Guyana News Updates, Aug 5-7, 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

 

 

 

XXXI La Jolla Energy Conference

September 28-29, 2022

https://iamericas.salsalabs.org/la-jolla-conference-2022-preliminary-agenda?wvpId=e61fc00c-5202-4561-bdf9-9381c4304e10

Guyana Basins Summit

October 4-6, 2022

http://guyanabasinsummit.com/en

 

A Conversation with the President of Guyana – YouTube

https://www.cgtnnow.com/cgtn-live-newscasts-1/videos/hd-live-broadcasts

 

Amazon expert to certify Guyanese for tech jobs – President

 

US to assess Guyana’s hydropower potential: Demerara Waves

President Irfaan Ali on Thursday said the United States (US) would be assisting Guyana in jointly assessing its hydro-electricity generation capacity. He  told the opening of a Latin America and Caribbean meeting of the International Solar Alliance (ISA) that is one of the outcomes of his recent one-week visit to Washington DC where he held talks with the US Energy Department. Dr Ali said a team of Guyanese experts has since been established to work counterparts from the Energy Department.

 

Consider hydrogen as the renewable source of the future – President Ali: DPI

President, Dr Mohamed Irfaan Ali says that the Caribbean Region should consider making separate investment in hydrogen as the renewable energy source of the future… Additionally, the highly-anticipated gas-to-energy project terminating at the Wales Development Authority, will see 250 MW of new power generation constructed. This US$900 million project will utilise natural gas from the Liza One and Liza Two development projects offshore Guyana. The project is being developed in partnership with ExxonMobil, the operator of the lucrative Stabroek Block.

 

Evening News – 1:03: US$11B NEEDED OVER NEXT DECADE TO UNLOCK REGION’S RENEWABLE ENERGY POTENTIAL – PRES ALI

 

Repsol hits water-bearing targets at Guyana well: OilNOW

Drilling operations at the Beebei-Potaro exploration well, drilled in the Kanuku licence, offshore Guyana, have been completed. The well encountered good quality reservoir in the primary and secondary targets but both targets were water-bearing. The Noble Regina Allen rig drilled the Beebei-Potaro well to a Total Depth of 4325 metres in 71 metres of water and the well has been plugged and abandoned. Tullow will integrate the well results into its regional subsurface models and work with its joint venture partners before deciding on next steps.

 

Repsol unsuccessful with latest wildcat offshore Guyana | Offshore

https://www.offshore-mag.com/regional-reports/latin-america/article/14280875/repsol-unsuccessful-with-latest-wildcat-offshore-guyana

 

Tullow Comes Up Empty In Guyana Offshore Oil Well | OilPrice.com

https://oilprice.com/Latest-Energy-News/World-News/Tullow-Comes-Up-Empty-In-Guyana-Offshore-Oil-Well.html

 

Tullow Oil abandons Guyana well after dismal drilling results | Reuters

https://www.reuters.com/business/energy/tullow-oil-abandons-guyana-well-after-dismal-drilling-results-2022-08-05/

 

Tullow’s Past Exploration Fame Sputters Out With Guyana Flop – Bloomberg

https://www.bloomberg.com/news/articles/2022-08-05/tullow-s-past-exploration-fame-sputters-out-with-guyana-flop#xj4y7vzkg

 

‘One Guyana’ FPSO takes SBM Offshore’s order book to record US$31.1B – CEO: OilNOW

SBM Offshore’s order book hiked to a record-breaking US$31.1 billion when it secured the contract to construct the massive ‘One Guyana’ floater for ExxonMobil’s Yellowtail development. This much was told to shareholders by SBM Offshore’s Chief Executive Officer (CEO) Bruno Chabas during the company’s half-year earnings call. Chabas said that SBM Offshore expects to deliver around US$9 billion in net cash flow from its Lease and Operate backlog during the period which gives visibility on cash flow for the next 28 years.

 

Westwood names Guyana, Namibia among high-impact exploration successes: OilNOW

Energy market research and intelligence firm, Westwood Global Energy, has named Guyana and Namibia among oil exploration and production jurisdictions where high impact exploration has proven successful. “38 high-impact exploration wells were drilled in the first half of 2022, similar to the same period in 2021 when 39 wells completed,” Westwood said. “The 38 wells resulted in 13 potentially commercial discoveries at a 34% commercial success rate, delivering ~6bnboe [billion barrels oil equivalent] of discovered resource.”

 

New Guyana Uncut posted: FORMER EPA HEAD WANTS EXXON TO CUT OIL PRODUCTION || MUDWATA RESPONDS (August 4)

[FB: 103 Likes, 2 Love, 26 Laughs, 6 Comments, 3,000 Views, and 23 Shares | YouTube: 5,748 views, 15 Comments, and 293 Likes.

 

Gov’t committed in the cause of advancing renewable energy resources – says Finance Minister – News Room Guyana

 

Guyana’s renewable agenda progresses with newly commissioned solar farm at Lethem | OilNOW

 

$472M Lethem solar farm to save Guyana $136M annually – Guyana Chronicle

 

 

  • Rystad Energy’s Presentation in Guyana

 

Watch Live Stream 

 

Guyana’s oil will be in long-term demand, despite transition to clean energy: Demerara Waves

Guyana’s low carbon dioxide emission crude oil and break-even price of an average of U$28 per barrel have positioned the country’s reserves for a good market, even with a projected global demand of  up to 50 million barrels per day by 2050 due to the shift to cleaner energy such as renewables, according to the Norway-headquartered Rystad Energy. Rystad Energy’s Senior Vice President & Head of Latin America, Schreiner Parker said during a presentation on his entity’s most recent oil and gas study on Guyana’s upstream industry that existing production  would not be sufficient to meet the 2050 demand.

 

There is great potential for more oil finds outside of Stabroek Block – expert

 

A game changer: Guyana Chronicle  

— Rystad Vice-President hails gas-to-energy project as ‘absolutely necessary’ for Guyana

DESCRIBING Guyana’s gas-to-energy project as “absolutely necessary”, Senior Vice-President and Head of Latin America for Rystad Energy, Schreiner Parker, said that the project can only change Guyana for the better, given the wide range of benefits it will bring. Parker shared these remarks on Wednesday during a press conference where he presented his company’s most recent study on “Guyana’s Upstream Industry and Country Benchmarking Update”.  He noted that just like oil, Guyana has tremendous natural gas resources.

 

Guyana to be flush with over US$150B in oil revenues by 2040 – Rystad Senior VP: Guyana Standard  

Guyana’s future is projected to be flush with over US$150B in oil revenues by 2040 as she would have more than seven Stabroek block projects delivering in excess of one million barrels of oil per day by that period. This is according to Senior Vice President & Head of Latin America for Rystad, Schreiner Parker. During an engagement with media operatives at Oil NOW’s office in Spurwing Drive, Parker listed some key facts about Guyana; facts that make it one of the most coveted oil story any investor would fantasize being part of.

 

Guyana’s Stabroek block one of the most prolific of all time – Rystad Energy’s Senior Vice President: iNewsEvening News – 4:32

The Stabroek Block offshore Guyana is being referred to by one expert as one of the most successful exploration blocks of all time, with an unparalleled success rate after 33 oil finds were recorded in the block by ExxonMobil between 2015 and 2022. Making this assertion was Schreiner Parker, the Senior Vice President and Head of the Latin America Division for Rystad Energy, an independent Norwegian consultancy specialising in energy research and market intelligence.

  

Oil-minded Guyanese hammer Rystad Energy’s propaganda ‘study’: Kaieteur News

…company admits to being ExxonM’s client

…avoids questions on who paid for spreading of misinformation

Rystad Energy, a research company that claims to be an “independent group” based in Norway was roughed up on Thursday evening after several Guyanese punched gaping holes into a “study” it produced with mysterious projections about the country’s oil earnings into 2040. The report titled, Guyana Upstream Industry and Country Benchmarking Update, was unveiled to members of the business community at Duke Lodge by Rystad’s Senior Vice President (VP) and Head of Latin America, Schreiner Parker.

 

No one has ever seen, known what Guyana US$600M oil insurance policy is about – Sources: Kaieteur News

While the conversation regarding financial protection for Guyana against oil spills rages on, citizens are not only in the dark about the actual existence of the insurance policy, but sources have confirmed that the coverage is not in-country as is legally required. Given their operations offshore Guyana, oil companies are required to have the necessary insurance coverage to provide the finances that is necessary to support clean up action. Additionally, this policy is supposed to be in-country, former head of the Environmental Protection Agency (EPA) Dr. Vincent Adams had stated.

 

Guyana can show the world how to manage oil for citizens’ benefit – Rystad Energy – News Room Guyana

 

Exxon has proven it has a second-to-none approach in growing oil, gas stocks – CEO Woods | OilNOW

 

 

Former EPA head has axe to grind: Guyana Chronicle (Letter to the Editor) by Romel Khan

AS an avid follower of the news and information on oil and gas, I write to respond to the claims published in the media regarding insurance coverage for the oil-and-gas sector. The latest claim is that Exxon signed on to an agreement guaranteeing “unlimited liability coverage” consisting of insurance plus parent-company guarantee for coverage of all liabilities above the insurance limit. To date, these claims have not been substantiated by any document in the public domain, but continue to be irresponsibly echoed by the media.

 

Incredibly disappointing that former EPA head is sharing blatant mistruths | OilNOW

Janelle Persaud, ExxonMobil Guyana Public and Government Affairs Advisor.

 

Response to former Finance Minister, Winston Jordan, who presented a disingenuous assessment of the economy under his stewardship (Part 11): Guyana Chronicle (Letter to the Editor) by Joel Bhagwandin, Financial Analyst

SINCE independence, Guyana has only had two governments. Both governments have fundamentally different political ideologies and economic philosophies altogether. The economic philosophy of the administration of the day, essentially serves as the guiding principle of the economic policies that it implements. To this end, the economic philosophy of the current administration is quite clear, wherein the regime prides itself as a business-friendly government, while the other (previous) regime, is the opposite.

 

Response to former Finance Minister, Winston Jordan, who presented a disingenuous assessment of the economy under his stewardship (Part 1): Guyana Chronicle (Letter to the Editor) by Joel Bhagwandin, Financial Analyst

REFERENCE is made to utterances by the former Finance Minister, Mr Winston Jordan, who appeared on a Globespan programme and wherein excerpts of his remarks were carried in certain sections of the media. Mr Jordan disingenuously lamented that after seven years, the government is yet to protect itself from being cheated on the oil revenues. In this regard, he pointed to the lack of capacity and regulatory framework among other things. However, Mr Jordan failed to acknowledge that five out of the seven years he was in charge, inter alia, the previous government’s term in office.

 

Dutch shipbuilder nets US$103M profit in six months: Kaieteur News

Backed by Guyana contracts…

– says order book increases to new record level of US$31B

SBM Offshore, the Dutch shipbuilder of Guyana’s oil vessels, disclosed on Thursday that it earned a handsome net profit totalling US$103M or US$0.58 per share, for the first half of 2022. This is significant since for the corresponding period last year, the company made US$61M or US$0.32 per share. Of particular interest to the company is the fact that its order book has increased to “a new record level” of US$31.1B. 

 

KOTUG To Support Liza FPSOs Off Guyana

https://www.oedigital.com/news/498526-kotug-to-support-liza-fpsos-off-guyana

  

Mozambique, Guyana, Suriname hold ‘key wells to watch’ in remainder of 2022 – Westwood | OilNOW

 

UN Head whips oil companies for making massive profits on backs of poor peopleKaieteur News

– Urges governments to implement windfall tax to support vulnerable citizens

Secretary General of the United Nations (UN), António Guterres has slammed fossil fuel companies for the “excessive and immoral profits” they made during the energy crisis sparked by the Russia-Ukraine war in February last. The Secretary General issued a stern call for the massive gains of these firms to be taxed, and the money returned to vulnerable citizens to help them weather the financial storm. During the Conference of Parties to the Treaty on the Non-Proliferation of Nuclear Weapons at the United Nations in New York City on August 1, 2022, Guterres said it is immoral for oil and gas companies to be making record profits on the backs of the poorest people and communities and at a massive cost to the climate.

   

President Irfaan Ali and his ministries have withstood the test of time, tactics and temerity: Kaieteur News (Letter to the Editor) by Jai Lall

Two years ago, the Ali administration was finally sworn into office after a five months impasse during which, the then President Granger led APNU+AFC Administration held this country under siege and had their knees on the necks of Guyanese, refusing to demit office even after a recount of the votes by international observers proved that the PPP/C Party had won the March 2020 general elections with a majority of 33 seats… This industry had started off on a wrong footing because of the lopsided oil agreement signed by the APNU+AFC Party and ExxonMobil. Facing the heat now to renegotiate the contract, the PPP/C Government is being bombarded with intolerable accusations and insults. “Do nothing, fear nothing.”

   

Politikles: Stabroek News (Renegotiation of contract)

 

City Chamber calls on regulators to examine contract bundling practices in oil & gas sector: OilNOWNews Source – 13:09

The Georgetown Chamber of Commerce & Industry (GCCI) is calling on Guyana’s Local Content Secretariat to delve into “contract bundling” practices being executed by a number of companies in the oil and gas industry, making it clear that it will not support such practices. In a press statement today, the Chamber cited the recurrent practice as “the consolidation of the procurement of various goods and services under one contract,” adding that it is robbing many local businesses of the opportunity to equally participate in the growing industry. According to the private sector representation body, expressions of interest (EOI) and requests for information (RFI) are being advertised by companies, all falling under one contract.

   

Constitutional reform consultation doomed to fail—civil society groupKaieteur News

Civil society group, Policy Forum Guyana has criticized the governance of this country, saying what passes for politics here is so removed from being civilized the recent announcement of the Government’s intention to launch a process of constitutional reform next month induces only eye-rolling resignation. “While a national conversation on our political battlefield is urgently needed and would be welcomed by Policy Forum Guyana (PFG), a formal constitutional process requiring 60% Parliamentary approval is not a serious proposal at a time when political leaders cannot even shake hands,” the group said in a statement Thursday. 

 

Gov’t focused on reviving sugar industry- Pres Ali

https://dpi.gov.gy/govt-focused-on-reviving-sugar-industry-pres-ali/

 

Embassy Suites by Hilton to bring 180+room hotel to Guyana – Guyana Times

 

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