Home » Guyana News Updates, July 28, 2022

Guyana News Updates, July 28, 2022

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CARICOM’s Policy “Coordination”: Successes, Failures and Limitations – IDN-InDepthNews | Analysis That Matters

Amb. Colin Granderson and Amb. Frank Ward





US rekindles attention to Caribbean- Pres Ali – Demerara Waves Online News- Guyana


US VP raises `inclusive democracy’, `economic development’ for all Guyanese – Stabroek News



‘Rich-on-paper’ Guyana faces two sets of danger as it produces more- former US official – Kaieteur News



ExxonMobil taking steps to ensure longevity of oil fields – Production Manager: Guyana TimesEvening News –5:47  

…says well-testing done, reservoir-management geo-scientists on payroll

Oil giant ExxonMobil is taking steps to ensure that it can maintain the production plateau, the phase in which oil production peaks, of the Liza Phase 1 and 2 projects in the Stabroek block for as long as possible. During a recent press conference with the media, Exxon subsidiary Esso Exploration and Production Guyana Limited (EEPGL) Production Manager Mike Ryan provided an update on Exxon’s operations in the Stabroek block. Combined, the Liza Phase 1 and 2 projects are producing over 200,000 barrels of oil per day.


Liza Destiny flaring troubles finally end with new gas compressor installed; over US$10M in fees handed to EPA- ExxonMobil Production Manager: Guyana Standard 

Production Manager for ExxonMobil Guyana, Mike Ryan was pleased to report today that the gas compressor issues at the Liza Destiny floating, production, storage and offloading (FPSO) vessel have been addressed for good. Ryan told media operatives today that the new gas compressor has been delivered from Germany and successfully installed, thereby allowing the Liza Destiny to reach background flaring of less than one million standard cubic feet of gas.


More oil discoveries to benefit Guyanese – Min. Bharrat: DPIGuyana Standard    

─ as Exxon announces more offshore discoveries

Government has welcomed the latest oil discoveries announced by US oil giant ExxonMobil, which, Minister of Natural resources Vickram Bharrat said, will further translate into improved living standards for Guyanese. The oil and gas company announced the discovery of commercial quantity of oil at its Seabob and Kiru-Kiru wells Tuesday. The company said 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.


Oil, gas industry… Govt negotiating with Exxon Mobil on $2B US insurance policy: DPI  

─ AG schools Opposition on policy

─ says motion woefully wrong, misconceived

Government is negotiating insurance coverage of up to US $2 billion with US oil major ExxonMobil, in the event of an oil spill or disaster. Attorney General and Minister of Legal Affairs, Anil Nandlall S.C. said the parliamentary opposition’s motion which was defeated in the National Assembly last Thursday was riddled with errors, unrealistic, and misconceived. He made this disclosure on his weekly ‘Issues in the News’ Programme aired Tuesday on Facebook, where he addressed the motion, schooling the opposition on government’s insurance policy for the new and emerging sectors.


Hess sold 6 million barrels of Liza crude in Q2, expects 75,000 bpd for remainder of year: OilNOW

Hess Corporation, which holds a 30% working interest in Guyana’s coveted Stabroek Block, told industry watchers on Wednesday morning that it sold six one-million barrel cargos of sweet crude oil from Guyana for the second quarter of 2022. This represents an increase over the prior year’s quarter, when only two one-million barrel cargos were sold. The increase is on account of start-up operations at the Liza Unity floating production, storage and offloading (FPSO) vessel which came into operation in February.


Hess’ net profits soar to US$667M in 2022 second quarter: OilNOWStabroek NewsGuyana Standard   

Global energy major, Hess Corporation reported a net income of US$667 million, or US$2.15 per common share, in the second quarter of 2022, compared with a net loss of US$73 million, or $0.24 per common share, in the second quarter of 2021. In the first quarter, the company’s net income was US$417M. It therefore means that for the first six months, Hess’ net earnings would have totaled US$1 billion.


Investments don’t come to countries that lack stability, predictability – oil minister: OilNOW

Guyana’s Natural Resources Minister Vickram Bharrat told Members of Parliament last week that the change of government in a country should not result in instability and lack of predictability, particularly regarding agreements that were in place and on which companies are making investments. Seven years after the discovery of oil and gas, calls continue to me made for the 2016 Stabroek Block Production Sharing Agreement (PSA) between Guyana and ExxonMobil to be renegotiated so that certain provisions regarding the country’s fiscal take would increase.


Orinduik partners to submit drilling commitments by end of third quarter: OilNOW

Tullow Oil is preparing to submit drilling commitments to the Government of Guyana for the Orinduik Block. In a release shared by Orinduik’s 15%-stakeholder, Eco-Atlantic Oil & Gas, Dr. Michael Green of Align Research said progress is being made on the cretaceous drilling target selection in 2022. “The partners in the block are now entering the next phase of exploration decision making in Q3 2022 as drill commitment is planned to be sent to the government by the end of the quarter,” Dr. Green said.


ExxonMobil U14 tournament postponed to next weekend: Guyana Chronicle  

… Milo semi-finals now billed for Sunday

THE unpredictable weather patterns recently have left many sporting administrators scratching their heads regarding playing dates for many disciplines. This has not skipped the Petra Orgaisation, whose ExxonMobil U14 Schools Football tournament was scheduled to start this weekend but had to be postponed to facilitate the completion of the Milo U18 Schools football tournament. However, a release from the organisers, the Petra Organisation, stated that “after visiting the MoE ground today to assess the field’s playing condition, it was observed that water is still on the field with many very soft areas.”


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

(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.


Guyana in US$2 billion MoU with United States EXIM Bank: OilNOW

The Government of Guyana and the Export-Import Bank of the United States of America signed a memorandum of understanding (MoU) involving some US$2 billion. The Bank is the official export credit agency of the US federal government. The agreement was signed by the Minister of Foreign Affairs and International Cooperation, the Honourable Hugh Todd and the President of the EXIM Bank, Reta Jo Lewis.


Energy Chamber warns GAWU’s collaboration with TT union could spell trouble for Guyana: OilNOW

President of the Guyana Oil and Gas Energy Chamber, Manniram Prashad, has expressed displeasure with the decision of the Guyana Agricultural Workers’ Union to collaborate with the Oilfield Workers’ Trade Union (OWTU) of Trinidad and Tobago. A release from the energy chamber on Wednesday stated that it is unfortunate that GAWU saw it fit to have “foreign intervention” to represent Guyana’s oil and gas workers, as it has signed a memorandum of cooperation (MoC) with OWTU.


85-year-old Trinidad oil workers’ union to ‘show the ropes’ to Guyanese group: OilNOW

The Guyana Agricultural and General Workers Union (GAWU) announced Tuesday that it has signed a Memorandum of Cooperation (MoU) with the Oilfield Workers Union (OWTU) of Trinidad and Tobago. General Secretary of GAWU, Aslum Singh, told OilNOW the signing took place in Trinidad. GAWU said the agreement will allow for the sharing of knowledge and skills from the OWTU, which has some 85 years’ experience representing workers in the sector in Trinidad and Tobago.


Guyana has been strong partner, in many ways a global leader – US Secretary of State: OilNOW

Propelled by multi-billion-barrel oil and gas resources, Guyana’s growing prominence in the region was underscored this week in a meeting with United States (US) Secretary of State Anthony Blinken and President Dr. Mohamed Irfaan Ali. “Guyana has been a very strong partner of the United States and, also in many ways, a global leader,” Secretary Blinken said. “We are working together in our region and beyond to try to find solutions to challenges [that] include the climate, food security [and] energy security. We are working on these things together.”


Guyana’s oil boosts Hess second quarter earnings to US$667M: Kaieteur News

Hess Corporation on Wednesday reported that it achieved a net income of US$667 million, or US$2.15 per common share, in the second quarter of 2022, compared with a net loss of US$73 million, or US$0.24 per common share, in the second quarter of 2021. The corporation said the improvement in after-tax earnings compared with the prior-year quarter adjusted results was primarily due to higher realized selling prices in the second quarter of 2022. Increased production at its operations in Guyana also contributed to its sizeable net profits.


Bank of Guyana, Insurance Association must come clean on oil spill coverage talks: Kaieteur News

– Former EPA Head accuses Govt of deliberately keeping documents from citizens

Former Head of the Environmental Protection Agency (EPA) Dr. Vincent Adams believes that the Government of Guyana is deliberately keeping documents supporting better insurance coverage from ExxonMobil out of the public’s domain and has thus called on involved parties to confirm their participation at meetings in this regard under the previous administration. Adams is urging the Bank of Guyana and the Insurance Association of Guyana participants who engaged in discussions toward securing oil spill liability coverage for Guyana to come forward and speak up.


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