Guyana News Updates, June 8, 2023

Guyana plans strong case for fairness, new trade system at Summit of the Americas – News Room Guyana

 

President Irfaan Ali attends 9th Summit of Americas, meets US Prez Joe Biden – Associates Times

 

Stabroek Block partners helping Guyana become model oil State; key hub with ties to Suriname & Brazil: Guyana Standard  

Partners in the Stabroek Block—ExxonMobil Guyana, Hess Corporation, and CNOOC—are thrilled about the growth opportunities they have after unlocking almost 11 billion barrels of oil equivalent resources. But it appears that the consortium’s interest extends way beyond the extraction of the sweet, light, crude for the benefit of its shareholders. According to Hess Corporation, the partners have noted that the country two years ago had a Gross Domestic Product (GDP) per capita similar to that of Jordan. But in the next five years, it will have a GDP per capita superior to Brazil.

 

Guyana to lead Latin America, Caribbean with highest 2022 growth rate – World Bank Report: OilNOW

While the war in Ukraine is having substantial effects on the Latin America and Caribbean Region via higher commodity prices and weaker global growth, Guyana on account of its oil industry is projected to lead the pack this year with the highest forecast for Gross Domestic Product (GDP) per capita. This was noted in the World Bank’s latest Global Economic Prospects report released on Tuesday. With respect to global growth, the World Bank said this is expected to slump from 5.7% in 2021 to 2.9% in 2022— significantly lower than 4.1% that was anticipated in January.

 

Guyana on course to have double economic growth in 2022-2023 | INews Guyana

 

Guyana’s development hinges on a crude oil opportunity | LSE Business Review

 

Exxon targeting ‘sweet spots’ deeper in Stabroek Block – Hess Boss: Kaieteur News

Hess Corporation’s Chief Executive Officer (CEO), John Hess has disclosed that the majority of the oil that has been discovered in Guyana’s Stabroek Block has been at 15,000 feet. But much deeper, at 18,000 feet to be exact, the ExxonMobil-led joint venture is finding more large pools of sweet oil. The CEO made this disclosure during his participation at the Bernstein’s 38th Annual Strategic Decisions Conference.

 

IDB expands funding for capacity building efforts in Guyana as oil operations surge: OilNOW

The accelerated pace of oil and gas operations in Guyana is demanding more from supporting institutions. The economic context is changing so quickly that the Inter-American Development Bank (IDB) has had cause to restructure and expand a multi-million-dollar loan for the Guyana National Bureau of Standards (GNBS), to reflect the new order of the day. Guyana is set to benefit from US$17 million under the program.

 

Guyana to the world: “we’ll do it our way”: OilNOW

When it comes to the issue of climate change, the President of Guyana, Dr. Mohamed Irfaan Ali has reiterated that the nation will not be blamed or subjected to underdevelopment due to the inaction and planet degradation caused by developed countries. As a nation, the Head of State expressed that Guyana has a fundamental right to equitable development – a pursuit that will be achieved in a more sustainable manner.

 

IMF gives Guyana thumbs up for restraint in spending oil revenues: OilNOW

The International Monetary Fund (IMF) has not only lauded authorities in Guyana for the critical amendments it made to the Natural Resource Fund (NRF) law, but it has also praised the administration for not spending a cent until that process was completed. The government recently withdrew US$200 million from the fund after approving just over US$600 million in withdrawals in February. The new NRF Act was put in place in December.

 

Guyana’s oil fund earns GY$21B from profit oil for May: OilNOW

For May 2022, Guyana earned profit oil income from the Stabroek Block totaling GY$21,381,305,000 (approximately US$102,548,225.42). In the prior month, the country received royalties to the tune of GY$4,390,903,000 (approx. US$21,059,486.81). The following figures were extracted from the monthly Natural Resource Fund (NRF) reports which are prepared and published by the Bank of Guyana. According to the financial institution, outflows from the Fund to the Consolidated Fund account for May totaled GY$41.7 billion.

   

ExxonMobil’s partners brag…Guyana is a guaranteed cash-cow unmatched anywhere else in the world: Kaieteur News (Repeat)

Guyana’s oil sector is a guaranteed cash cow for the companies involved in its production that is unequal anywhere else in the world, with a revenue stream that increases each year as new projects are brought on-stream. This was the sentiment expressed by Hess Corporation’s Chief Executive Officer (CEO), John Hess, during the recently held 38th Strategic Decisions Conference 2022—organised by Bernstein Anonymous. “If you just think about this year we have three liftings in Guyana in the first quarter, a million barrels a ship, the second quarter is about seven liftings, the third quarter and fourth quarter, eight liftings.”

 

US$9B Audit Report should be publicized: Kaieteur News (Editorial)

A Guyanese is pushing for something that represents what many others believe is needed (“US$9B audit report should be subject to Parliamentary scrutiny -Economist” KN June 5).  It is a step with which we fully agree, and plan to lend our voice to in the days ahead, when the audit is completed. This would be both sensible and constructive, as it puts to rest whatever doubts the citizens of this country may have about the entire audit exercise, and the integrity of the process itself.

   

Guyana’s first Tesla goes 233 miles on US$12.50 of charge – owner: OilNOW  

With the direction the world is heading, investing in an electric vehicle (EV) is becoming the more cost-effective and environmentally-friendly choice. And if the skyrocketing fuel prices do not offer enough motivation to switch from motorcars that run on gasoline or diesel, the benefits currently being enjoyed by Guyana’s first Tesla owner would offer more perspective. With the present lack of supporting infrastructure for EVs, largescale importation would have to wait a while.

 

Venezuela backs down and joins Guyana’s border case at ICJ but engages in delaying tactics- Foreign Ministry – Demerara Waves Online News- Guyana

 

Investors eye exporting Guyana’s fresh water to other countries – Min Bharrat – Guyana Times

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