Home » Guyana News Updates, Aug 11, 2022

Guyana News Updates, Aug 11, 2022

by terrence richard blackman
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AfriCaribbean Trade and Investment Forum 2022 – One People. One Destiny

September 1-3, 2022 Barbados


XXXI La Jolla Energy Conference

September 28-29, 2022


Guyana Basins Summit

October 4-6, 2022


Exxon calls out Dr. Adams’ ‘blatant mistruths’: Guyana Chronicle.  

WITH Dr. Vincent Adams holding out that ExxonMobil had agreed to ‘unlimited liability coverage comprising of insurance plus parent company guarantee’ when he was Executive Director of the Environmental Protection Agency (EPA), the oil giant has called on him to produce the evidence. In contending that no such agreement exists, the company said it maintains full insurance coverage that meets international industry standards for all of its petroleum activities in Guyana and reiterated that its priority is to prevent adverse events by utilizing the best technologies, processes, and people.

Guyana earns GY$60 billion in profit oil, royalties for July: Guyana Chronicle.  

(OilNOW) – The latest monthly report on Guyana’s Natural Resource Fund (NRF) shows that the account earned GY$10.646 billion in royalties and GY$50.127 billion in profit oil. This totals approximately GY$60.773 billion (US$291.477 million). The Bank of Guyana report states that monthly net outflows totaled $41.7 billion. This was the government’s second withdrawal from the Fund to support the 2022 budget.

US$1.8M IDB loan to push involvement of private sector in Gas-to-Energy project, other major initiatives: OilNOW

The Ministry of Finance receives a US$1.8M loan from the Inter-American Development Bank (IDB), a portion of which will be used to push the involvement of the private sector in significant projects such as the Gas-to-Energy initiative. Guyana’s Ministry of Natural Resources has issued a request for proposals (RFP) for consultants to supervise the development of the integrated Natural Gas Liquids (NGL) plant and the 300 megawatts (MW) combined cycle gas turbine (CCGT) power plant.

Focusing on Guyana, Frontera increases full-year CAPEX guidance to US$495M: OilNOW.

Consistent with its increased working interest in the Corentyne block in Guyana, as previously announced on July 22, 2022, and reflective of the spending commitment at the upcoming Wei-1 exploration well, Frontera Energy Corporation has increased its total capital expenditure for the year to US$435-US$495 million. The company made this disclosure on Wednesday as part of its second-quarter earnings release to shareholders.

With resources topping 17 billion boe, Guyana-Suriname Basin boosting Noble earnings: OilNOW

Contract drilling services revenue earned by Noble Corporation for the second quarter of 2022 totaled US$262 million compared to $195 million in the first quarter, it reported Monday. The Guyana-Suriname Basin has been central in the company’s earnings as exploration and development drilling activities continue to ramp up. With estimated recoverable resources in Guyana standing at nearly 11 billion barrels of oil equivalent (boe) and over 6 billion boe in Suriname, the South American basin’s total estimated recoverable resources now exceed 16 billion boe.

Berbice deepwater port will not meet 2022 deadline – CGX: Kaieteur News.

CGX Energy Inc., through its subsidiary, Grand Canal, is involved in constructing and developing the Berbice Deep Water Port (BDWP), located on the eastern bank of the Berbice River. A critical portion of the project, the Offshore Supply Base of the port, was initially scheduled to be completed in the fourth quarter of 2022. Unfortunately, the company has informed shareholders that it will be unable to meet this deadline.  It said a revised schedule for completion is being discussed with the contractor for the project.

Letter surfaces proving insurance talks were held on full liability coverage: Kaieteur News

– as stakeholders press Govt. to release documents

Citizens and other stakeholders continue to press the Irfaan Ali administration and Stabroek Block oil and gas operators to publicize documents proving what insurance coverage is available to Guyana in the event of a disaster at the offshore production sites. The discussion on full liability coverage has once again picked up steam as more proof in this direction surfaces, even as the government maintains that no work was done in the past to ensure such protection.

EPA contradicts Natural Resource Minister’s claims on utilizing World Bank US$1M grant project: Kaieteur News

Natural Resources Minister Vickram Bharrat assured Guyanese some weeks ago that the World Bank US$1M grant to upgrade the Environmental Protection Agency (EPA) oil and gas capacity has not been scrapped. He was happy to report that not only was the project “not canceled”, but that the agency’s oil and gas department grew from its three staff members to 13. However, EPA’s Chief Executive Officer (CEO), Khemraj Parsram, seems not to know anything about the project, especially since he said that the agency has no copy of the relevant document.

Cash-strapped oil Company in Corentyne Block reports US$6.8M loss for the first half of 2022: Kaieteur News.

CGX Energy Inc. announced on Wednesday that it had recorded almost US$7M in losses for the year’s first half. Specifically, the company with Canadian heritage said it recorded a net and comprehensive loss of US$6.8M or US$0.02 per share for the six months ended June 30, 2022, compared with a net loss of US$3.4M or US$0.01 per share for the same period in 2021. In its latest financial statements, CGX said net loss for the period is consistent with prior periods as expected, adding that the differences in the period include interest expense which increased by US$2,262,700 to US$2,638,308 in the six months ended June 30, 2022, from US$375,608 for the same period in 2021.

Govt actively exploring telemedicine techniques – Min. Anthony

A technology stream in schools? UG Vice Chancellor backs greater focus on modern skills – News Room Guyana

Scores of students benefit from QCAANY Summer Math Institute’s return to Guyana – Caribbean Life

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