Guyana News Updates, July 8-10, 2022

GA-CPC Post-Summit Americas Webinar

Th July 7, 2022

Video: https://youtu.be/SHcJVH4TRl4
Summary: 
https://theglobalamericans.org/2022/07/event-summit-of-the-americas-caribbean/

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 + Caribbean Policy Consortium

The U.S.-Caribbean Partnership to Address the Climate Crisis 2030: A Timely Initiative Worthy of Serious Investment

Government of Guyana Announces National Healthcare Initiative in Collaboration with the Mount Sinai Health System and Hess Corporation

https://www.yahoo.com/now/government-guyana-announces-national-healthcare-162000572.html

Mt. Sinai Healthcare to set up Oncology and Cardiovascular Centres in Guyana in major agreement – News Source Guyana

https://newssourcegy.com/news/mt-sinai-healthcare-to-set-up-oncology-and-cardiovascular-centres-in-guyana-in-major-agreement/

US oil company-funded Guyana Health Initiative to benefit Caribbean – Demerara Waves Online News- Guyana

Hess to plug over US$30M into developing world class healthcare in Guyana – Ali | OilNOW

Guyana’s low carbon push includes climate resilient health systems | OilNOW

Guyana now expects economic growth at 57.8%; producing 350,000 barrels of oil per day – News Room Guyana

Guyana now producing over 300,000 barrels of oil per day – Bharrat | OilNOW

Guyana will be among world’s largest crude oil producers by 2027 – John Hess | OilNOW

Guyana’s increase from the 14.5% minimum will begin when production costs fall short of 75% of total revenues: Stabroek News (Letter to the Editor) by Dominic Gaskin

Kindly permit me to respond to a letter in your July 5th, 2022 edition, under the title “Regardless of the number of wells explored Guyana’s profit share remains tied to 14.5%”. The writer is responding to my own response to an earlier letter of his. My assertion that at some point Guyana’s take of oil production will increase beyond 14.5% of total revenue is neither wishful speculation nor false hope, as claimed by the writer. On the contrary, it follows logically from the production sharing agreement (PSA) with respect to the Stabroek oil block.

Oil and Guyana’s futureKaieteur News (Columnist) by Freddie Kissoon

I think that any person looking at that EXXON-Guyana oil contract would conclude it could have been better for Guyana in comparison to other oil explorations around the world. To argue however that because (1), it is an ill-shaped contract, Guyana should halt oil operations and (2) because of climate change, Guyana should get out of the fossil fuel business is not only unconscionable but plainly unacceptable. One rebuttal to these two articulations is so potent and persuasive that it should penetrate any sensible mind, Guyanese or non-Guyanese.

‘Face reality and bring labour into Guyana’ – Dookhoo says TVET must also do its work: News Room

Operations in some private sector entities have now been crippled by the loss of hundreds of skilled and technical employees to companies associated with the oil and gas industry. And while there is no targeted approach by the Private Sector Commission to arrest this unusual attrition, some private sector actors believe the situation could be countered by matching the loss of employees with similarly sharp hiring, retention and training approaches. Chairman of the Trade and Investment Committee of Guyana’s Private Sector Commission (PSC) Ramesh Dookhoo told the News Room on Thursday that it was a “big problem” that required both private sector leaders and the government to face reality in addressing.

‘Pay attention to Exxon’s accelerated development’Kaieteur News

Record high oil prices have seen operators chasing a speeding bullet to capitalise on returns. But the current situation could leave the country’s already vulnerable oil industry even more exposed, former Finance Minister Winston Jordan has opined. Jordan is concerned that the higher prices have encouraged oil companies to increase production, while earning more money from its sale of the resource. The problem however, is that Guyana is not on par with the accelerated pace because it does not have the in-house expertise to monitor the sector and to ensure that the bills coming in from the operators are legitimate.

Paying Exxon’s taxes costs Guyana more than the Royalty it collectsKaieteur News

 Guyana under the production sharing agreement with ExxonMobil Guyana agreed to pay among other things, the income taxes to be paid by the oil companies and as such in the first full year of production, accumulated payments to the Guyana Revenue Authority on behalf of those companies amounted to $5,751,060,980 or about US$27,552,901.83. The country in 2020 collected some US$184.9Million in profit and US$21.2Million in royalty for a total of US$206M.

Area cleared for dredging crosses traditional fishing grounds: Kaieteur News

S$300M Vreed-en-Hoop shore base facility… Dr. Janette Bulkan calls on EPA to explain why there is no EIA for dredging University of British Colombia (UBC) Professor, Dr. Janette Bulkan has complained that the area cleared for the dredging that will be done at Plantation Best, West Bank Demerara, for the US$300M Vreed-en-Hoop shore base facility crosses traditional fishing grounds. As such, Dr. Bulkan called on the Environmental Protection (EPA) to give an explanation as to why there is no Environmental Impact Assessment (EIA) for the dredging that will be done at Plantation Best for the facility.

Guyana to amplify marketing of standing forests with national carbon registry | OilNOW

Govt. raises billions from private interests to finance ‘biggest budget ever’Kaieteur News

The Guyana Government this year presented its biggest budget ever- set initially at $553B but will increase, as already signalled by Head of State, President Irfaan Ali when he referenced a resort to supplementary spending by the state. The 2022 Estimates is the first year in which the country’s budget is being financed in part by monies accrued from the country’s oil earnings… This is of course the domestic revenue we collect in things like tax and non-tax revenue…the Natural Resources Fund will also be a source of financing for the 2022 Budget so that’s a second major source of financing.

EEPGL ignores tax provisions of 2016 Agreement in its 2021 financial statements: Stabroek News (columnist) The road to first Oil by Christopher Ram

Every Man, Woman and Child in Guyana Must Become Oil-Minded Part 100

By a strange coincidence, this 100th column features the 2021 financial statements of Esso Exploration and Production Limited, the designated Operator and holder of a 45% interest in the Stabroek Block under the 2016 Petroleum Agreement. Esso signed its first such agreement in 1999 with the PPP/C Government as a sole Contractor and a second in 2016 with the APNU+AFC Coalition with Hess (30%) and CNOOC (25%) as added Contractors. Esso holds the remaining 45%.

Tucker says ‘contract bundling’ runs counter to spirit and intent of local content law | OilNOW

As Guyana mulls NOC, Saudi Arabia markets itself as knowledgeable energy partner | OilNOW

Guyana asks Saudi Arabia for US$2 billion fund; Asian nation ready to support Guyana’s oil sector – Demerara Waves Online News- Guyana

Guyana’s doors open for transformative investments – Pres Ali tells Saudi investors – Guyana Times

‘We are ready’ – President implores Saudi delegation to end the talking and invest now – News Room Guyana

Dr Singh tells Saudi investors opportunities available in Guyana’s non-oil sectors – Department of Public Information, Guyana

Guyana offers Saudi Arabia land to establish embassy – News Room Guyana

Guyanese food producers already supplying Middle Eastern markets – Finance Minister – Guyana Times

Caribbean leaders unwavering in support of Guyana’s sovereignty: OilNOW

Following the culmination of the annual Heads of Government meeting of the Caribbean Community and Common Market (CARICOM) in Suriname, leaders issued a communique reiterating the regional body’s support for Guyana’s sovereignty and territorial integrity, as Venezuela persists with its claim for the Essequibo region. The Heads also reiterated their full support for the ongoing judicial process at the International Court of Justice (ICJ), in the case concerning the Arbitral Award of October 3, 1899 (Guyana v. Venezuela).

The Greater Guyana Initiative posted: Hinterland Poultry Project

The Greater Guyana Initiative (GGI) has funded a Hinterland Poultry Project valued more than GY$120 million (US$608,000) to boost the poultry industry in the hinterland regions of Guyana. The initiative, also called the ‘EggSandwich Project’, is the first regional socioeconomic project to be funded by the GGI.

Suriname’s upcoming bid round: 8 million acres of shallow water blocks up for grabs – Staatsolie: OilNOW

Investors have already lined up to grab Suriname’s deepwater blocks when the auction opens later this year. But Staatsolie’s Offshore Vice President, Glenn Corrie is urging that attention also be paid to the shallow water auction set for 2023. That bid round will see some eight million acres of shallow water blocks up for auction, a small fraction of Suriname’s offshore acreage that remains unlicensed. Over 60% of Suriname’s deepwater acreage remain unlicensed; new bid round nears.

US$100M marine port facility for Suriname as oil discoveries surge offshore | OilNOW

Exxon delivers first sustainable aviation fuel cargo to Singapore Changi Airport: Stabroek News

(Reuters) SINGAPORE: Exxon Mobil said yesterday it has delivered the first sustainable aviation fuel cargo to Changi Airport, as part of a one-year pilot programme to test the new fuel for planes.

Under the pilot programme, ExxonMobil is providing sustainable aviation fuel for Singapore Airlines and Scoot flights from Changi Airport from July this year. The oil major was selected in February as the fuel supplier for the pilot programme launched by the Civil Aviation Authority of Singapore (CAAS), Singapore Airlines and Temasek.

Is Venezuela’s oil industry returning to its former glory? | OilNOW

Venezuela is among the top ten countries with the largest oil reserves

Transnational organised crime discussed at MERCOSUR Public Prosecutors meeting – Guyana Times

New $2.5B waterfront villas, hotel for Soesdyke/Linden highway – News Room Guyana

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