Guyana News Updates, August 03, 2022

Transforming Guyana, Episode III “Education & The Oil Windfall”

Guyana Business Journal Magazine + Caribbean Policy Consortium

Wednesday, August 10, 2022, at 10:30 AM EST

 

 

 

Guyana Basins Summit

October 4-6, 2022

http://guyanabasinsummit.com/en

 

 

 

UK High Commissioner applauds Govt for putting women at heart of Guyana’s economic growth: Guyana TimesEvening News – 15:50, HGP Nightly NewsStabroek News     

…as women’s entrepreneurial app launches e-wallet content

Building the human capital is going to be the secret to Guyana’s success. This is the firm conviction of UK High Commissioner to Guyana, Jane Miller, who pointed out that Guyanese, especially women, must be prepared to reap the benefits of the country’s massive economic growth… The HerVenture app was developed by the Cherie Blair Foundation for Women and was launched in Guyana in 2021 thanks to funding and support from the ExxonMobil Foundation.

 

Guyana, US military discuss importance of regional security cooperation – Guyana Times

 

Gas will cut Guyana’s emissions by more than half as demand for power set to triple – Hess: OilNOW

Hess Vice President for Guyana and Suriname, Timothy Chisholm, said the Gas-to-Energy project would not only power industry and economic growth in Guyana but would help provide a reliable and cleaner source of energy to help meet rapidly growing demand for electricity. Hess and its partners, ExxonMobil and CNOOC, are expected to make a final investment decision later this year on the project. Chisholm explained that since more than 90% of Guyana’s power generation capacity comes from high-emissions heavy fuel oil, the reduction of emissions resulting from the replacement of it with natural gas will be beneficial.

 

Eco says Canje Block remains “highly prospective” ahead of 12-well campaign: OilNOW

Eco-Atlantic has set its sights on raking in big wins from Guyana’s offshore Canje Block, as the operator ExxonMobil gears up for a 12-well exploration campaign. The company has no direct stake in the Canje Block but holds 7.3% of JHI Associates, which has a 17.5% stake in the Block. “In Guyana, we continue to benefit from our interest in the Canje Block. The licence remains highly prospective… ExxonMobil and the licence partners are currently evaluating the next steps,” Eco said.

 

Exxon to spend more than US$100 billion through 2027 to meet world’s energy needs: OilNOW

ExxonMobil expects to invest over US$20 billion annually to help meet the world’s growing energy needs through 2027. That’s more than US$100 billion in the next five years. This will amount somewhere between US$21 billion and US$24 billion this year, then between US$20 billion and US$25 billion every other year through 2027. It sees oil as necessary, as it meets more than 30% of global energy demand and 90% of transportation needs, being “virtually indispensable” for powering larger vehicles such as trucks, planes, and ships.

 

Guyana enters the big league as oil revenues break US$1B in 2022, grow to US$7.5B in 2030: News Room

(Rystad Energy) – As the burgeoning Guyanese offshore oil and gas industry goes from strength to strength, powered by the Stabroek block, government revenue from domestic production is on track to break the $1 billion mark this year and accelerate to $7.5 billion annually in 2030, according to Rystad Energy research. This year is set to be a turning point for the Georgetown government to start capitalizing on the vast reserves in the offshore field, with revenues more than doubling over 2021 levels.

 

Gas to energy is good option for Guyana but must be matched to sustainability commitments: Stabroek News  

-UWI Professor Dr Graham King

Guyana’s gas to shore project, geared at reducing the current carbon footprint while preparing for eventual transition to green energies, could only be deemed successful if it is matched to sustainability commitments made, says University of the West Indies Professor, Dr. Graham King. “Gas to energy is a good option. It is the sensible thing to do but it has to be matched…and a lot of the issues comes back to commitments [made]. The rhetoric is spot on at the moment but it has to be in actuality,” Dr. King told the Stabroek News in a recent interview.

Exxon streamlines procurement, engineering works for 5th Guyana project: Kaieteur News

Emboldened by the permission of the Guyana Government for an offshore pumping spree, ExxonMobil and its partners have kicked off procurement and engineering works for its fifth oil project in the Stabroek Block. Making this disclosure was Hess Corporation during its second quarter earnings call at the end of July, 2022. Hess, which holds a 30 percent working interest in the Stabroek concession said, “Front-end engineering and design work for our fifth development in Uaru Mako-1 is underway with a plan of development expected to be submitted to the government by year-end.

 

After 2 years in office… Govt. still to make new law to protect Guyana’s oil resources – Article 13: Kaieteur News

Tuesday, August 2, 2022 commemorated the President Mohammed Irfaan Ali-led government’s second year in office and according to, Article 13, a civil society body, there is nothing to celebrate because it has not done anything “to advance and represent the interest of the Guyanese people.” In a press release, Article 13 noted that one of the ways that government has failed the country is by not making a new legislation to regulate Guyana’s oil sector. “There are no new legislation to regulate the petroleum sector; the local content policy for the sector has been bungled and is in disarray,” the civil society body observed.

 

Impossible to trust ExxonMobil’s claim of adhering to flaring levels – former EPA Head: Kaieteur News

as oil giant hides data on Liza One project…

Former Head of the Environmental Protection Agency (EPA), Dr. Vincent Adams does not believe that the American oil and gas giant, ExxonMobil has indeed achieved the flaring targets set out in the Liza Two permit, as the company is reluctant to share the total volume of gas flared at the Liza One field. ExxonMobil through its subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) had been flaring associated gas at the Liza One field soon after the startup of oil production in 2019, owing to its failed gas compressor.

 

UK firm gets contract for gas-to-energy project without EPA permit: Kaieteur News

Although an environmental permit for the planned pipeline to transport gas from the Liza One and Two fields in the Stabroek Block, offshore Guyana is yet to be approved by the Environmental Protection Agency (EPA), the company conducting the venture – Esso Exploration and Production Guyana Limited (EEPGL), the local subsidiary of US oil company, ExxonMobil – has moved to award yet another contract. On Monday, while the country was celebrating Emancipation, the oil company gave out another contract, this time to Technip FMC, a United-Kingdom based firm that provides expertise for subsea and surface projects.

 

Exxon to push oil production spree in Guyana, U.S. to net more record-breaking profits: Kaieteur News

As global demand for fossil fuel recovers, ExxonMobil Corporation said it is becoming quite evident that the current supply will not be sufficient; as such, it will continue to make the necessary investments that would leave it well positioned to dominate the market and net more record-breaking revenues for the remainder of 2022. This much was communicated to shareholders by Darren Woods, Chief Executive Officer (CEO) and Chairman of ExxonMobil on July 29, 2022. During his company’s second quarter earnings call, the Exxon chief noted that the company broke another record as it made approximately US$17B in profits. Woods said he is determined to replicate this success by growing oil output in the USA and Guyana.

  

Deep-water projects in Guyana to help buoy market for drill ships, FPSOs, subsea equipment – Rystad Energy: Kaieteur News

as country remains in the dark on leasing costs for oil ships…

Deep-water projects in Guyana, Brazil, and Mexico are expected to buoy the market for drill ships; floating, production, storage and offloading (FPSO) vessels, and subsea equipment. This is according to the Norwegian group, Rystad Energy, an independent energy research and business intelligence company that provides data, tools, analytics, and consultancy services to the global energy industry. While Rystad reported that the mega projects in the three Latin American countries will benefit the drillship, FPSO, subsea and subsea umbilicals, risers, and flow lines (SURF) markets over the next three to four years, Guyanese are still in the dark on the leasing bills for its Stabroek Block oil resources.

 

Hess Corp – free cash flow, reducing debt: Kaieteur News (Editorial)

John Hess, the CEO of Hess Corporation is one proud man, as he should be, since he has only good news to share with his listeners.  He has every right to be, because he has the facts and figures in his favour, and they are mouthwatering for all his people.  But as John Hess boasts and boosts the interest of his workers and investors, Guyanese again get confirmation of this upside-down oil world in which they live.  Upside down and ‘back-to-front’ is what Guyanese now experience and lament since this oil was discovered here. 

 

Massive potential and prosperity in store for Guyana – PM Phillips

 

More overseas-based Guyanese, foreigners will soon travel to Guyana for healthcare – Dr. Anthony

 

GCCI voices disapproval at contract bundling practices for oil services

 

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