Guyana News Updates – July 26, 2022

Strengthening the Guyana – U.S. Relationship

Center for Strategic and International Studies

Wednesday July 27, 2022

https://www.csis.org/events/strengthening-guyana-%E2%80%93-us-relationship

ExxonMobil makes two more discoveries offshore Guyana

https://corporate.exxonmobil.com/News/Newsroom/News-releases/2022/0726_ExxonMobil-makes-two-more-discoveries-offshore-Guyana

Exxon accelerates production in Guyana, makes two new discoveries | Nasdaq

https://www.nasdaq.com/articles/exxon-accelerates-production-in-guyana-makes-two-new-discoveries

Guyana Preparing for Oil Boom, Positioning Itself as Key Player in Regional Energy Security – Natural Gas Intelligence

Guyana Looks To Attract New Players In Upcoming Oil Tender

https://finance.yahoo.com/news/guyana-looks-attract-players-upcoming-150000533.html

Guyana/US discuss areas of mutual interest, “harmonisation” of plans – President Ali

Private Sector investment, strengthened food, energy security priority in US-Guyana talks – Guyana Times

President Ali wants U.S support to unlock financing for climate change adaptation, mitigation – News Room Guyana

Guyana’s economy will not depend solely on oil and gas — President Ali: Guyana Chronicle  

WHILE Guyana is rapidly evolving as an oil-and-gas market, the nation’s economy will not depend solely on the treasured natural resource for countrywide development. President, Dr Mohamed Irfaan Ali, said the essential resource is an important part of the country’s development trajectory. The head of state made it clear that the hydrocarbon will bring essential revenues into the country, but this income must be used to expand the economy, increase competitiveness, and opening up new opportunities.

No political hand in Guyana’s oil revenue – President Ali assures US

Security in Guyana among issues discussed as President meets US officials

FBI, Guyana looking to strengthen relationship

Major tangible outcomes for Guyana from Pres. Ali’s visit to Washington – Dr.  Singh

Guyana to be only country in region with critical oil spill capping equipment on hand – Bharrat: OilNOW

A key provision in ExxonMobil’s permit for the massive Yellowtail project offshore Guyana requires the company to have a capping stack maintained, tested, and stored in country. And this, according to Minister of Natural Resources, Vickram Bharrat, would make Guyana the only oil-producing nation in the region to have one readily available should there be a well blow-out miles offshore. Pointing to other producers in the Latin America and Caribbean region, Mr. Bharrat said, “There is no other oil-producing nation around us – Trinidad [and Tobago] does not have a capping stack nor Brazil, or Suriname.

Lending from banks increase as confidence in Guyana economy now at all-time high: OilNOW

The South American nation of Guyana has been benefitting from an influx of foreign and local investments in traditional and newer sectors. As a direct effect, an economic boom is currently underway, propelled by massive oil and gas resources found off the country’s coast. Now, President Dr. Mohamed Irfaan Ali has highlighted that the favourable economic environment has resulted in greater lender confidence in the economy. In sharing statistics, the President stated during the opening ceremony of the International Building Expo on Friday that non-performing loans declined, moving from 11% in 2020 to 6.75% in 2022 – an improvement of 39%.

Rystad Energy Study: Guyana has 3rd largest gas reserves in Latin America – analyst: Guyana Times  

…behind only Venezuela, Argentina with estimated 13.2B cubic ft of gas

Guyana, which only became an oil producer in 2019, is sitting on what is being described as the 3rd largest gas reserves in Latin America, behind only Venezuela and Argentina. This is according to Energy Co-Director at Americas Market Intelligence (AMI), Arthur Deakin. Deakin was at the time taking part in a panel discussion organised by the Guyana Business Journal (GBJ) and Caribbean Policy Consortium, titled “Guyana Upstream: A Rystad Energy Industry And Country Benchmarking Update”.

Rystad Energy Study: Guyana’s emissions intensity outperforming 75% of global oil & gas producing assets: OilNOW

Rystad Energy’s Senior Vice President and Head of Latin America and the Caribbean, Schreiner Parker, said the emissions intensity from Guyana’s offshore operations is among the best performing in the world. He said it is outpacing 75% of global oil and gas producing assets, meaning it emits less. While the global upstream emissions intensity average is 18 kilograms of carbon dioxide per barrel of oil equivalent (kg CO2e/boe), Guyana’s projects are at 9 kg CO2e/boe.

Redouble efforts to ensure Region is zone of peace – PM Phillips to 2022 PROSUR Summit

‘Venezuela aggression against Guyana a threat to entire continent’ – PM tells union: OilNOW

Guyana’s Prime Minister is working to rally support in the region against Venezuela’s claim on its territory. In his address to the Presidential Forum for the Progress and Integration of South America (PROSUR) Summit, Phillips told the union that the aggression displayed by Venezuela is not just a threat to Guyana, but to the entire South American continent, according to a government release. In this vein, he called for enhanced and consolidated security cooperation strategies as well as a doubling of efforts to ensure that the continent remains a zone of peace.

Schlumberger now trying to do environment management plan after installing radioactive sources: Stabroek News  

-residents castigate company, demand EIA

Houston residents were yesterday told that Schlumberger Guyana Inc cannot go back in time to conduct an impact survey for its storage and calibration facility with radioactive sources as the process for an Environmental Assessment and Management Plan (EAMP) has now gotten underway. “Unfortunately, we cannot go back in time to conduct an EIA (Environmental Impact Assessment) …,” said a representative of IMEX Environmental Service, the consultant hired to conduct the process for Schlumberger. The statement came in response to residents’ demands for an EIA.

Exxon now required to import equipment to cap blown-out oil well – Min. Bharrat: Kaieteur News

After 2 ½ yrs of pumping oil…

In an effort to improve industry performance and the safety of operations in the oil sector, the Guyana Government has ordered ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) to keep a capping stack in the country. This critical piece of equipment is placed over a blown-out well to stop or redirect the flow of hydrocarbons and to buy time for engineers to permanently seal the well. Highlighting this key development which is now included as a requirement in Exxon’s Yellowtail Environmental Permit was Minister of Natural Resources, Vickram Bharrat.

EPA joins Exxon contractor in defending hazardous facility at Houston: Kaieteur News

The Environmental Protection Agency (EPA) has joined Exxon Mobil contractor, Schlumberger in defending the placement of a hazardous radioactive waste facility at Houston East Bank Demerara. Both the EPA and Schlumberger filed separate affidavits defending the decision to place the facility at Houston after residents moved to the court seeking an injunction against the operations. The parties have held that the construction of the radioactive facility is in keeping with the legal and regulatory requirements of the EPA.

Pres. Ali ‘sells’ Guyana cheap to access loans: Kaieteur News

– says country needs low-interest financing; shrugs off rich nation status

 “Everywhere I go people say oh you guys are rich, you have oil and gas. I say no, no, no, hold a second. We are from a humble country of Guyana. We are poor, we need help and we need concessional financing.”… The Head of State’s remarks come at a time when Guyanese across the country have been protesting for a renegotiation of the contract with United States oil major, ExxonMobil. Based on the 2016 Production Sharing Agreement (PSA) the country has with the oil company, Guyana is entitled to two percent royalty from its natural resource wealth. It also receives a 50 profit after ExxonMobil deducts 75 percent of the oil earnings to service the development costs.

‘Come clean on oil specialists hired under EPA World Bank grant’: Kaieteur News

– Former EPA boss challenges Gov’t

Former Head of the Environmental Protection Agency (EPA) Dr. Vincent Adams is not buying the argument that the agency has not scrapped the work conducted under the 2019 World Bank US$1M grant which sought to significantly upgrade their oil and gas management and oversight capacity. In fact, the former Chief Executive Officer (CEO) is challenging the agency and the government to make public the information regarding the “highly trained” oil and gas specialists hired under the grant. Adams expressed reservations towards claims made in Parliament by Natural Resources Minister Vickram Bharrat last Thursday since he insists that the project was booted after the change in administration.

Authorities obsessed with oil revenues with no regard for environmental dangers – Goolsarran: Kaieteur News

Chartered Accountant and former Auditor General, Anand Goolsarran appears to be appalled with the government’s approach to the oil and gas sector. In his recent column published by Stabroek News, Goolsarran said that authorities seem obsessed with how much oil money the country can make and deposit into its Natural Resource Fund (NRF) all the while, remaining oblivious to the environmental dangers of this sector. Goolsarran said recent global events would serve to remind citizens of how toxic oil sector emissions can impact the livability of the planet.

Guyana wants to grow strawberries, other crops when mega hydroponics farm is set up

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