Guyana News Updates, August 15, 2022

Guyana Media Advisory: Transforming Guyana, Episode III, Education, and the Oil & Gas Windfall

August 12, 2022

Guyana Business Journal Magazine

UWI SRC-CPC webinar Friday September 2, 2022

US-CARICOM TIFA/TIC Trade and Investment Relations

Register for the webinar at: https://zoom.us/webinar/register/WN_cGtRSOS7RMqxEkfZNjcSjA

AfriCaribbean Trade and Investment Forum 2022 – One People. One Destiny

September 1-3, 2022 Barbados

https://africaribbean-trade-investment-forum-2022.b2match.io/

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

Exxon will go above ‘commitments on paper’ in event of oil spills – Company Head: News Room Guyana

Amid calls for an absolute guarantee that it will fully respond to an oil spill offshore Guyana, President of ExxonMobil Guyana Alistair Routledge says that the company intends to go above its commitments on paper to respond to that potentially disastrous event. In recent months, there have been calls for Guyana’s government to secure full liability coverage from the parent companies of the co-venturers in the Stabroek Block.

Guyana set to receive 12 lifts of profit oil for 2022 – Ministry: Stabroek News  

The Stabroek Block is expected to produce some 93.6 million barrels of oil equivalent (BOE) for 2022 and of that amount Guyana will get an estimated 12 lifts of one million barrels each, according to the Ministry of Natural Resources. “Crude production for 2022 is estimated at 93.6 million barrels,” Senior Petroleum Coordinator within the ministry, Bobby Gossai Jr said in response to questions from the Stabroek News. Gossai Jnr did not say or estimate how many barrels from that amount would be government’s take but instead forecast that government, “will receive twelve lifts of profit oil entitlement”.

Auction of oil blocks delayed – Bharrat: Stabroek News  

The Government of Guyana is still in the process of putting measures in place for the highly anticipated auctioning of available offshore blocks, consequently the auction would not be likely before the end of the third quarter of 2022. However, Vickram Bharrat, Minister of Natural Resources, gave assurances that the planned auction will definitely happen before the end of the year. In what is now the first announcement of its kind by the government, on Friday Bharrat told Stabroek News, “It will not be in September…we are looking at before the end of the year.”

Huge demand for support services in oil & gas sector – UG Vice Chancellor: Guyana Times  

…underlines importance of expanding STEM, technical skills in workforce

With the oil and gas sector at the stage where it is employing more and more Guyanese, there is a huge demand for support services in the sector that include economics, finance, language and, of course, the Science, Technology, Engineering and Mathematics (STEM) field. This is according to University of Guyana Vice Chancellor, Professor Paloma Mohamed Martin, while she was participating in a recent Guyana Business Journal and Caribbean Policy Consortium webinar.

Gov’t, STEM Guyana collaborating to expand robotics, programming locally – News Room Guyana

World’s biggest emerging ‘super-basin’ holds barrels with some of the lowest carbon intensity: OilNOW

Today’s oil and gas industry is strikingly concentrated. Almost three-quarters of resources are in just 10 basins that hold more than 100 billion boe. Fewer than 50 traditional super basins supply more than 90% of the world’s oil and gas. These are defined as originally holding more than 10 billion boe resources, of which more than 5 billion boe remains. This is according to analysis from Wood Mackenzie, a global research and consultancy group based in the United Kingdom.

Exxon committed to playing key role in delivering lower cost power to Guyana – Routledge: OilNOW

President of ExxonMobil Guyana, Alistair Routledge, said the company is committed to doing everything it can to ensure the Gas-to-Energy project, set to deliver lower cost and lower emission power to the new oil producing country, is successful. “It’s a lot of work to be done but a good deal of groundwork has already been started,” Routledge said in an interview streamed on Facebook over the weekend, as he discussed contracts that have recently been awarded. He explained that Exxon is tendering for services and materials.

Exxon says potential exists to tie new oil finds at Stabroek Block into existing projects: OilNOW

Production Manager for ExxonMobil Guyana, Mike Ryan, said there is potential to tie new discoveries at the Stabroek Block into existing offshore projects. The use of this engineering process, called subsea tieback, is a move that saves companies a fraction of the development costs for a project that typically involves purchasing a new floating production, storage, and offloading (FPSO) vessel. Ryan said ExxonMobil is always looking for opportunities that help to best develop a resource.

US$200M oil refinery proposed for EBD to employ 300 persons – Guyana Times

SPHEREX Analytics responds to Professor Hunte who contradicted himself in his counter-arguments: Guyana Chronicle by Joel Bhagwandin

I AM elated to offer greater clarification and respond to some of the questions posed by Professor Kenrick Hunte in his letter published in Kaieteur News edition of August 10th, 2022. Readers would recall that Professor Hunte and the undersigned have recently been engaged in a public debate on the fiscal terms of the Production Sharing Agreement (PSA). To this end, I recently published a comprehensive forecast which I have conducted based on the project economics of the four approved developments to date, namely: Liza 1, Liza 2, Payara and Yellowtail.

Exxon ignores cries of small businesses: Kaieteur News

…defends lengthy wait for payment of goods, services

In wake of concerns being raised by small and medium sized businesses of having to wait as many as six months to receive payments for goods and services already provided to oil and gas companies, the major player in the field, ExxonMobil, has not only admitted to forcing companies to wait for several months to receive their pay, but is also defending the lengthy waiting time. President of ExxonMobil Guyana, Alistair Routledge during an interview with the Newsroom on Friday sought to justify the extensive period in which businesses wait for their payments.

Lessons for Guyana…15 natural gas plants exploded in US over past 8 years: Kaieteur News

…as Guyana Govt. moves ahead with Wales gas-to-shore project

Despite natural gas pipelines and plants explosion being prevalent, the President Irfaan Ali-led PPP administration is adamant in rushing ahead with the US multi-billion dollar Wales Gas-To-Energy (GTE) project despite critical safeguards are yet to be put in place and citizens in the dark about its financial viability. In just eight years, the United +States of America (USA) recorded 15 natural gas related explosions. Those explosions not only caused billions in damages but lives, homes and livelihood were lost.

Who will pay for oil spill damage over US$2.6B insurance coverage?: Kaieteur News

– Former EPA boss urges Exxon/Government to explain

Former Chief Executive Officer (CEO) of the Guyana Environmental Protection Agency (EPA) Dr. Vincent Adams continues to call on the Guyana Government to make it clear who will be footing the bill for oil spill damage over the US$2.6B insurance coverage that is currently being worked out between the government, ExxonMobil and its partners. Exxon has told the nation that each of its Stabroek Block projects is covered by a US$600M policy, while it is still in discussion with the government for a combined US$2B package of affiliate company guarantees; bringing the total coverage cost to US$2.6B.

Bauxite industry to top the charts again – Sam Hinds – News Room Guyana

DDL signs deal with gov’t for US$15m milk plant – Stabroek News

http://radiojamaicanewsonline.com/local/guyana-demerara-distillers-turns-to-milk-production

Saudi Aramco’s Profit Jumps 90 Percent on High Oil Prices – The New York Times

Saudi Aramco’s Profits Soar Amid High Oil Prices & Demand | Statista

https://www.statista.com/chart/27984/aramco-oil-profits/

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