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Guyana News Updates, June 21, 2022

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Rebuilding Energy Security: The Role of U.S. Oil and Gas

Center for Strategic and International Studies – Wednesday, June 22, 2022

https://www.csis.org/events/rebuilding-energy-security-role-us-oil-and-gas

 

 

“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/

 

 

UWI IIR-CPC Webinar “The Russian Invasion: Geopolitical and Geoeconomic Implications for the Caribbean”

Thursday, June 23rd, 2022 | 5:00 p.m. EST

To register, click here: https://sta-uwi-edu.zoom.us/webinar/register/WN_hVxvDKz3TTWN239am9ONRg

 

 

  

The Caribbean’s energy conundrum | Energy Transition

 

Gas production more important now than ever; Guyana forging ahead: OilNOW

Outside of the introduction of a robust Local Content Legislation, Guyana intends to use the Gas-to-Energy project as a means of maximising benefits to the country from the deal it has with ExxonMobil. This was said by Vice President, Dr. Bharrat Jagdeo who lauded the initiative as being the stepping stone to Guyana’s industrialisation. The former Head of State who holds the policy directive for the oil sector said the Gas-to-Energy project and the Local Content Act, were always part of the People’s Progressive Party Civic’s (PPP/C) plan, since it was in opposition, to increase benefits to Guyanese in the oil and gas sector.

 

Chinese ambassador says Vice News came to Guyana with ‘anti-China agenda’: OilNOW

Chinese Ambassador to Guyana Guo Haiyan is heavily criticizing US based Vice News for having an anti-China agenda. This follows the release of a documentary by the media outfit, aired a SHOWTIME, alleging Chinese investors and Guyana government officials are involved in corrupt practices. “The undercover journalist that came with her pre-determined agenda and I think the purpose is clear,” Haiyan told reporters on Monday.

 

Preparing Guyana for next stage of development calls for heavy spending – VP Jagdeo: OilNOW

The government of Guyana understands its responsibility to ensure that it does not manage the economy in a manner that will cause it to overheat. However, the government is also aware that it is important to prepare the nation for the next stage of development. The need to find the delicate balance was recently explained by Vice President Dr. Bharrat Jagdeo. At his most recent press conference, Dr. Jagdeo reminded that long before the release of recent reports which highlight the importance of avoiding the overheating of the economy, the government was cognizant of its responsibility.

 

Guyana offered more payments to keep its forests standing: OilNOW

With exceptional forest cover, boasting more than 19 gigatonnes (Gt) of stored carbon, Guyana is preparing to collect more payments for keeping its forests standing. But this time, the partnership will extend to more than just Norway. Vice President Dr. Bharrat Jagdeo said that Guyana has already received “quite a few offers” to buy forest carbon credits. The government is assessing the proposals. However, the Vice President noted that President Dr. Mohamed Irfaan Ali made a commitment not to conclude any arrangement on this front until the Low Carbon Development Strategy (LCDS) is finalised.

 

Guyana to promote the use of renewable energy sources with IDB and Norway support – CNW Network

 

Exxon hits back at Biden, says it invests more than any other supermajor: OilNOW  

Like the rest of the world, American consumer pockets are under pressure by soaring fuel prices – a direct result of Russia’s invasion of Ukraine. Accusations of price-gouging and deliberately staying away from new well drilling have abounded in the past few weeks. The blame has been shifted around but now, it hit a new target – ‘Big Oil’. Recently, United States President Joe Biden singled out ExxonMobil Corp., calling on the supermajor to “invest more” and “pay its taxes”.

 

Jagdeo, Norton, Ramjattan, Patterson unsure whether Exxon recovering 2 % royalty: Kaieteur News

Taking into account that oil companies do what they must for maximum profits, and the fact that loopholes in production sharing agreements allow them to cream off more than they should from oil projects, questions are brewing as to whether the meager two percent royalty paid on thiscountry’s oil endowment is being recovered by the Stabroek Block operators as an expense. The issue of royalty recovery came to the fore and became a matter of concern when Kaieteur News reporters, during their coverage of the recently concluded Trinidad and Tobago Energy Conference in May, found out that for 60 years, oil operator was giving the twin nation royalty payments on one hand and recovering it on the other.

 

Guyana may already be in the middle of an oil curse- Int’l lawyer: Kaieteur News

Citing the daily debts that continue to rack up as Guyana forges ahead with the production of its oil, coupled with the “astonishing” deal it accepted from the oil company- ExxonMobil- International Lawyer, Melinda Janki believes that the country may already be in the midst of the oil curse, called the Dutch Disease. Janki gave this view recently while appearing as a panelist on a Moray House discussion on a review of oil, gas and the environment.

 

Exxon to hand Guyana another US$2B in bills over next three years: Kaieteur News

– on leases, capital purchases for Stabroek Block

Esso Exploration and Production Guyana Limited (EEPGL)—ExxonMobil Guyana—plans to spend G$276,434,609, 999 or US$ 1,382,173,049 on operating leases and capital projects or new purchases for this year. The amount identified by EEPGL for spending on the two categories this year, is included in the items that have been earmarked to be recovered by cost oil meaning Guyana’s oil in the Stabroek Block would be used to make the repayments.

 

Take half, leave half: Kaieteur News (Editorial)

What Exxon is doing to Guyana is nothing but barbaric. It pays Guyana US$607M in two years, as our share of royalties and profits, but collects US$355.7M for decommissioning costs. To make matters worse, Exxon is allowed to keep the money that it deducts for decommissioning (cleanup) and put to its own use for its own benefit. Our earnings are being reduced to the tune of almost US$356M for future cleanup expenses, and the American oil giant is permitted to retain it for whatever purposes it sees fit, and get away with that atrocity.

 

Govt correcting lack of skilled personnel countrywide – Minister Hamilton – Guyana Times

 

The VICE News programme: Stabroek News (Editorial)

In its elaborate undercover operation here, it is clear that US agency, VICE News’ intention was to catch Vice President  Bharrat Jagdeo on the take. Hence, the insistence of the fake businessman “Mr Chan”, at the residence of Mr Jagdeo, wanting to ensure that the money under consideration went to the Vice President. VICE News did not have its gotcha! moment. However, its exertions here and its multiple interviews raise unsettling questions about the Vice President and ultimately for the government.

 

Nothing new for Guyana in the oil contract should mean nothing new for Exxon: Stabroek News (Letter to the Editor) by GHK Lall

A word of thanks is due to both Mr. Chris Ram, Chartered Accountant, and SN for its editorial of June 20th titled, `Bring ExxonMobil back to the negotiating table.’  Both did yeoman service to this country, and I bow in recognition of their efforts.  My position, however, differs slightly.  Because I am of the view that it would be the most uphill of battles, and a path littered with frailty, uncertainty, and possibly treachery, I would leave alone, for now, a direct confrontation with Exxon in insisting upon renegotiating the contract, as dastardly as it is.

 

Accountability and Level playing field critical to investor confidence for Guyana -says US Embassy: News Source

In the report on Guyana which was aired on Sunday, Vice News used persons posing as Chinese investors to meet with a close friend of the Vice President and eventually with the Vice President himself about investment opportunities and business dealings in the country. In response to the claims of corruption within the Guyana Government as highlighted in the Vice News “Guyana For Sale” report, the US Embassy in Guyana today said accountability and a level playing field are critical for investor confidence.

 

Norton rubbishes Jagdeo’s dismissal of gas subsidyDemerara Waves

Opposition Leader Aubrey Norton on Monday said a government subsidy on gasoline was being provided by both oil and non-oil producing countries an so all that Guyana has to do is to allocate some of the extra earnings from oil exports to stabilize the price at the pumps. “It should come from the extra money. Remember, we pointed out that the oil prices went up and so you are gaining more and the difference between the oil price at the time and now; that difference, as I understand it, is enough to be able to subsidies the cost of living especially as it relates to oil which will affect many products outside of oil itself,” he told a news conference.

 

Online exhibition launched to commemorate Guyana-China 50th year of bilateral relations – Guyana Times

 

Embassy backs Chinese investments in Guyana as trade surges to US$710M – News Room Guyana

 

Suriname Making Strides In Development Of Offshore Petroleum Project In Deep-sea Area | RJR News – Jamaican News Online

http://radiojamaicanewsonline.com/local/suriname-making-strides-in-development-of-offshore-petroleum-project-in-deep-sea-area

 

Curacao sets talks with U.S.-Brazilian consortium to run island’s oil refinery | Reuters

https://www.reuters.com/business/energy/curacao-sets-talks-with-us-brazilian-consortium-run-islands-oil-refinery-2022-06-20/

 

Guyana among three Caribbean countries producing more than 50% of its own food – Kaieteur News

 

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