Guyana News Updates, July 5, 2022

Post-Summit of the Americas Assessments for the Hemisphere: A Caribbean Perspective

Thursday, July 7, 2022

Register here: https://us02web.zoom.us/webinar/register/WN_rTb6c0cPQumz7Y9DUPrOLg

Progress and Challenges in the Western Energy Markets

July 12-13, 2022

https://plattsinfo.spglobal.com/index.php/email/emailWebview?md_id=195048

Transforming Guyana, Episode II: Sovereignty and a developing country’s rights to develop oil & gas sectors

Wednesday, July 13, 2022 @ 10:30 am

Guyana Business Journal Magazine

Natural Gas: The Ultimate Crossroad Challenge – July 20, 2022

https://energy-dialogues.com/natural-gas-the-ultimate-crossroad-challenge/?utm_campaign=e-dialogues%20Series&utm_medium=email&_hsmi=218129322&_hsenc=p2ANqtz-_uSJMeNytDdVdA8bp07fPSweLWAhMGADzkFqC0j6gZp2YxSDY95S7765QthgBF44JHu7gGtxTe0_cX7a2B74Unbra0wCtVPwe4GAqLsoqJ6_6nqoI&utm_content=218129322&utm_source=hs_email

Energy Diplomacy: Foreign and Security Policy Contexts in the Caribbean

UWI DAOC

Trinidad & Tobago

August 2-5, 2022

https://sta.uwi.edu/daoc/daoc-apply

CARICOM must ensure SIDS are not sidelined as powerful states, actors recalibrate priorities – PM Briceno

Outgoing CARICOM Chair backs oil and gas production in Guyana: News Room

With the development of oil and gas offering Guyana the prospect of unprecedent economic and social development, Belize’s Prime Minister John Briceño believes the country should go ahead with plans while putting in place environmental safeguards. Briceño, says the 15-nation trade and integration bloc CARICOM, for which he is outgoing chair, should back these efforts. He did acknowledge that the world should cut back on oil and gas production since this contributes to the climate crisis.

Guyana among low-lying States vulnerable to climate change – incoming Caricom Chairman – Guyana Times

Belize hoping to find new markets for produce, sees potential in Guyana – News Room Guyana

Suriname to use oil money to finance transition to renewables – President SantokhiKaieteur News

Amid the global push towards renewable energy, Suriname is determined not to be left behind and its President, Chandrikapersad Santokhi last week stated that they will use the proceeds from their oil resources to fund the transition to renewables. The Surinamese President made the remarks during his feature address at the opening ceremony of the Suriname Oil and Gas Energy Conference (SOGEC) which was held in Paramaribo, Suriname.

The faster the oil costs are paid off the better for Guyana: Stabroek News (Letter to the Editor) by Robin Singh

Lost amidst the noisy calls for the Government of Guyana to renegotiate the ‘oil contract’ is the meaning of the word ‘negotiate’ and the implications of getting a larger share of oil profits via negotiations now on future earnings. Let me elucidate those who would have us make moves akin to a bull in a china shop.  A massive amount of money was outlaid at their own risk by Exxon, Hess and CNOOC for the initial exploration activities that led to the discovery at Liza-1; had no oil been found, those billions would have been paid by the shareholders of those corporations, no cost would have accrued to the Government and People of Guyana.

In 7 years: 2 massive oil production vessels, 6 drill ships, multiple supply boats: OilNOW

In just seven years Guyana has moved from a frontier area to South America’s hottest new oil province and emerging energy hub, all as a result of an unprecedented series of discoveries made by ExxonMobil off the country’s coast since 2015. This follows decades of failed attempts by international oil companies to hit commercial crude, with over 40 dry holes drilled. Now, Guyana is at the top of the list of South America’s most prospective areas, accounting for the lion’s share of major discoveries being made in the region.

Exxon says being ‘essential partner’ to Guyana is its number one priority: OilNOW

The transformation of Guyana through revenues being generated from massive oil and gas production operations taking place off the country’s coast is underway. ExxonMobil, operator at the largest offshore block, along with co-venturers Hess and CNOOC, says being an ‘essential partner’ and bringing benefits to the people of Guyana is a top priority. This was highlighted last week in Georgetown during a ceremony to formalise the terms of a landmark Gas-to-Energy project that is expected to bring significant benefits to the nation of just over 750,000 people.

ExxonMobil contract leaves Guyana exposed to financial and environmental risks | IEEFA

https://ieefa.org/resources/ieefa-exxonmobil-contract-leaves-guyana-exposed-financial-and-environmental-risks?utm_source=Daily+IEEFA+Newsletter&utm_campaign=9aa05d61d6-IEEFA_DailyDigest&utm_medium=email&utm_term=0_e793f87bcc-9aa05d61d6-107884293

Disclosable Version of the ISR – Guyana Petroleum Resources Governance and Management Project – P166730 – Sequence No : 06

https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099420103302221557/p166730083879b012089fd038fb32afd8c1

Our oil and gas challenges: Stabroek News (Editorial)

Across the spectrum of our various domestic publics – and there are quite a few of those – the advent of the country’s ‘oil wealth’ as a presumed transformational factor in the country’s development, going forward,  means different things to different constituencies.History has instructed us that sudden transformations in the material fortunes of countries do not necessarily go on to longer-term all-round prosperity. History has instructed us that sudden transformations in the material fortunes of countries do not necessarily go on to longer-term all-round prosperity.

Regardless of the number of wells explored Guyana’s profit share remains tied to 14.5%: Stabroek News (Letter to the Editor) by C. Kenrick Hunte, Ph.D., Professor and former Ambassador

I refer to a letter published in the July 3, 2022 Sunday Stabroek, captioned, ‘Depending on the amount of wells explored Guyana’s 14.5% take will increase at some point in the future’, and I would like to make a few observations.  First, the writer states that, ’… Guyana’s take will increase beyond 14.5% of total revenue at some point in the future. Exactly when this will happen depends on the amount of wells explored before the contractor’s exploration license expires…’ In response, there are no legally binding clauses or any economic framework in the contract that supports this outcome, so this prediction is just ‘false hope’. 

Govt. must conduct EIA for NGL, Power Plant – Former EPA Head: Kaieteur News

Oil major ExxonMobil has already conducted and submitted an Environmental Impact Assessment (EIA) for its aspect of the Gas to Energy project, that is, the onshore and offshore pipelines to transport the natural gas from the Liza Fields in the Stabroek Block to Wales on the West Bank of Demerara, where the Government of Guyana will be constructing a Natural Gas Liquids (NGL) Plant as well as a Power Plant to generate electricity.

ExxonMobil contract leaves Guyana exposed to financial and environmental risks | IEEFA

https://ieefa.org/resources/ieefa-exxonmobil-contract-leaves-guyana-exposed-financial-and-environmental-risks?utm_source=Daily+IEEFA+Newsletter&utm_campaign=9aa05d61d6-IEEFA_DailyDigest&utm_medium=email&utm_term=0_e793f87bcc-9aa05d61d6-107884293

Govt. advertises for Project Manager to supervise NGL and Power Plant construction: Kaieteur News

Plans for the Gas to Energy project are moving swiftly apace with the Ministry of Natural Resources already inviting proposals for consultancy services for the supervision of the integrated Natural Gas Liquids (NGL) Plant and the 300-megawatt (MW) combined-cycle gas turbine (CCGT) power plant.

The Request for Proposals (RFP) was uploaded on the Ministry of Natural Resources website on Saturday. According to the advertisement, “The Ministry of Natural Resources (MNR) invites eligible Consultancy Firms to submit Proposals for Project Management Consultant for the Integrated NGL Plant and 300MW CCGT Power Plant Project.”

Cheaper cooking gas and more – this government must act comprehensively: Kaieteur News (Editorial)

In a country that has all these dazzling numbers, these mouthwatering projections, and prospects over what it has in its offshore oil and gas fields, it is a disgrace, when something as basic as cooking gas is so expensive for the many Guyanese who now use this commodity.  We are so rich in textbook and spreadsheet numbers, yet there is the reality that will not go away of so many of our people gasping for breath, in how they find it unaffordable for this most routine exercise in daily living, that is, cooking.

Exxon’s second quarter profits could cover more than half company’s stock buybacks: Kaieteur News (columnist) by Peeping Tom

Can repurchase 10 percent of shares by year end. Favourably high oil prices have significantly contributed to improved performance of oil companies with increased profits being reported. So much so that major oil companies have begun to buy back company shares creating value for their shareholders. In April, Exxon Mobil dramatically increased its share buyback program to $30 billion through the end of 2023, “however, it looks like the company’s second quarter 2022 earnings will be enough to cover more than half of that,” financial markets information provider, Seeking Alpha has analyzed.

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