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Guyana News Updates, June 9 2022

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Guyana’s economy on course to double in size in 2022-2023 – World Bank report – Guyana Times

 

GCCI’s Investment Portal to link local businesses with investors – Guyana Times

 

GMCS launches 5-Year Strategic Plan to promote growth of blue economy – Guyana Times

 

Regional Oil and Gas Bonanza and the 25×2025 Food Import Reduction Imperative | OilNOW

  

‘We almost shut down operations, and then Guyana struck oil’ – A local content success story: Guyana Chronicle  

SINCE opening its doors ten years ago as one of the first logistics service providers in the country, the Guyana Logistics and Support Services Inc. (GLASS) has transformed to become a household name while delivering a myriad of services to the country’s burgeoning oil and gas industry. “We took a leap of faith,” said Glenn Low-A-Chee, the Managing Director of ‘Guyana Logistics’ and one of the founders instrumental in establishing the company. In an exclusive interview with the Guyana Chronicle, Low-A-Chee explained that just before founding his own company he worked for a local oil company that was drilling a well.

 

Big volumes at 18,000 ft could see standalone FPSO for new Stabroek Block development: OilNOW

The Fangtooth discovery which was announced by ExxonMobil back in January 2022 holds enough oil deposits to underpin its own floating, production, storage and offloading (FPSO) vessel. This was disclosed by Hess Corporation which has a 30% working interest in the Stabroek Block. Chief Executive Officer and President of the company, John Hess said the majority of the Stabroek Block’s oil has been at 15,000 feet. This depth is referred to as the Upper Campanian or the Cretaceous age. Hess was speaking at the time at the Bernstein’s 38th Annual Strategic Decisions Conference.

 

Production from first three Guyana projects could hit 624,000 bpd: OilNOW

ExxonMobil, operator of Guyana’s Stabroek Block, is well positioned to optimise its offshore projects, thereby delivering hundreds of millions in additional annual revenues. Liza Phase 2 and Payara, ExxonMobil’s second and third Stabroek Block projects, each have the capacity to be debottlenecked by 10%. Chief Executive Officer of Hess Corporation, John Hess recently stated this during Bernstein’s 38th Annual Strategic Decisions Conference in New York. Debottlenecking is a process that provides for adjustments to an operation’s physical infrastructure to increase its efficiency.

  

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

Guyana’s Diaspora Unit remains resolute on creating a network to facilitate investors looking to plug capital into the new oil-producing country, as more opportunities continue to emerge from the petroleum and other sectors. According to its Head, Rosalinda Rasul, the Unit has an open-door policy for all looking to contribute to Guyana’s development. Rasul, on Wednesday, appeared on a GuyanaBusiness Journal webinar ‘Transforming Guyana’, joining other panelists to discuss how every citizen can equally reap the spoils of the oil and gas sector.

   

VICE News programme with Jagdeo interview to air June 19: Stabroek News  

United States-based media outlet, VICE News, will on Sunday, June 19 air an episode on Guyana and it is expected that a startling interview it conducted with Vice President Bharrat Jagdeo where he was asked about bribe-taking will be included. The Season 3 episode of VICE, titled “Guyana for Sale & Moors Rising” will be broadcast on Showtime at 8pm. During an interview on February 1st, conducted by a VICE journalist covering various topics, Jagdeo was asked about Guyana falling several points on the Transparency International (TI) index this year.

 

Oil and gas company only paying wage increases to expats, not locals – GAWU: Stabroek News  

The Guyana Agricultural and General Workers Union (GAWU) on Monday said that local employees of a foreign-owned company providing services to the oil and gas sector have not been getting salary increases although expatriates are receiving. GAWU did not name the company but Stabroek News has learnt that that it is G-Boats, a subsidiary of US-based Marine Company, Edison Chouest Offshore, located on Brickdam. When this newspaper reached out to the company on Monday, its Human Resources Manager said he was not in a position speak.

 

Guyana gets low score for perception of electoral integrity: Stabroek News

-after marred 2020 polls

The controversial 2020 national elections must have been the reason for Guyana scoring a poor rating of 43 out of 100 in the perceptions of electoral integrity conducted by the Electoral Integrity Project, according to its most recent report. At 43 Guyana is only above Venezuela, Haiti, Honduras and Nicaragua for the countries of the Americas that were assess-ed and has the lowest score for the countries in the Caribbean that were included in the report. The highest ranked Caribbean countries are Jamaica and Barbados who rank at 67 and 66, respectively. Trinidad at 59 is just above the United States which was ranked at 57. Canada leads the Americas with a score of 83.

 

Govt. missed opportunity to secure more before renewing Liza 1 Permit – Aubrey NortonKaieteur News

The Government of Guyana has missed an opportunity, in keeping with the law, to secure better terms for its people, by failing to exploit the renewal of the Liza One Permit. This is according to the Leader of the Opposition, Aubrey Norton, who during a press conference on Tuesday, said the most recent move by the People’s Progressive Party (PPP) government exposes its ineptitude. He was at the time responding to a query from this newspaper and noted that the government had the opportunity, in keeping with the law, to revisit it and get a better deal for the people of Guyana.

  

Labour unions want better maintenance of workers’ rights in oil and gas sectorKaieteur News

…question who is holding companies responsible

The recently renewed Liza 1 Permit has included a number of stipulations to be followed in terms of workers occupational and safety rights; significantly more than what was provided in the old operating permit. But local labour unions are questioning the manner in which monitoring of those rights are being conducted as workers continue to complain about poor treatment within the sector. The unions have highlighted a number of grave issues plaguing Guyanese within the new oil and gas industry, and are calling for better monitoring of the sector to protect Guyanese workers.

 

Hess confident Govt. will maintain lopsided contractKaieteur News

…tells investors of State’s support for faster oil production

The Guyana Government is using a consultant—Michael Porter—that was foisted on it by Stabroek Block Operator and partner, Hess Corporation, to develop a country plan. Additionally, the People’s Progressive Party/Civic Administration is in fact, encouraging the accelerated development of the oil resources offshore under the same provisions of the Production Sharing Agreement, since it is a country where “contract sanctity is honoured.”

  

Guyana says Venezuela trying to delay World Court ruling in border case: OilNOW

Venezuela has submitted to the International Court of Justice (ICJ) a Preliminary Objection to the admissibility of the ongoing border controversy case with Guyana, resulting in a suspension of the hearing, Guyana’s Ministry of Foreign Affairs said on Wednesday. Now, the Guyana government is saying the Spanish-speaking nation of attempting to delay the ICJ’s final judgment on the merits of the case. In a statement, Guyana’s Ministry of Foreign Affairs and International Cooperation said it will be submitting to the ICJ its own observations as soon as possible.

 

T&T looking to unlock over 23tcf of gas, 455M barrels of oil with aggressive 2022 bid rounds: OilNOW

According to the Prime Minister of Trinidad and Tobago, Dr. Keith Rowley, the latest gas reserve audit for the country established that at year-end 2020, technically recoverable resources amounted to 23.2 trillion cubic feet (tcf) and prospective resources at 55.2 tcf. Meanwhile, its latest oil audit established reserves at 455.3 million barrels while prospective resources amounted to 3.2 billion barrels with 90% being in its deep-water province.

 

Venezuela set to resume oil shipments to Europe as US relaxes sanctions: OilNOW

With most of Europe facing an economic crisis following Russia’s invasion of Ukraine, the United States has stepped in to relax some of its sanctions on Venezuela so that oil shipments can be resumed to keep several states from facing further hardships. According to several international reports from Reuters, Nasdaq, and Hart Energy, Italian oil company Eni SpA and Spain’s Repsol SA could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude.

  

Liza Guyana Gas-to-Shore – YouTube

 

ExxonMobil Guyana posted: 40 women entrepreneurs recently graduated from the Access to Finance 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 (RBL), 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: ExxonMobil Guyana  has just extended the Request for Information for the Gas to Energy Project – Marine Offloading Facility. The new closing date for submissions is June 17, 2022. Full details can be found at https://centreguyana.com/opportunities/. #CentreGuyana #GreaterGuyanaInitiative #ExxonMobilGuyana

 

Department of Public Information posted: WATCH || Learn more about the new and expanded Low Carbon Development Strategy (LCDS) 2030 at www.lcds.gov.gy | #LCDSGuyana

 

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

 

Barbados and Guyana relations on the mend – Barbados Today

 

Colombia, CARICOM Countries Open Talks To Update Trade Agreements – Finance Colombia

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