Progress and Challenges in the Western Energy Markets
July 12-13, 2022
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
Energy Diplomacy: Foreign and Security Policy Contexts in the Caribbean
Trinidad & Tobago
August 2-5, 2022
Analysts raise profit outlook on Exxon: Stabroek News
Woods sees room for oil price to climb
ExxonMobil’s second-quarter profits are expected to steeply increase making it one of the strongest quarters in the US oil producer’s history, according to Wall Street analysts. The information was revealed in a recent Reuters report which stated that, based on projections, Exxon can see its first-quarter earnings double. Last Friday, Exxon signalled that it could generate a record quarterly profit owing to the skyrocketing margins from fuel and crude sales.
Guyana on track for almost 50% growth in 2022 -Bank of Guyana: Guyana Standard
The Guyanese economy is projected to record real oil GDP growth of 49.6 percent while the non-oil economy is estimated to grow by 7.5 percent for 2022. This is according to the latest forecast of Bank of Guyana (BoG), the chief regulator of the nation’s financial health. BoG said this significant growth is expected to be mainly a result of expansions in all major sectors of the economy, as all COVID-19 restrictions have been lifted, and the economy has been fully reopened. Additionally, the bank said output of oil is expected to greatly increase with the introduction of the Liza Unity Floating, Production, Storage and Offloading (FPSO) vessel in the Stabroek Block.
Guyana registers positive first quarter performance for 2022- Central Bank: Guyana Standard
The Guyanese economy registered mostly positive output performance during the first quarter of 2022.According to Central Bank’s latest statistical bulletin, there continues to be favourable performance in the oil and gas sector as the nation now has two oil ships, the Liza Destiny and Liza Unity, in operation. With respect to the non-oil economy, the economic regulator said it experienced moderate growth on account of economic activities regaining momentum from the full reopening of the economy coupled with fiscal measures to alleviate the rising costs of production and services.
Guyana’s oil take will increase over time, says former business minister: OilNOW
Dominic Gaskin, who served as Guyana’s Minister of Business under the previous administration, says Guyana’s take from oil production activities at the Stabroek Block will increase in the future. Mr. Gaskin made this comment in a letter published in the local press. He said, “… Guyana’s take will increase beyond 14.5% of total revenue at some point in the future.” This 14.5% take is a combination of 12.5% which accounts for Guyana’s share of the profits after the contractor’s costs are recovered up to a 75% ceiling, and a 2% royalty paid to the government, from the contractor’s profit share.
Guyana determined to sustain investment pipeline for value-packed oil projects: OilNOW
If the Guyana government were to impose a cap on the expansion of Guyana’s oil and gas operations by, say, not approving any more projects, it would essentially be killing the momentum in the local supply industry. According to Vice President Dr. Bharrat Jagdeo, this is not something it wants. He explained during a recent press engagement that government is keen on securing maximum growth by doing just the opposite.
New Chief Financial Officer, Exploration Manager for CGX Energy: OilNOW
CGX Energy has appointed a new Chief Financial Officer (CFO) and an Exploration Manager (EM) as the company gears up to drill the Wei-1 well in the Corentyne Block, offshore Guyana. According to the company’s announcement on Monday, Mr. George Davis will take up the position as CFO replacing Ms. Hill York Poon and Mr. Paul Langlois is the new EM. “We are excited to have such a qualified professional fill this important executive leadership role,” said the Co-Chairman of CGX’s Board of Directors, Gabriel de Alba, about the appointment of Davis.
Demand re-negotiation to fix contract flaws: Stabroek News (Letter to the Editor) by Mike Persaud
Dr. Tulsi Dyal Singh writes: I spoke about the flaws in the PSA at length at my Moray House talk three years ago. In fact, I tried to console the audience with a riff based on that old primary school poem, “If”. (SN July 5th). I don’t know what Dr. Tulsi Dyal Singh said about the flaws of the contract at Moray House 3-years ago, but I get the drift of his letter: Never mind the flaws [that cause Guyana to be losing $billions]; time to move on, Guyana will still get a lot of money . . . and so on.
CARICOM to increase focus on and investment in energy security: Guyana Chronicle
THE Caribbean Community (CARICOM) has agreed to increase focus and investment in energy security by utilizing and harnessing hydrocarbon resources in the Region, as a means of reducing dependency on external resources. This is according to the list of outcomes from the three-day 43rd Regular Meeting of the CARICOM Heads of Government in Paramaribo, Suriname, which concluded on Tuesday. Regional leaders agreed to develop the renewable energy sector through building infrastructure to meet regional power generation needs.
CARICOM seeks to counter rising fuel prices with Venezuelan oil – News Room Guyana
Management shakeup at CGX, new Exploration Manager, CFO appointed: Guyana Times
…as company prepares to drill Wei-1 well offshore Guyana
As the time draws nearer for Canadian-owned company CGX Energy Incorporated to drill its Wei-1 well in the Corentyne Block offshore Guyana, the company has undergone some major changes at the top. These changes include the naming of a new Chief Financial Officer (CFO), George Davis, who will be taking over from Hill York Poon. Poon will be retained as CGX’s Director of Finance. Meanwhile, Paul Langlois has been appointed as the new Exploration Manager.
Stabroek Block revenues for 2020-2021 pegged at $740.7B: Kaieteur News
ExxonMobil and its Stabroek Block partners in its first two years of full production generated a whopping $740,794,403,781 in revenue from the sale of crude netting more than this country’s National Budget during the same time. This is according to the Financial Statements for Esso Exploration and Production Guyana Limited (EEGPL)—ExxonMobil Guyana, Hess Guyana Exploration Limited and CNOOC Petroleum Guyana Limited for 2020 and 2021, the first two years of oil production.
Failure to use World Bank loan further exposes Guyana to Exxon’s exploitation – IEEFA: Kaieteur News
Guyana’s downgraded performance on the World Bank Guyana Petroleum Resources Governance and Management Project (GPRGMP) loan is another indicator of how financially exposed the country remains when it comes to effectively protecting and managing the oil sector. Given that the country’s institutional capacity, building priorities seem not to be moving apace with oil resource development, the Institute for Energy Economics and Financial Analysis (IEEFA) has reiterated the grim financial and environmental position Guyana further faces by not utilizing the 2019 loan.
Opposition GECOM Commissioners in second attempt to get review of 2020 elections; Chairman to rule next week: News Room
Opposition-nominated Commissioners to the Guyana Election Commission (GECOM) have made a second bid to secure an internal review of the 2020 elections although the Chairman of the electoral body, Justice (retired) Claudette Singh, has already ruled against it. Led by Charles Corbin, the three APNU+AFC nominated Commissioners (Vincent Alexander and Desmond Trotman) on Tuesday presented a motion to the seven-member Commission, asking that Justice Singh reconsiders her decision not to allow an investigation of the 2020 general and regional elections by GECOM.
News Room: CARICOM HEADS AGREE ON MORE FREE MOVEMENT, TAPPING VENEZUELAN OIL
Heads of Government of Caribbean Community (CARICOM) member states discussed a raft of issues over the past few days in Paramaribo, Suriname. At the end of those talks, key decisions were made to allow more workers to move freely within the community and to resume the PetroCaribe arrangement with Venezuela for the supply of oil. Here are the details in this report…
US$100M marine port facility for Suriname as oil discoveries surge offshore: OilNOW
Increased deepwater action offshore Suriname has created a need for large port facilities to service the nation’s expanding oil and gas industry. Three companies; the Emirati-based DP World, HJ de Vries Project Development N.V. and FIRM Engineering N.V. have partnered to fill that gap with the creation of a mega marine facility, located on the East Bank of the Suriname River. FIRM Engineering N.V. gave the public a sneak peek of the project at the recently concluded Suriname Energy, Oil and Gas Summit (SEOGS) 2022 held in Paramaribo.
Suriname planning new offshore rounds as wildcatters target high-impact prospects | Upstream Online
MoU with Belize opens ‘tremendous doors’ for export of Guyanese produce – News Room Guyana