Guyana News Updates, August 29, 2022

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/

UWI IIR-CPC Webinar “Dynamics of Africa-Caribbean Engagement”

Thursday 8th September, 2022, 5:00pm-7:00pm AST

https://sta-uwi-edu.zoom.us/webinar/register/WN_zdhepMryRc-I0_30NqHkng

Transforming Guyana, Episode IV: Guyana’s emergence as a Petrostate and implications for the Venezuela-Essequibo controversy – Caribbean Policy Consortium & Guyana Business Journal

Wednesday, September 14, 2022

https://hopin.com/events/transforming-guyana-episode-iv-not-a-blade-of-grass-oil-s-role-in-the-venezuela-essequibo-controversy-420dff2c-7181-4d3a-a8b0-3d08501dd46b/registration

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

Tesla CEO Elon Musk says the world needs oil and gas. Here’s why | Fortune

https://fortune.com/2022/08/29/elon-musk-civilization-crumble-oil-gas-energy-telsa/

Elon Musk: ‘Civilization Will Crumble’ Without Oil And Gas In Short Term

https://www.forbes.com/sites/siladityaray/2022/08/29/elon-musk-renews-push-for-fossil-fuels-as-he-claims-civilization-will-crumble-without-oil-and-gas/?sh=62f175a14635

Drill, baby, drill: oil and gas investment in Guyana’s sustainable future: The Round Table: Vol 111, No 4

https://www.tandfonline.com/doi/full/10.1080/00358533.2022.2107800?scroll=top&needAccess=true

Investments with 20/30-year horizons require stable contracts – ExxonMobil Guyana President: OilNOW

ExxonMobil Guyana has outlined development plans to place six floating production vessels offshore Guyana by 2027 and see potential for 10 to be in operation in the Stabroek Block by the end of the decade. President of the company, Alistair Routledge, said that these investments are based on the Stabroek Block Production Sharing Agreement (PSA) signed in 2016. He explained that if those terms, particularly fiscal, are changed, ExxonMobil’s investment decisions are therefore altered.

Guyana seeking advisory services for transformational Gas-to-Energy project: OilNOW

With Guyana’s massive Gas-to-Energy project on track for its 2024 start-up, the government through a request for proposals (RFP) is seeking consultants to provide legal and commercial advisory services along with negotiation support. The RFP published by the Ministry of Natural Resources read that the objective of the assignment is for the eligible consultant to provide legal and commercial advisory services and negotiating support to the Government of Guyana (GoG), through the Ministry and the Gas-to-Energy Task Force.  

Benefits of the industry becoming more visible: Guyana Chronicle (Columnist) Oil, gas & you

RECENT infrastructure investments in Guyana are a testament to the benefits the country is already experiencing directly due to the development of the oil and gas sector. While many Guyanese are rightly curious about when they will feel benefits themselves, it should be understood Guyana is still at the very beginning of this road, including the fact that this is the first year the government has spent any oil revenues. However, when talking about tangible impacts and benefits to Guyanese, major infrastructure is starting to be a highly visible example. For example, the US$300 million Vreed-en-Hoop shorebase facility will play a major role in transforming Region Three along the West Coast of Demerara.

Oil companies set to receive largest returns in 15 years: Kaieteur News

…as cash flow in some companies jump from US$17B to US$300B last year alone 

Oil and gas companies globally are positioning for record increases in cash flow, while providing better returns on investment, even as rising costs have severely impacted commodity price and availability. In fact, a BMO Capital Markets report highlighted by Upstream Energy stated oil and gas producers are expected to book record cash flows while offering the best return on capital employed (ROCE) in 15 years.

Gov’t must show will to implement systems for early tracking of Exxon’s costs – Jordan: Kaieteur News

– tells administration to stop painting Guyana as powerless against oil giant

Former Finance Minister and Economist, Winston Jordan does not agree with Vice President, Dr. Bharrat Jagdeo that the country cannot do real time monitoring of bills being racked up by ExxonMobil’s affiliate and Stabroek Block operator, Esso Exploration and Production Guyana Limited (EEPGL). In a recent interview, Jordan recalled Jagdeo’s explanation that the 2016 Production Sharing Agreement (PSA) does not cater for a co-management arrangement hence throwing all hope for real time monitoring out the proverbial window. 

Energy strategist urges Guyana to exercise caution in granting of local content waivers: OilNOW

While Guyana’s Local Content legislation allows the subject minister to grant waivers to companies that encounter difficulties in meeting agreed targets for use of Guyanese goods and services, Energy Strategist, Anthony Paul says great care must be taken in the application of this provision as it could open the door for more requests for leniency. During an interview on radio show, Guyana’s Oil and You, Paul praised the government for laying out 40 areas that must see Guyanese participation.

Gov’t will end 90-day pay delay, rent-a-citizen under local content law – Jagdeo: Stabroek News  

Vice President Bharrat Jagdeo has placed foreign companies on notice that government is working assiduously to remove bottlenecks and close loopholes in the local content legislation that are being used to “beat the system”. Speaking at a press conference two Fridays ago, the Vice President underscored that by removing the ‘beat the system’, lengthy wait times for payments to local companies and fronting by some international companies will come to end.

Oil sector company offering free training in agro processing, other areas: Stabroek News  

Oil sector company, Cataleya Energy is offering free training sessions for persons working in the agriculture, agro processing, tourism and hospitality and manufacturing sectors. According to an advertisement in yesterday’s Sunday Stabroek, the training will be both in hard and soft skills with twelve focus areas spanning six months per cohort. “Cataleya in an effort to develop capacity of Guyanese nationals has engaged ActionINVEST Caribbean in a project to upskill interested Guyanese nationals for better opportunities in the developing Guyanese economy,” the company said.

Fish versus Oil: Integrated Coastal Zone Management can make them work together: Guyana Chronicle

INTEGRATED Coastal Zone Management (ICZM) is one of the subjects covered in my environmental engineering and coastal engineering classes at the university level… This is certainly the case now that Guyana has introduced offshore oil production to its economic portfolio. The media is dominated with articles about the impacts and risks of oil production, including spinoff production activities such as the proposed gas-to-shore project. One area of resounding conflict has been fish versus oil. I’ve read in various parts of the media that offshore oil production was being cited as a cause for reduction in fisheries catch.

More Brahman cattle for breeding improvement project to arrive in Sept – News Room Guyana

Bamboo craft and houses could mean big business for Guyana – News Room Guyana

APA hoping for jackpot 17 miles north of Maka discovery offshore Suriname: OilNOW

Following a successful drill campaign offshore Suriname at Baja-1 in Block 53, APA Corporation will now be turning its attention to the Awari exploration prospect, located around 17 miles north of the Maka discovery at Block 58. TotalEnergies operates Block 58 with 50% interest, and APA holds the remaining 50% stake. Another drillship will move to the Sapakara field to drill a second appraisal well at Sapakara South, where the partners conducted a successful flow test in late 2022.

T&T Energy Chamber develops new local content management system to track country’s progress: OilNOW

Trinidad and Tobago’s Energy Chamber recognised, back in 2017, that the country lacked a proper system to accurately report and analyse the local content delivery of industry players operating there. Upstream operator companies have an obligation to report to the Ministry of Energy on their local content policies and how they have performed. But according to the Energy Chamber Head, Dr. Dax Driver, those confidential reports are only ever reviewed internally with no system to aggregate and share the information submitted with wider industry stakeholders.

Ecopetrol, la séptima empresa que más paga dividendos en el mundo | Empresas | Negocios | Portafolio

https://www.portafolio.co/negocios/empresas/ecopetrol-la-septima-empresa-que-mas-paga-dividendos-en-el-mundo-570171

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