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Guyana News Updates, June 10-12, 2022

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OIL DORADO;GUYANA’S DREAM OR NIGHTMARE?

SUNDAY JUNE 19TH 3.00 BRITISH SUMMER TIME

Watch worldwide on you tube

https://youtu.be/GR_U66wbIjM

Join John Mair the editor of OIL DORADO:GUYANA’S BLACK GOLD?(available on Amazon)

and a small cast of those in the know to discuss the new Klondike.

One Billion US dollars in the wealth fund by end 2022.11 Billion Barrels of oil already found/forecast,90% success rate in finding new wells,a barrel of oil per person in Guyana by 2025.

How much oil money is there and where will it go?

Cast to date.

Sally Gibson Guyanese born petroleum lawyer.

Sanjeev Datadin MP.Guyana lawyer and politician.

Terence Yhip Economist and Managment Consultant

Christopher Ram Accountant.lawyer and activist

Tulsi Dyal Singh.Guyanese born US gas investor.

Dr Terrence Blackman.US based writer on oil

Big questions.If you have one send in advance to johnmair100@hotmail.com

 

 

“ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET

https://www.cnbc.com/exxonmobilatthecrossroads/

“In this one-hour documentary, CNBC’s David Faber goes inside one of the most powerful, storied, and consequential players in the energy industry: ExxonMobil. Once seen as untouchable, the company is now facing shareholder challenges over its direction and criticism that is fostered public uncertainty about global warming. As gas prices skyrocket around the world, Faber gains unprecedented access to company executives, workers, and facilities to examine ExxonMobil’s efforts to lower its carbon emissions and find out whether the company is ready for the energy transition. “ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET.”

https://www.cnbc.com/exxonmobilatthecrossroads/

 

The TV ad promoting the documentary shows David Farber (one of CNBC’s Senior Correspondents) standing atop one of the Floating Production Storage Offloading (FPSO) vessels off the coast of Guyana.

 

 

  

Georgetown Chamber launches Investment Portal | OilNOW

 

Guyana needs banks but fears T&T monopoly – Trinidad Guardian

https://www.guardian.co.tt/news/guyana-needs-banks-but-fears-tt-monopoly-6.2.1505218.7f58a8d60b

 

Oil majors lining up for the next great South American oil boom: Stabroek News

By Matthew Smith for Oilprice.com

https://oilprice.com/Energy/Crude-Oil/Oil-Majors-Are-Lining-Up-For-The-Next-Great-South-American-Oil-Boom.html

The Guyana-Suriname Basin has emerged as the world’s hottest offshore oil play and with the changes occurring to the global energy mix after Russia’s invasion of Ukraine, the Caribbean is becoming an important player in world oil markets. In the space of a mere seven (7) years, Guyana has emerged as a leading global drilling destination after ExxonMobil made 32 discoveries in the offshore Stabroek Block. While the U.S Geological Survey predicted in a May 2001 fact sheet that the Guyana-Suriname Basin held somewhere between 2.8 billion and 32.6 billion barrels of undiscovered oil resources, there are signs the volume is far greater.

  

Guyana-Suriname basin steals spotlight from Brazil – Rystad Energy: OilNOW

The Guyana-Suriname basin has overtaken Brazil’s pre-salt play as South America’s leading exploration hotspot, says Rystad Energy, an independent energy research and business intelligence company based in Norway. This latest feat, it said, can be credited mostly to ExxonMobil’s basin-opening Liza discovery in 2015. Since then, Rystad said the basin has delivered more than 13 billion barrels of oil equivalent (boe), about 10 times the volumes found in Brazil during the same period. Nearly 11 billion of those barrels have been found in the Stabroek Block alone.

 

How To Play Suriname’s Oil Boom | OilPrice.com

https://oilprice.com/Energy/Energy-General/How-To-Play-Surinames-Oil-Boom.html

 

Guyana emerges as 2nd in the world with largest discovered oil volumes – Rystad – Kaieteur News

 

Guyana production by 2027 would exceed US$147 million per day at current oil price: OilNOW

By 2027, ExxonMobil is set to ramp up production at Guyana’s Stabroek Block to around 1.2 million barrels of oil per day (bpd). This will make the South American country the highest per capita oil producer in the world. As of June 10, Brent oil was trading at just over US$123 per barrel. At that price, at 1.2 million bpd, the Stabroek Block output would amount to approximately US$147.6 million. And this is just the beginning.

 

‘Fully integrated fiscal model’ confirms billions in annual oil revenues for Guyana from 2025: OilNOW

Guyana’s Vice President Dr. Bharrat Jagdeo recently told reporters that Guyana expects to bring in US$2 billion per annum in oil revenue from 2025, based on a US$50 per barrel price of crude. He said if that calculation is done using US$100 per barrel, the annual revenue share jumps to US$4 billion. The Vice President explained that these calculations consider sanctioned projects alone at the ExxonMobil-operated Stabroek Block: Liza Phases 1 and 2, Payara and Yellowtail. Combined, these projects would be producing about 830,000 barrels per day at peak.

 

Exxon unrivalled in the deep; developing Guyana oil fields at record pace: OilNOW

With four sanctioned projects in Guyana since the first oil discovery in 2015, of which two are currently in production at industry-leading timelines, ExxonMobil has proven itself “an unmatched project manager of deepwater projects.” This point was recently made by Chief Executive Officer of Hess Corporation, John Hess. The company is a 30% stakeholder in the Stabroek Block where ExxonMobil Guyana is operator with 45% interest. CNOOC is the third co-venturer in the block with 25% interest.

  

Exxon surpasses Stabroek Block work programme by leaps and bounds | OilNOW

 

Guyana: Gas-to-Energy Implications | OilNOW

 

Wales to undergo massive development with gas-to-shore project – VP Jagdeo – Guyana Times

 

Regional Oil and Gas Bonanza and the 25×2025 Food Import Reduction Imperative: OilNOW (Columnist) by Dr. H. Arlington Chesney

The Government of Guyana, in association with the CARICOM Secretariat, held an Agri-Investment Forum and Expo: investing in Vision 25×2025 from May 19 to 21, 2022. This initiative is consistent with the position of this Guyanese administration, starting with Dr. Bharrat Jagdeo when he was President as lead Head in CARICOM for agriculture. COVID-19 decimated the logistics of the region’s food availability primarily because of uncertainty of supply. Since the start of the war between Russia and Ukraine, supply by these two countries of wheat, barley and maize to the world has reduced significantly.

   

Vincent Adams flays EPA over renewal of Liza-1 permit: Stabroek News  

Former Executive Director of the Environmental Protection Agency (EPA) Dr Vincent Adams has called out his successor Kemraj Parsram over the recent renewal of Esso Exploration and Production Guyana Limited’s permit for the Liza-1 development offshore Guyana. Dr Adams, during a Moray House Trust panel discussion “Oil, Gas and the Environment: a review” yesterday, reminded that it was Parsram who signed the initial environmental permit for the Liza-1 development in the Stabroek Block. He also noted that there were several areas that could have been improved in both the original and modified permit.

  

Relinquished portions of five oil blocks to be auctionedKaieteur News

While the government has not disclosed which offshore blocks are set to be part of the nation’s first auction in the third quarter of 2022, Kaieteur News based on its review of the respective Production Sharing Agreements (PSA) has been able to ascertain that there will be five contenders. They include relinquished portions of the Kanuku, Corentyne, Demerara, Canje and the Kaieteur Blocks. Importantly, no part of the Stabroek Block would be included in nation’s maiden bid round since the provisions of the 2016 contract only allow for 20 percent of the acreage to be relinquished after seven years.

 

Exxon decided on ramped up production at Stabroek Block – Hess BossKaieteur News

…says Rex Tillerson opted to produce at ‘breakneck’ speeds to maximise profits

Vice President Bharrat Jagdeo has been at the forefront of championing the accelerated production of oil from the Stabroek Block by Operator Esso Exploration and Production and Guyana Limited—ExxonMobil—from the Stabroek Block. According to recent pronouncements however, it was the Former President of ExxonMobil, Rex Tillerson who pressed for the accelerated production of oil from Guyana’s offshore Stabroek Block.

 

Guyana should insist on receiving at least 50% returns from oil companies within its jurisdiction: Stabroek News (Letter to the Editor) by Alfred Bhulai

President Ali displayed good reasoning in his speech last Sunday on World Environment Day. He correctly makes the point that the developed countries are unfair in using the environment to want us to not exploit our resources, while they renege on what they owe the present population of the Earth for the environment they have already exploited in past generations to enrich themselves. Can he do anything about it to bring them to heel for Guyana at least?

 

‘Tax the oil companies, demand 50% returns’Kaieteur News

– Bhulai tells President Ali after his complaints about developed countries

Civil society advocate and energy technologist, Alfred Bhulai said that President Ali should find ways in getting more out of oil companies operating here, including insisting on a 50% returns on profits, rather than complaining that this country does not have money to fund renewable projects. Bhulai, who holds a degree in Applied Chemistry (U.G) and Engineering (Technical University of Berlin) made the comments in a letter to the editor of this newspaper, where he pointed how the developed countries have safeguarded themselves, while Guyana doing the opposite.

 

Guyana stands to gain more by reducing cost recovery limit in Exxon deal – Economist – Kaieteur News

 

NGO embarks on ambitious marine conservation strategy amidst Guyana’s rapid growth: OilNOW

Guyana is on an upward trek in its developmental journey, and the government’s Low Carbon Development Strategy (LCDS) 2030 aims to make sure this journey is sustainable. A critical component of this, according to the strategy, is the development and protection of Guyana’s ocean ecosystems. One non-governmental organisation (NGO), the Guyana Marine Conservation Society (GMCS), has rooted its own strategies in the spirit of LCDS 2030, and has launched a strategic plan for the period 2022-2027, to support ocean biodiversity conservation.

 

University of Guyana safer with security upgrades funded by Stabroek Block co-venturersOilNOW

The University of Guyana commissioned the first component of its Campus Safety and Security Project on Thursday, funded by Stabroek Block co-venturers – ExxonMobil Guyana, Hess Guyana Exploration Ltd. and CNOOC Petroleum Guyana Limited – under the Greater Guyana Initiative (GGI)

 

ExxonMobil Guyana posted: 40 women entrepreneurs recently graduated from the Access to Financing programme, funded by the ExxonMobil Foundation through the Cherie Blair Foundation.

During the four-week pilot programme, participants learned how to understand financial statements, create and deliver a business pitch, and utilize negotiation language. The entrepreneurs also pitched their ideas to a panel of judges from Republic Bank Limited, Scotiabank, the Institute of Private Enterprise (IPED) and the Guyana Bank for Trade and Industry (GBTI) with the possibility of engaging potential investors. #ExxonMobil #ExxonMobilGuyana #Guyana #OilandGas #WomenEmpowerment #Energy #EnergyLivesHere #MyExxonMobil

  

Centre for Local Business Development posted: READ NOW l The story of how the the Oil and Gas industry helped Guyana Logistics & Support Services Inc. to keep its doors open and develop further. The Centre is happy to have worked with GLASS to build their skills and capacity in HSSE, quality management and understanding how the sector works. #CentreGuyana #GreaterGuyanaInitiative #GLASS https://guyanachronicle.com/…/we-almost-shut-down…/…

 

Guyana gets US$44M from World Bank to improve education – News Room Guyana

 

Guyana, T&T bid rounds could be hugely successful if key lessons are taken onboard, says advisor on energy | OilNOW

 

Summit of Americas: Region has potential to be fully energy secure – Pres Ali tells colleagues – Guyana Times

 

Guyana to push food security agenda, new trade systems at IX Summit of Americas – Pres Ali – Guyana Times

 

Guyana’s grand plan | Editorial | trinidadexpress.com

https://trinidadexpress.com/opinion/editorials/guyana-s-grand-plan/article_c45a03ac-eab2-11ec-ba39-abd7dd7072fe.html

 

`Exxon made more money than God this year’ – Biden – Stabroek News

 

‘Your country needs you today more than ever’ – Guyana Chronicle

 

Guyana has open-door policy to engage diaspora on country’s development – Official | OilNOW

 

Diaspora told Guyana does not have dedicated people to develop and manage a website for their guidance – Stabroek News

 

Tension at a time of social and economic transformation in Guyana; A perspective from the Diaspora | Village Voice News

 

Guyana Water: RISING UP FROM DROUGHT TOGETHER – Guyana Times

 

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