Media Advisory June 11, 2022: Guyana Business Journal & Caribbean Policy Consortium hold a webinar on Transforming Guyana: Guyana and Her Diaspora
Guyana Business Journal Magazine – June 8, 2022
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 firstname.lastname@example.org
Latin America Energy Transition to Net Zero
AMI Webinar – Tuesday, June 21, 2022
Rebuilding Energy Security: The Role of U.S. Oil and Gas
Center for Strategic and International Studies – Wednesday, June 22, 2022
“ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET
“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.”
UWI IIR-CPC Webinar “The Russian Invasion: Geopolitical and Geoeconomic Implications for the Caribbean”
Thursday, June 23rd, 2022 | 5:00 p.m. EST
The third collaboration of this kind by the UWI IIR and CPC, this webinar which will feature four distinguished panelists, will aim to discuss strategic, geoeconomic, geopolitical and diplomatic issues of relevance to the Caribbean, raised by the Russian invasion of Ukraine.
Registration link: https://sta-uwi-edu.zoom.us/webinar/register/WN_hVxvDKz3TTWN239am9ONRg
Zara Weekes-Rhyzer Zara.Weekes-Rhyzer@sta.uwi.edu
Suriname Energy Summit – June 28-30, 2022
Could wealthy nations fund the energy transition in emerging markets? | [term:name] 2022 | Oxford Business Group
-first since 1999
Declaring a staggering $132B profit for the fiscal year 2021, ExxonMobil’s local affiliate Esso Exploration and Production Guyana Limited (EEPGL) yesterday said that it was the first it had made since it entered this country 23 years ago. However, the company was quick to point out that the sum invested since that time is over $3 Trillion with $1.3 Trillion coming from its own coffers, and the overall sum doubling by 2025. “What you will see in the financial statements is that we generated $254B of revenue and $132B of profit in 2021.
…$17 billion estimated for decommissioning
With concerns raised by several sections of society as it relates to both the cost and plan for the decommissioning stage of Esso Exploration and Production Guyana Limited’s (EEPGL) developments offshore Guyana, the company says that all associated costs will be their responsibility. The information was relayed by Vice President and Business Services Manager at ExxonMobil Guyana Phillip Rietema yesterday, following the launch of the company’s financial statements for 2021.
Oil companies, not citizens, incur debts – Jagdeo: News Room
Vice President Dr. Bharrat Jagdeo has rejected assertions that Guyanese owe oil companies millions of dollars for the debt incurred to fund oil production offshore, stating instead that expected profits from the oil and gas sector remain intact. As he has done before, the Vice President sought to clarify statements made by an international analyst. That analyst, as reported by a local newspaper, concluded that each Guyanese owes ExxonMobil $9 million, as the company amasses debt to fund oil exploration and production offshore.
News Room, News Source – 2:32: After about two decades of operating in Guyana, ExxonMobil, through its local affiliate Esso Exploration and Production Guyana Limited, recorded some GY $254.1 billion in revenues and after deducting costs, some GY$132 billion in earnings last year. This is according to Phillip Rietema, the company’s Vice President and Business Services Manager, who noted that this is the first time that the company has recorded annual profits here.
“No liability, no debt to Guyana” – Exxon assures: OilNOW
As at year-end 2021, ExxonMobil Guyana’s assets totaled $1.3 trillion, an increase of 30 percent over the previous year which the company says mostly reflects substantial incremental investments in the Stabroek Block. Significant sums have been invested by Exxon and its co-venturers at the Stabroek Block over the years, representing exploration and development costs for major projects, two of which are already producing and two more under construction. Several more projects are planned in the coming years which are expected to push Guyana’s total output above one million barrels of oil per day.
Oil and gas is the only sector in Guyana with a carbon tax – Vice President: OilNOW
Guyana’s Vice President, Dr. Bharrat Jagdeo says there are several reasons why the institution of a US$50 per tonne payment for flaring of carbon dioxide should not be dismissed as nominal. For one, it represents a move from no payment whatsoever. Another reason is that Guyana is one of the few countries that sets its flaring payment based on the level of emission. Further, the existence of this payment makes the oil and gas sector the only one in Guyana that attracts a carbon tax.
Guyana wants oil companies to help it fight climate change – VP: OilNOW
Pursuing the fulfillment of its Low Carbon Development Strategy (LCDS) up to 2030, the government wants involvement from all levels of society in its national sustainability plan, even oil companies. In promotion of this, the government and the Stabroek Block consortium included in the recently awarded Yellowtail permit, a new provision which requires the companies to submit a study to government on how they can help.
Gov’t to fund Gas-to-Energy power plant; financing for NGL facility still to be determined: OilNOW
The government of Guyana is drawing closer to the finalisation of arrangements for the landmark Gas-to-Energy project, particularly the onshore facilities it is responsible for building. Vice President Dr. Bharrat Jagdeo shared during a press conference on Wednesday that the government will fund the Gas-to-Energy power plant. However, he said that the financing for the natural gas liquids (NGL) facility is still to be determined.
In scathing rebuke, VP Jagdeo says anti-fossil fuel lobby targeting Guyana: OilNOW
Guyana has been blessed with enormous oil and gas resources. The revenues from this remarkably lucrative sector can transform the country and enable its citizens to reach higher standards of living. These revenues can also buttress the diversification of the economy by supporting non-oil sectors and the advancement of Guyana. It is for these reasons, among others, that Guyana must pursue the development of its oil and gas resources, says Vice President Dr. Bharrat Jagdeo, as he denounced the anti-fossil fuel lobby that is targeting Guyana.
Oil spill insurance pegged at US$600 million “per event”- Jagdeo: Demerara Waves
The ExxonMobil-controlled consortium that is exploring and producing crude oil in the offshore Stabroek Block has agreed to take out a US$600 million insurance “per event” to cater for any oil spill clean-up, even as talks continue for a US$2billion parent company guarantee, Vice President Bharrat Jagdeo said Wednesday. He told a news conference that consortium named Esso Exploration and Production Guyana Limited (EEPGL) has GY$1.3 trillion (approx. US$6.32million) worth of assets in Guyana.
Evening News – 0:57: GOVT IN TALKS WITH CGX FOR AUCTIONING LARGER SECTIONS OF RELINQUISHED BLOCKS
MTV News Update – 10:13: Foreign companies trying to bypass Local Content Law
News Room: Vice President Dr Bharrat Jagdeo has confirmed that the government is likely to fund the establishment of natural gas and power plants at Wales on the West Bank of Demerara. During a press conference on Wednesday, the Vice President said this will be done a bid to slash the cost of energy for Guyanese.
Fire Juggling in the Energy Sector: Part 1: OilNOW (Columnist) Dr. Lorraine Sobers
The intensity of the fire juggling act being performed by the oil and gas sector has been increasing in complexity year on year. For the novice, catching a single fire club is daunting. However, professional fire jugglers are capable of performing a mesmerizing, thrilling combination of speed, agility, skill, rhythm and focus with several clubs in the air. Similarly, the Guyanese energy sector has entered as a novice but is required to juggle the demands for clean energy, fossil fuel production and its socio-economic development.
‘Ramped-up oil production must be stopped’: Kaieteur News
– Opposition Leader says strategy fits into “greedy” agenda of PPP/C
The strategy to ramp up oil production despite climate change warnings and the flagrant abuse of environmental standards by the major operator, ExxonMobil neatly aligns with the greedy agenda of the government of the day. This is according to the Leader of the Opposition, Aubrey Norton. He shared this view on Tuesday during his weekly press engagement. Norton argued that “I do not think an approach which says just take out the oil, get as much money as you can, can be the approach”.
Oil blocks question by farmer angers Pres. Ali in Bartica: Kaieteur News
President Mohamed Irfaan Ali, was in swell mood on Wednesday during an outreach in Bartica, Region Seven, until a female farmer’s question about Guyana’s oil blocks angered him… He looked so concerned and appeared as though he really cared about the Barticans as he jotted down notes and offered on the spot solutions to their problems but when a question about “oil blocks” by the female farmer was asked Ali became angry. The woman’s exact words were: “Ah want to ask you what happen to the oil blocks, tell we something about the oil blocks”. That question immediately changed the President’s mood and it was quite evident that he got annoyed.
Crane residents not consulted on Exxon gas-to-shore pipeline running through their community: Kaieteur News
– petition EPA to recall impact study, consult with villagers
Esso Exploration and Production Guyana Limited (EEPGL), commonly referred to as ExxonMobil Guyana, is seeking construct a pipeline to transport gas from the Liza Fields in the Stabroek Block to the Wales development site on the West Bank of Demerara. Importantly, the developer of this gas line, which will pass through communities such as Crane and the Canal Polders have not consulted with the villagers who will be directly impacted.
Contract gives Minister special powers to allow Exxon to hold onto unused portions of Stabroek Block: Kaieteur News
– Provision differs for other oil blocks
According to Guyana’s laws governing the oil sector, companies are required to give up varying portions of their respective oil blocks to the State over a 10-year period. The first period of relinquishment occurs after four years while the second and third timelines occur after a period of three years each. All petroleum agreements for onshore and offshore concessions confirm to the foregoing stipulations except for one—The 2016 Stabroek Production Sharing Agreement (PSA).
Billions more will be spent to directly assist Guyanese – VP Jagdeo – Guyana Times
America, Biden, Guyana and Exxon: Kaieteur News (Editorial)
According to one sacred scripture, God made man, and gave him numerous creative powers. Man, in his turn, made many things, including money which makes much possible. Unbelievably there are now men at America’s oil giant, ExxonMobil, who “make more money than God.” We are not the source of that assertion, United States President Joe Biden is the one who did, and about his own highflying American oil company, ExxonMobil. Making more money than God is a big thing, and can be a bad thing also.
Frontera Provides Update on Exploration Block Offshore Guyana
Bartica has potential for major logistics hub for mining – Guyana Times