopes to transport natural gas produced offshore Guyana to a production facility onshore at Wales. ExxonMobil’s Project Manager for the gas to energy project, Friedrich Krispin on Wednesday said that a temporary materials offloading facility (MOF) could be built if the project is approved.
Gov’t may execute both natural gas & power plants at Wales – Exxon official: News Room
The Government of Guyana is in discussion with ExxonMobil’s local affiliate on potentially executing and operating both the natural gas liquids (NGL) plant and the nearby power plant that will use the natural gas to generate electricity at Wales, West Bank Demerara (WBD). This is according to ExxonMobil’s Project Manager for the gas to energy project, Friedrich Krispin, who spoke at a public disclosure meeting at the Umana Yana on Wednesday. “Subsequent discussions with the government, that have not been solidified, lead us to believe that we may split it differently.
Guyana must disclose all environmental payments by Exxon, other extractive companies – EITI: Kaieteur News
The Extractive Industries Transparency Initiative (EITI) is urging Guyana to ensure the comprehensive and reliable disclosure of all environmental payments made to government by ExxonMobil and other extractive companies. It advised as well that the government should encourage companies to make similar disclosures about their social and environmental expenditures. Additionally, EITI said Guyana should ensure public disclosure of the legal or contractual terms that require extractive companies to undertake mandatory social expenditures.
Guyana not “in rush” to draft new oil contract: Kaieteur News
– Natural Resource tells international media
Minister of Natural Resources Vickram Bharrat has reiterated Government’s position that it is in “no rush” to develop a new production sharing agreement (PSA) for it’s offshore oil development. Be that as it may, the Kawa-1 light oil and gas discovery in the country’s Corentyne Block may very well see a new agreement being signed with developers, Canada-based CGX Energy Inc. and its partner, Frontera Energy Corporation in the near future. This was related days ago by Bharrat during an exclusive interview with international media house, Reuters.
No gas leak management plan for gas-to-shore project: Kaieteur News
– ExxonMobil says will not walk away from incidents but does not commit to insurance document
In the absence of a gas leak management plan, Guyanese are clueless not only about the likely damage that can be caused as a result of a possible leak from the pipeline, which will be used to transport the natural resource, but also the likely response from the project developer, ExxonMobil. But when asked about its responsibility at a public consultation hosted on Wednesday, the oil company merely assured that it will not walk away from any incidents, but will do the right thing.
A “Noise and Nonsense” Brigader responds to Dr. C.Y. Thomas – Part 4: Stabroek News (Columnist) Transparency Institute Guyana Inc
In part 3 we showed that oil companies seemed to have no trouble providing insurance to protect foreign stakeholders and how moral hazard featured in banking, so much so that it helped bring down the financial system in 2007/8. We also showed that the extent of the Deepwater Horizon damage far exceeded “astounding”. In this part we show that it was the power of the US legal system that made BP pay over US$60 billion for the Deepwater Horizon cleanup. We have no such power and need another mechanism. We also address Prof CYT’s apparent contempt for the court of public opinion.
Guyana welcomes multi-million dollar coating company | Loop Caribbean News
Guyana to expand low carbon economy by tapping critical ecosystem services programmes – Kaieteur News
Guyana, like Norway recognizes importance of blue economy – CNW Network
Guyana recognises importance of ‘blue economy’ – Pres Ali tells newly accredited Norwegian Ambassador | INews Guyana
Guyana: President Ali and Opposition Leader hold talks | Loop Caribbean News
Guyana to help Suriname with large projects, massive gas export market | Loop Caribbean News
Suriname eyes massive gas export market, large projects with Guyana’s help – News Room Guyana
Triple-threat to development plans – Guyana Times
Oil, Water, and Climate Change in the Guyana-Suriname Basin
By Ivelaw Griffith
Trinidad struggles to grow economy, as 2021 gas output hits lowest point in 18 years | OilNOW