Guyana News Updates, July 15-17, 2023

GUYANA UPSTREAM: A RYSTAD ENERGY INDUSTRY AND COUNTRY BENCHMARKING UPDATE – JUNE 2022

Thursday, July 21, 2022 @ 10:30amEDT

https://hopin.com/events/guyana-business-journal-caribbean-policy-consortium-white-paper-webinar-e695418e-02a0-48a4-b592-50bc2db1e748/registration

China Latin America and the Caribbean Press Center 2022 Programme

Chief Editor off to China for prestigious media programme – News Room Guyana

 

US Commits $1 Billion for Mideast, North Africa Food Security – Bloomberg

https://www.bloomberg.com/news/articles/2022-07-16/us-commits-1-billion-for-mideast-north-africa-food-security

 

Ramps attorneys rebut refusal of local content certificate: Stabroek News  

-amendments however submitted to application

Rebutting the refusal of a local content certificate, Satram and Satram, lawyers for oil services company, Ramps Logistics, yesterday argued that the rationale provided by the Local Content Secretariat (LCS) was not in keeping with the powers conferred on it. Writing directly to Director of the LCS, Martin Pertab, the law firm contended that Ramps Logistics has at all times satisfied the requirements of the Act for registration as a local company.

 

Ramps in new bid for local company status: OilNOW

Ramps Logistics Guyana has made its second attempt at gaining local company status from Guyana’s Local Content Secretariat (LCS) with a new application. The company said that the new application to the Local Content Registry submitted on July 14, included the nine items the first application lacked. “We would again like to thank the Officials at the Local Content Secretariat for responding to our request and outlining the additional information needed to meet the requirement for entry into the Local Content Registry.

 

Options exist to ‘crackdown’ on ‘abusers’ of local content law – President Ali: News Room  

Several senior members of the Irfaan Ali-led government have admitted that there are foreign companies in Guyana attempting, through clever and deceitful means, to benefit from a schedule of services set aside in the Local Content Act for Guyanese. As recently as Tuesday night, Vice President Dr. Bharrat Jagdeo said the government has already found it difficult to enforce the law because some companies are attempting to bypass the provisions of the legislation.

 

News Room: Several senior members of the Irfaan Ali-led government have admitted that there are foreign companies in Guyana attempting, through clever and deceitful means, to benefit from a schedule of services set aside in the Local Content Act for Guyanese. The administration has assured, however, that companies will not be allowed to get away with these practices.

 

NCN: COMPANIES FINDING NEW WAYS

To bypass Local Content Act – VP

Oil & Gas companies are devising new methods to bypass Guyana’s Local Content Act, one of which is by using their junior staff to fill the legally mandated quota for senior management staff. This was noted by Vice President, Dr. Bharrat Jagdeo

 

What comes after high oil prices for Guyana?: OilNOW (Columnist) by Scott B. MacDonald

The Russo-Ukrainian War came as a surprise blow to the global economy, with the shock waves rippling outwards from Eastern Europe and the Black Sea and reaching as far as the Caribbean. It has left much of the Caribbean grappling with higher food, energy and transportation costs. In contrast, Guyana is enjoying more favourable economic winds. According to the Bank of Guyana, real Gross Domestic Product (GDP) growth is now forecast at over 50% for the year. But the disruption from the war threatens recession in many advanced economies while the Chinese economy is also cooling.

 

Guyana profiting more from oil production than Exxon, Hess and CNOOC combined – Analyst: OilNOW

A new review of the consolidated financial statements for ExxonMobil Guyana, Hess and CNOOC for the period ended December 2021 confirms that the South American country is profiting more from the offshore oil production activities than all three companies combined. Financial Analyst, Joel Bhagwandin, has shown that Guyana’s share of profit oil and royalty for financial year (FY) 2021 exceeded the companies’ net take in profit oil for the same period by around 11 billion Guyana dollars.

 

Guyana earns US$108M from latest oil sale – Guyana Chronicle

 

More amendments to be made soon to Petroleum Act – VP – Guyana Times

 

EIA lowers 2022 oil price outlook by more than $3/b | OilNOW

 

The Energy Crisis Will Deepen by Daniel Yergin – Project Syndicate

https://www.project-syndicate.org/commentary/energy-crisis-will-deepen-no-supply-by-daniel-yergin-2022-07?utm_source=Project%20Syndicate%20Newsletter&utm_campaign=704f8effb9-sunday_newsletter_07_17_2022&utm_medium=email&utm_term=0_73bad5b7d8-704f8effb9-106338355&mc_cid=704f8effb9&mc_eid=5e5d91a2a8&barrier=accesspaylog

 

Guyana Business Journal Webinar: Rich countries have “no moral authority” to tell Guyana, Suriname, T&T to keep oil in the ground: OilNOW

The climate crisis has seen wealthy countries that have built and transformed their economies with oil and gas, calling on countries in Africa, South America and the Caribbean, to hold off on developing their hydrocarbon resources. Calls have mounted for producers like Guyana, Trinidad, and Suriname to abandon the development of their oil and gas resources for fear that it could exacerbate climate change. But President and Chief Executive Officer (CEO) of the Energy Chamber in Trinidad, Dr. Dax Driver, is of the firm view that those nations have no just grounds to make such a demand.

 

Guyana Business Journal Webinar: BIG Use oil resources in Guyana, Suriname and T&T instead of Venezuela’s – Regional Science Advisor: News Room  

Caribbean leaders are once again seeking to meet their energy needs by using Venezuelan oil but renowned regional Science Advisor Dr. Neville Trotz has advised against this, particularly with countries in the region hoping to cut their fossil fuel use by 2050. “Talking at this time about going back to PetroCaribe with Venezuela, I think, is not the way for the Caribbean to go. “We have the internal resources between Trinidad, Guyana and Suriname to internalise the whole supply chain for the transition to zero carbon,” Dr. Trotz said during an oil and gas webinar hosted by the Guyana Business Journal and Magazine on Wednesday.

 

Guyana Business Journal Webinar: ‘Good that Guyana fast-tracked oil and gas development’ – Head of T&T Energy Chamber: News Room  

The fast-paced development of Guyana’s oil and gas industry, given ongoing calls for the use of more renewable energy, has been lauded by the President and Chief Executive Officer (CEO) of the Energy Chamber of Trinidad and Tobago Dr. Dax Driver. In 2019, just four years after significant oil finds were recorded, Guyana started producing oil from the Liza Phase 1 field in the prolific offshore Stabroek Block and by 2022, the country started producing oil from a second field- Liza Phase 2– in that Block.

 

Guyana Business Journal Webinar: News Room: The fast-paced development of Guyana’s oil and gas industry, given ongoing calls for the use of more renewable energy, has been lauded by the President and Chief Executive Officer (CEO) of the Energy Chamber of Trinidad and Tobago Dr. Dax Driver. In 2019, just four years after significant oil finds were recorded, Guyana started producing oil from the Liza Phase 1 field in the prolific offshore Stabroek Block and by 2022, the country started producing oil from a second field- Liza Phase 2– in that Block. This accelerated pace of development is not common. But Dr. Driver, during an oil and gas webinar on Wednesday, said that it was crucial for Guyana to develop the industry quickly, given the growing focus on more renewable energy sources.

 

Guyana Business Journal Webinar: News Room: Caribbean leaders are once again seeking to meet their energy needs by using Venezuelan oil but renowned regional Science Advisor Dr. Neville Trotz has advised against this, particularly with countries in the region hoping to cut their fossil fuel use by 2050. Dr. Trotz shared these sentiments during an oil and gas webinar hosted by the Guyana Business Journal and Magazine on Wednesday.

  

Splitting the climate change bill for consuming hydrocarbons | OilNOW

By Dr. Lorraine Sobers

 

Developing Stabroek Block to cost Guyana over $1 trillion in next 3 years: Kaieteur News

The oil and gas industry is often referred to as a capital intensive industry and according to recent forecast, the development of the Stabroek Block is expected to cost the country in excess of a trillion dollars to be expended over the next three years. This information can be gleaned from the most recent Financial Statements and accompanying notes for Stabroek Block Operator, Esso Exploration and Production Guyana Limited (EEPGL).

 

Payment delays for locals in Oil & Gas sector ‘unacceptable’: Kaieteur News

…as Govt. moves to review laws to regulate industry

Local businesses servicing the oil and gas sector continue to lament the lengthy time it takes the oil and gas companies to pay them for goods and services provided. The issue of late payments has been a sore one and is being blamed for the stifling local businesses. As such, the government is expected to revise the regulations in the Local Content Act with a view to remedying the situation. Guyana at the end of last year passed its local content legislation, which caters to locals getting first preference in the country’s oil and gas sector.

  

Exxon still testing equipment to stop flaring: Kaieteur News

– Minister Bharrat pleased with operations at Liza Unity

Since the startup of oil production in 2019, ExxonMobil experienced technical issues with the flash gas compressor installed on the Liza Destiny Floating Production Storage and Offloading (FPSO) vessel, and to date, tests are still being conducted to ensure that the faulty equipment is now ready to do its job. Minister of Natural Resources, Vickram Bharrat on Monday told Kaieteur News that Exxon’s flash gas compressor has returned to Guyana and is being tested again… Meanwhile, the EEPGL official said ExxonMobil Guyana and the vessel’s owner, SBM Offshore, are also progressing several alternate longer-term solutions which include new technology to bypass the second and third stage FGCs, as well as an entirely new centrifugal compressor package to replace the screw design of the current compressors.

 

More oil money, not a good thing for Guyanese?: Kaieteur News (Editorial)

Some things needed to be listened to, heard repeatedly, and read over and over again, so incredible they are.  But given that what was so shocking came from the Incredible Hulk of political and financial Guyana, Vice President Bharrat Jagdeo, it is not so unexpected after all. This particular Guyanese leader can move from mice to men to mountains, such are his mental gymnastics and verbal antics.  The latest monstrosity from his laboratory of the slippery is over the power and problems with money, more money, for the Guyanese people from their wealth.

 

Get energy market opinion from CCJ | Commentary | Jamaica Gleaner

https://jamaica-gleaner.com/article/commentary/20220717/editorial-get-energy-market-opinion-ccj?utm_source=newsletter&utm_medium=email&utm_campaign=am_newsletter

 

IDB approves US$130M to bolster Guyana’s response to COVID – Guyana Chronicle

 

GCM Mining: Colombia’s Largest Gold Producer Diversifying with Toroparu Project in Guyana

https://www.streetinsider.com/Newsfile/BTV+Investor+Alert+Video+-+GCM+Mining%3A+Colombias+Largest+Gold+Producer+Diversifying+with+Toroparu+Project+in+Guyana/20331257.html

 

Gov’t/ private sector move to sustain booming construction industry

 

Highly-anticipated Int’l Building Expo to feature new housing technology

 

Guyana‘s electoral system encourages racial voting – Former Pres. Ramotar: Kaieteur News

In Guyana during a Regional and General elections, under the system of Proportional Representation (PR), citizens throughout the country, cast their ballots, in favour of a list of candidates.Once elections are concluded, the seats of the elected members on each list are allocated in the National Assembly in proportion with the number of votes cast in favour of the lists. However, this system of voting has created the perfect conditions to keep Guyanese voting for a party based on their ethnic preferences rather than electing leaders because of the national issues canvassed. 

 

Eric Phillips | Racial inequalities and reparation in Guyana | In Focus | Jamaica Gleaner

https://jamaica-gleaner.com/article/focus/20220717/eric-phillips-racial-inequalities-and-reparation-guyana

 

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