Home » Guyana News Updates, May 30-31, 2022

Guyana News Updates, May 30-31, 2022

by terrence richard blackman
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The Guyana Business Journal (GBJ) Caribbean Policy Consortium launches a new Webinar Series, Transforming Guyana, on Wednesday, June 08, 2022, at 10:30 AM EST. Episode I: Guyana and her Diaspora focuses on promoting and encouraging a more profound and mutually beneficial relationship between Guyana and her Diaspora in her energy, economic diversification, and economic development journey. Panelists includeMr. Arthur DeakinDr. Vibert CambridgeDr. Lear Matthews, and Ms. Rosalinda Rasul. Please join us.

Int’l Energy Expo 2023 launched with focus on traditional sectors – Guyana Times

February 14-17, 2023





Guyana’s attendance at Summit of the Americas should be viewed as an expression of realpolitik – Stabroek News



Guyana/Barbados relationship to bring prosperity to both countries – President Ali – Department of Public Information


Pres Ali urges more partnerships in agricultural sector – Guyana Times


Over $5B spent on hinterland infrastructure, development to date – President Ali – Department of Public Information


Nearly $2B in relief for miners as gov’t slashes taxes – News Room Guyana



A CARICOM food stamp? Guyana tasked with pushing regional food consumption – News Room Guyana


Profit share, royalty, ringfencing, taxation for major upgrades in Guyana’s new model PSA – VP | OilNOW


Guyana: Gov’t still mulling over establishment of national oil company | Loop Caribbean News



Govt leaning towards passive shareholder model for ownership of oil blocks – VP Jagdeo – Guyana Times


Guyana steering clear of ‘old style’ NOC to avoid corruption, other risks – VP | OilNOW


National Oil Company may get more support if Guyana gets more revenue – VP | INews Guyana


More bad than good surrounding traditional National Oil Companies: Kaieteur News

VP Jagdeo insists…

– government considering shareholder rights only

As government continues to consider introducing a National Oil Company (NOC) with a “strategic investor” verses the auctioning of its remaining offshore oil blocks to interested parties, one of the main variables to determine the establishment of this company is whether Guyana will still be able to significantly increase its revenue from other streams such as its Production Sharing Agreement (PSA). This was underscored by Vice President (VP) Bharrat Jagdeo during a press conference at the Office of the President on Monday.


VP Jagdeo admits that citizens forced Govts. in US, UK and Canada to get more benefits from oil companies: Kaieteur News

– says doing same in Guyana would breach contract with Exxon

Vice President Bharrat Jagdeo on Monday conceded that it was the agitation of citizens of countries such as the United States and Canada that forced those governments to increase their royalties charged to oil operators and the one-off tax slapped on those companies in the UK. This publication has in recent days reported on the changes in the fiscal regime for oil operators in those countries. It was reported that Canada recently moved to increase its royalty charged to between five and 40 percent, the US in December last raised its royalty rate higher than the 18.75 it had been receiving while the UK slapped a one-off 25 percent tax on the oil companies there.


Vice President responds to misinformation about O&G sector – Department of Public Information


“I know I don’t owe Exxon any $9M”- Jagdeo as he refers to prevailing “lunacy”: Guyana Standard  

Vice President, Dr Bharrat Jagdeo has rubbished claims that the unfair terms of the Stabroek Block Production Sharing Agreement (PSA) leaves each Guyanese owing the ExxonMobil-led consortium $9M. Tom Sanzillo, Director at the Institute for Energy Economics and Financial Analysis (IEEFA) stated in a recent missive that by 2027, Guyana will carry a hidden liability of more than G$6.27 trillion (USD$34 billion) owed to the oil companies. This assumes all development costs related to the four sanctioned projects for ExxonMobil namely: Loza Phase One, Liza Phase Two, Payara and Yellowtail.


Tom Sanzillo’s ignorance of Guyana’s economic context and reality in his mediocre analysis: Guyana Chronicle  (Part 11)


Sanzillo made the argument that despite the drawdown from the NRF Fund, Guyana’s public debt is climbing, and he further implies that the public debt levels will reach unsustainable levels. Yet, in his ramblings and so-called analysis, Sanzillo failed to demonstrate that he performed any thorough public debt sustainability analysis to support his wild and careless assertions. The below illustration which is an evidenced based analysis on Guyana’s total public debt, contradicts Sanzillo’s uninformed opinion on the state of Guyana’s public debt and debt management framework.


New oil province undergoing dramatic modern transformation: OilNOW

Guyana is undergoing a transformation that will in the next five years, make it unrecognisable. This transformation has been deemed the dawn of a modern Guyana, according to the South American nation’s Minister of Finance, Dr. Ashni Singh. Billions in revenue are being accrued from Guyana’s budding oil and gas sector. The country is currently the fastest growing economy in the world and its government has embarked on several mega projects to ensure the country’s infrastructure keeps up with this development.


Is T&T slipping on Local Content?: OilNOW (Columnist) by Kevin Ramnarine

Guyana’s decision to legislate for local content in its oil and gas industry has been the source of debate in Guyana and in T&T. At the heart of the issue is the value captured or value retained by the host country from the activities related to the oil industry. Value is traditionally captured by the collection of royalties and taxes. However, that is not “the be all and end all” of value capture. Value capture can go well beyond rent collection. The undertaking of high value activities in the host country by companies owned and controlled by nationals is another way to capture value.


Guyana’s oil critical for Exxon’s increased global production — Darren Woods: Kaieteur News

US based oil giant, ExxonMobil, has in recent years positioned itself as one of the largest international oil companies in the world and with its recent dumping of assets across the world, the company is eyeing critical operations in order to meet its projected targets while earning a decent profit for shareholders. This is according to its Chief Executive Officer, Darren Woods who during the company’s annual meeting of shareholders this past week, reiterated that in the near term, ExxonMobil is increasing production of the energy resources and products the world needs.


Govt. ignores experts, set to renew Exxon’s Liza 1 permit: Kaieteur News

The Environmental Permit that was handed to Esso Exploration and Production Guyana Limited (EEPGL)—ExxonMobil Guyana—to develop and produce crude oil from the Liza 1 field in the Stabroek Block expires today but according to Vice President Bharrat Jagdeo, notwithstanding pleas to the contrary, the instrument would be renewed. Jagdeo gave the confirmation yesterday during a press engagement venued at the Office of the President.


Attorney seeks CARICOM intervention over Exxon’s failures in environmental assessment: Kaieteur News

Gas-to-Energy project…

Attorney-at-Law, Elizabeth Hughes has asked the Caribbean Community (CARICOM) to intervene in the Gas-to-Energy project, which is being pursued in part by oil giant, ExxonMobil. In a letter dated May 28, 2022, to the CARICOM Secretary General, Dr. Carla Barnette, the attorney requested, among other things, that the Caribbean stand together to stop Guyana from falling into a Rule of Law conflict, which she said may lead to other issues, including a constitutional crisis.


China Railway wants new financing model for Guyana hydropower project | Loop Caribbean News



Fulbright aids research in the Guiana Shield | Binghamton News


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