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
Guyana President Urges Saudi Arabians to Invest in Guyana – CNW Network
Pres Ali urges partnerships between Guyanese, Saudi Arabian Private Sector bodies – Guyana Times
‘We want to move quickly; we want to deliver fast’: Kaieteur News
President Irfaan Ali, on Saturday, extended an open invitation to investors of the Kingdom of Saudi Arabia, to ‘invest now’, promising that Guyana is ready to remove bureaucratic hurdles… Guyana, Minister Singh said produces about 350,000 barrels of oil per day with a reserve that is the third largest in Latin America and the Caribbean, and the 17th largest in the world. Nevertheless, the Finance Minister said that Guyana has a heavy focus on developing a strong diverse economic base by investing in its non-oil sectors.
Guyana now producing over 300,000 barrels of oil per day – Bharrat: Guyana Chronicle
(OilNOW) – The start-up of Phase Two of the Liza Development has pushed daily output in South America’s newest oil-producing nation to above 300,000 barrels per day. The Liza Unity floating, production, storage, and offloading (FPSO) vessel arrived at the ExxonMobil-operated Stabroek Block offshore Guyana in October 2021 and moved to produce its first barrel of oil in February this year.
Natural Resources Minister Vickram Bharrat told a visiting delegation of investors from Saudi Arabia, on Saturday, that the oil production ramp-up in Guyana has been unprecedented.
Hess hails “tremendous progress” extracting Guyana’s oil: Kaieteur News
Hess Exploration Guyana Limited’s Chief Executive Officer (CEO), John Hess is seeking to assure that not only is Guyana’s oil significant since it would still be in demand for decades to come, but its development was important to his company and was elated at the tremendous progress made in extracting the country’s crude thus far. Hess made the statements on Friday last during an event at State House, where he was at the time reiterating the importance of the need for the country to develop its natural resources for itself, and his company, in the presence of Head of State, President Irfaan Ali, and other government representatives.
Guyana to tender Oil Block C by year end – Min Bharrat: Guyana Times
…says 300,000 bpd currently being produced; could increase to 600,000 by 2023
The People’s Progressive Party/Civic (PPP/C) Government plans to go out to tender for a partner to help them develop the Block C offshore oil block, which is currently unawarded and which the Government believes holds significant resources and investment potential. This was according to Minister of Natural Resources Vickram Bharrat, during the Guyana-Saudi Arabia Investment Engagement that was held in the dome of the Arthur Chung Conference Centre (ACCC) on Saturday. He described it as a major opportunity for investors.
Guyana now expects economic growth at 57.8%; producing 350,000 barrels of oil per day: News Room
Up from the 47.5 per cent economic growth projected for Guyana in the 2022 national budget, the country now expects a growth rate above that, standing at 57.8 per cent, Finance Minister Dr. Ashni Singh said Saturday. The announcement comes even as the mid-year report is yet to be released but also with some 350, 000 barrels of oil being produced per day in the offshore basin of the new oil-producing nation. Dr. Singh made the revelations as he addressed a visiting 65-member strong delegation from the public and private sectors of Saudi Arabia scooping investment opportunities in Guyana.
Yarrow-1 is Exxon’s next target offshore Guyana: OilNOW
With nearly 11 billion barrels of oil equivalent discovered since 2015, ExxonMobil is looking to further increase these volumes at its largest deepwater license offshore Guyana. The US oil major is targeting a new prospect – Yarrow-1 – located approximately 92 nautical miles (170.4 kilometers) offshore, covering an area of 0.29 square nautical miles (1 square kilometer). The well is located at the Stabroek Block, the most prolific deepwater acreage in the Guyana-Suriname basin, where experts say discoveries could double the volumes already found so far.
Total recoverable oil worldwide sliding, Guyana barrels becoming more crucial: OilNOW
Following publication of BP’s annual Statistical Review, each year Rystad Energy releases its own analysis of the global energy landscape to provide an independent, data-based comparison and evaluation. Continuing the trend from previous years, Rystad Energy’s 2022 review shows a sizeable drop in recoverable oil resources in what could deal a major blow to global energy security. According to Rystad Energy analysis, global recoverable oil now totals an estimated 1,572 billion barrels, a drop of almost 9% since last year and 152 billion fewer barrels than 2021’s total.
Seven NOCs from Middle East, Russia and Venezuela own half the world’s remaining resources: OilNOW
Seven giant National Oil Companies (NOCs) can continue to produce at their current rates for another 40-60 years from existing resources, and even longer, if they convert some of what is currently considered contingent resource into commercial. This is according to new analysis from global research and consultancy group, Wood Mackenzie. These NOCs include QatarEnergy, Saudi Aramco, PDVSA, NIOC, Gazprom, ADNOC and Rosneft.
Exxon, Govt. now putting together emergency response plan for gas-to-shore project: Kaieteur News
The Government of Guyana (GoG) and its business partner on the Gas to Energy project, ExxonMobil, is now in the process of developing an emergency response plan for natural gas related incidents. This was confirmed yesterday by the Civil Defence Commission (CDC), one of the key agencies that will be participating in the development of the document. Mr. Loring Benons, the acting Head of the CDC told this newspaper in an exclusive interview that there is currently no emergency response plan.
Money laundering – not new news: Kaieteur News (Editorial)
Amid all the many huge developments, in the crush of the rush of mouthwatering projects that descend upon Guyana the PPP/C Government and its leaders have made a joyful living of pointing to their initiatives now in full swing. Somehow, they conveniently forgot the dark underside of all this action, and the attractions that they hold for some seeing opportunities to be seized for crooked gain. It was what they suppressed, or did not want to hear, but which has now come back to strike both government and leaders in the heel.
The EPA’s Board needs an additional environmentalist: Kaieteur News (Letter to the Editor) by Mr. Jamil Changlee
Exxon had to unwillingly add an environmentalist perspective to its Board in order for the public’s best interest to be clearly voiced and considered in the company’s decision-making. The board of the EPA would also benefit from such a presence. Someone who brings a pragmatic consideration of the environment and helps decisions be made with the safety of our biosphere in mind. Two strong candidates come to mind, Mrs. Janki and Mrs. Mangal Joly.
Standing Committee on Constitutional Reform’s work being stalled by Opposition: Guyana Chronicle
ATTORNEY-GENERAL and Minister of Legal Affairs, Anil Nandlall, S.C., has opined that the opposition has been actively working to systematically stymie the work of the Standing Committee on Constitutional Reform. He made this disclosure on Sunday on his Facebook page following the most recent meeting of the committee. The legal affairs minister reminded that bipartisan cooperation on behalf of all the political parties in the National Assembly is an essential element of constitutional reform.
Appealing against the storage of radioactive sources in Coverden, again: Who will listen to us?: Stabroek News (Columnist) In the Diaspora by Penelope Howell
Penelope (Penny) Howell is a trained teacher, and a community activist, and hails from Coverden. Her husband Timothy is from Barbados. They are the proud parents of one son – Matthew Howell. Editor’s Note: Last week residents of Coverden appeared before the Environmental Assessment Board (EAB). This is the fourth time they have appeared at such hearings, to defend their community against the decision by the Environmental Protection Agency to waive requirements to two companies that have applied to operate a waste treatment facility and a storage plant for sealed radioactive sources in their community.
Revisiting the taxation provisions in the Petroleum Agreement with Exxon’s subsidiaries: Stabroek News (Columnist) Accountability Watch by Anand Goolsarran
To leave ministerial office is a serious matter at any time. For me to step down as Chancellor while the world is suffering the economic consequences of the pandemic, the war in Ukraine and other serious challenges is a decision that I have not taken lightly.However, the public rightly expect government to be conducted properly, competently and seriously. I recognise this may be my last ministerial job, but I believe these standards are worth fighting for and that is why I am resigning.
Enormous amount of mud will be dumped on the Demerara fishing grounds: Stabroek News (Letter to the Editor) by Janette Bulkan
Thank you for securing information from NRG Holdings Ltd. (SN 19 July 2022, ‘Extensive consultations’ held with fisherfolk prior to Demerara dredging activities – NRG Holdings). I wonder if the sheer amount of mud to be dredged and dumped onto their traditional fishing grounds was explained by the company during the focus group meetings and public consultations with the fishermen? I used the dimensions provided by the chartlet shown in MARAD Notice to Mariners number 113 dated 28 June 2022, derived from UK Hydrographic Office chart number 527.
Preserving indigenous identity not at expense of sustainable economic development – Pres. Ali – News Room Guyana
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