Guyana News Updates – July 27, 2022

US Secretary of State says inclusion, transparency among priorities for relations with Guyana; Norton not hopeful of change – Demerara Waves Online News- Guyana

Discourse with VP Harris beneficial for bilateral relations, regional development – President Ali | INews Guyana

US provides US$2 billion to Guyana; Ali wants “greater US participation” in Guyana’s development – Demerara Waves Online News- Guyana

US EximBank, Guyana sign US$2B MoU | INews Guyana

President Ali meets with USAID to discuss strengthening partnership with Guyana | INews Guyana

Guyana’s domestic policies support global ambitions – Pres. Ali tells Wilson Center  – News Room Guyana

Gov’t wants Guyana to be operational zone for foreign investors – Department of Public Information, Guyana

Robust scrutiny of oil funds will guarantee transparency, accountability – Ali – Guyana Times

Long-term Investment Considerations for Guyana | OilNOW

Liza projects at full capacity as background flare achieved offshore Guyana: OilNOWDemerara WavesGuyana ChronicleStabroek NewsEvening News – 6:30, NCN – 16:44, Guyana Times       

ExxonMobil Guyana’s Production Manager, Mike Ryan, announced full production capacity has been reached at both Liza projects offshore Guyana. Exxon was able to safely install a new gas compressor aboard the Liza Destiny floating production, storage, and offloading (FPSO) vessel with no issue. Ryan said, “[I’m] really happy to say that we met our expectation of both delivering it, installing it, and safely starting it up in July, and we’ve achieved background flare now on Liza Destiny.”

Exxon makes two more Guyana discoveries in incredible 2022 drill campaign: OilNOWNews RoomNews SourceDemerara WavesGuyana Daily NewsGuyana TimesGuyana ChronicleStabroek NewsNews Source – 10:32, Evening News – 8:43, NCN – 15:40, Kaieteur News          

Stabroek Block operator ExxonMobil and its partners have made a double discovery – now a total of seven discoveries for the year 2022. The discoveries were made at the Seabob and Kiru-Kiru wells, southeast of the Liza and Payara developments. The Seabob-1 well encountered approximately 131 feet (40 meters) of high-quality hydrocarbon-bearing sandstone and was drilled in 4,660 feet (1,421 meters) of water by the Stena Carron drill ship. The Kiru-Kiru-1 well encountered approximately 98 feet (30 meters) of high-quality hydrocarbon-bearing sandstone and was drilled by the Stena DrillMAX in 5,760 feet (1,756 meters) of water.

Guyana soaring up the oil and gas scale with 33 finds in seven years – Vickram Bharrat: OilNOWNews RoomGuyana Daily NewsDPI      

ExxonMobil now has a total of 33 oil and gas discoveries in Guyana’s massive Stabroek Block with the latest made at the Seabob and Kiru-Kiru wells, according to the government of Guyana. This, according to Guyana’s Minister of Natural Resources, Vickram Bharrat will foist the country higher on the global oil and gas producer scale. “The new discoveries will continue to ascend Guyana as an oil-producing and exporting nation with the much internationally sought after ‘medium sweet crude,’ that will enhance the government’s efforts to diversify away from oil and focus on world-class health care, infrastructure, and other social services to enhance the lives of all Guyanese,” Minister Bharrat said in a statement following Exxon’s discovery.

Guyana oil revenue projections soar to US$157 billion by 2040, Rystad Energy analysis shows: OilNOW

The recent spate of prolific discoveries in the Stabroek Block and the steady pace of Final Investment Decisions (FID) is positioning Guyana to reap the rewards of these finds with cumulative revenues totaling US$157 billion by 2040. This is according to independent research consultancy group, Rystad Energy. In its latest analysis of one of the world’s fastest growing economies, Rystad Energy said its review of the revenue stream to come for Guyana is simply astounding.

Guyana economy continues to shine as IMF projects gloomy outlook for the world: OilNOW

The International Monetary Fund (IMF) in its latest World Economic Outlook published on Tuesday, painted a gloomy picture of global development with much uncertainty ahead. According to the IMF, global output contracted in the second quarter of this year, owing to downturns in China and Russia, while consumer spending in the United States undershot expectations.

Yellowtail Permit requires high credit rating from Exxon’s insurers to cover potential pollution damage – Bharrat: OilNOW

Even as Guyana forges ahead with multiple discoveries and approvals for offshore oil and gas production operations, authorities remain keen on ensuring the South American country has a robust system in place to minimise the impact these activities are having on the environment. Minister of Natural Resources, Vickram Bharrat was keen to underscore the government’s commitment in this regard during his contribution in the National Assembly last Thursday.

Guyana rich in resources, come to Guyana – Pres. Ali tells US investors: Kaieteur News

On Monday during his keynote address as part of the Adrienne Arsht Latin America Center’s Leaders of the Americas series, President Irfaan Ali boasted about Guyana’s “prolific mineral resources” and encouraged the United States of America (USA) private sector to take advantage of opportunities to invest. President Ali and a delegation including the Vice President, Bharrat Jagdeo; Minister of Foreign Affairs and International Cooperation, Hugh Todd, and Foreign Secretary, Robert Persaud, are presently in Washington for a series of high-level engagements.

Can Guyana partially substitute Russian gas?: Guyana Chronicle by Arthur Deakin

(News Americas) IN June of 2022, gas supply from Russia to the European Union (EU) fell by nearly two-thirds compared to the previous year. Nord Stream 1, which is responsible for nearly 40 per cent of Russian gas exports to Europe, is currently shut down for a 10-day annual maintenance procedure. Questions are now arising whether Russia will extend that delay to further exert pressure on Western Europe, a potential tactic by Russia’s President Vladimir Putin to ratchet up inflation and strain the public’s support for Russian sanctions.

Schlumberger profited US$6.7B in Q2, cites increased drilling activity offshore Guyana: OilNOW

As the second quarter of 2022 drew to a close, oilfield services company Schlumberger netted US$6.7 billion in profits, up 14% sequentially and 20% year-on-year. “This represented the strongest sequential quarterly growth since 2010,” said Schlumberger’s Vice President and Chief Financial Officer, Stephane Biguet during the company’s Q2 Conference Call. Of Schlumberger’s Q2 revenues, those from North America totalled US$1.54 billion and international at US$5.19 billion. Net income in Q2 was US$959 million (67 cents/share) versus US$510 million (36 cents/share) three months earlier.

Contrary to VP Jagdeo’s claims… Smallest contractor in Stabroek Block made $28B more than Guyana last year: Kaieteur News

– tries to mislead shareholders on $21B in taxes country paid on its behalf – Chartered Accountant, Christopher Ram

Vice President, Dr. Bharrat Jagdeo has said more than once, that Guyana actually gets a greater take from the Stabroek Block deal than the entire ExxonMobil-led consortium leading the offshore operations. However, Chartered Accountant and Attorney-at-Law, Christopher Ram’s most recent examination and analysis of the financial records for Exxon and its partners have evinced an entirely different story. In his column titled, “Every Man, Woman and Child in Guyana Must Become Oil-Minded,” which is published by the Stabroek News, Ram showed for example that CNOOC, the smallest of the three contractors in the Stabroek Block, got more money than Guyana did from its own resources.

Exxon dodges questions on total gas flared at Liza Destiny over 2-year period: Kaieteur News

– says gas compressor woes finally fixed

Production Manager at ExxonMobil Guyana, Mike Ryan told members of the media fraternity on Tuesday that the company was finally able to bring an end to the gas compressor woes that plagued the Liza Destiny floating, production, storage and operating (FPSO) vessel. The malfunctioning equipment had led to two years of flaring which released over 200 toxic chemicals into the atmosphere. Ryan said the Exxon team was able to successfully install a new compressor from Germany and was even open to sharing that over US$10M in flaring fees had been paid over to the Environmental Protection Agency (EPA).

Oil company working in Guyana still to clean-up spill in Peru 6 months later: Kaieteur News

Spanish oil giant, Repsol, which is operating right here in Guyana, is still to honour its obligation to remediate the effects of an oil spill that occurred in Peru more than six months ago. Peru’s fight to get the oil company to take responsibility for the environmental disaster – comes even as the Guyana government on Thursday threw out a Motion that was seeking full liability coverage from oil companies for oil spills. It was on January 15, when approximately 12,000 barrels of crude was spilled from one of the La Pampilla refineries, which are owned by the Spanish oil giant, off the coast of Ventanilla in the region of Lima, Peru.

“Even Exxon would not make such silly arguments against full liability coverage” – Transparency Advocate: Kaieteur News

…Motion killed in National Assembly

For a government whose members spout the “One Guyana” slogan at every turn, they have shut out the voice of half of Guyana. This is according to transparency advocate, Dr. Jerry Jailall. In a letter to the editor, Jailall penned his frustrations on the government’s response to an Opposition-tabled Motion that sought to include full liability coverage in the event of an oil spill. If successful, the Motion would have also ordered a study of the possible ill effects of an oil spill; the report would be submitted to the Parliamentary Committee on Natural Resources to guide future oil developments.

Suspended parliamentarians to lose pay, other entitlements: Demerara Waves

The eight parliamentarians, who were suspended last week, are expected to be officially informed on Wednesday of the majority decision by the National Assembly which would see them losing a portion of their salaries and access to facilities, Clerk of the National Assembly Sherlock Isaacs said Tuesday. Mr Isaacs explained that they would each four to six days pay and they would not be allowed within the precincts of the Parliament Building or Chamber, use of the library or participation in committee meetings.

News Room: Some workers in Guyana’s nascent oil and gas sector have been grappling with rights issues but the Guyana Agricultural and General Workers Union (GAWU) is hoping to step up representation to protect workers’ rights. On Tuesday, GAWU inked a new Memorandum of Cooperation (MoC) with the Trinidadian Oilfield Workers’ Trade Union (OWTU) in hopes of learning how best oil workers in Guyana can be represented amid the rapidly developing sector. GAWU’s President Seepaul Narine, during the signing ceremony on Tuesday, stated that the Guyanese union hopes to leverage the OWTU’s vast experience in the oil and gas sector amid efforts to officially represent oil workers in Guyana.

News Room: Two years after Exxonmobil began excess flaring in its offshore operation which later became necessary in wake of a faulty gas compressor, the company on Tuesday said that has been reduced to minimal levels and is only done in the background to ensure stable and safe operations.

The PPP is in effect saying it doesn’t want full insurance coverage for oil spills: Stabroek News (Letter to the Editor) by Dr. Jerry Jailall

You wonder what dunce advisors are advising the PPP Government. First, they defeated an APNU+AFC motion calling for quick payment of new employees in the public service. In a country where people live paycheck to paycheck, why would you not want people to be paid at the end of the first month? Is that rocket science to do? Then they defeated the APNU+AFC motion calling for urgent debate on corruption allegations against Vice President Jagdeo that he may have had improper associations with Chinese middlemen who have access to him.

VP Jagdeo sues Chinese businessman Su Zhi Rong for $50M over bribery allegations: News Source

In the lawsuit, which was seen by News Source, Mr. Jagdeo through his Attorneys stated that the statements made by Mr. Su Zhi Rong that were contained in the news broadcast clearly imputed criminal and unlawful conduct on the part of the Vice President and the said words were calculated to disparage Mr. Jagdeo personally and in the office he now holds. Weeks after announcing that he would go after his former friend and tenant, Chinese businessman Su Zhi Rong, Guyana’s Vice President Bharrat Jagdeo has filed a $50 million lawsuit against the businessman over statements that the businessman made in a Vice News undercover report.

Auction of remaining oil blocks to commence soon: Guyana Chronicle  

–President Ali says, expresses hope that Guyana will attract new explorers

(Reuters) – THE government of Guyana expects that an upcoming auction for oil and gas blocks will attract new companies to its energy industry, President Irfaan Ali said on Monday, following years of domination by U.S. giant, Exxon Mobil (XOM.N), and its partners. As part of his first official trip to Washington, Ali expects to hold talks with U.S. officials about food security, climate change, investment opportunities and financing, including a memorandum of understanding with the U.S. Export and Import Bank.

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