Home » Guyana News Updates, August 01, 2022

Guyana News Updates, August 01, 2022

by terrence richard blackman
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Over 100 foreign delegates expected as Guyana hosts ISA’s fourth Regional Committee Meeting next week | INews Guyana

Guyana Basins Summit

October 4-6, 2022


Canadian companies among four vying to strengthen GEA capacity to respond to oil spills: Kaieteur News

Two Canadian companies are among four that submitted bids to the National Procurement and Tender Administration Board (NPTAB) to strengthen the Guyana Energy Agency (GEA) capacity to properly execute its responsibilities as required under the National Oil Spill Contingency Plan (NOSCP). In order to properly execute its responsibilities under the NOSCP, the GEA, had invited, by way of advertisement, eligible individual consultants, having the technical competence, relevant resources, qualifications and experience similar to the NOSCP to submit an Expression of Interest (EOI) and financial proposal.

At US$1.5 billion a piece, Exxon says 10 FPSOs by 2030 remain in play for Guyana: OilNOW

By the end of this decade, ExxonMobil envisions up to ten floating production storage and offloading vessels (FPSO) operating offshore Guyana. This is according to the ExxonMobil Guyana President, Alistair Routledge in an article published by Senior Contributor to Forbes, David Blackmon. “Once you find a commercially viable well, you need to invest in the right infrastructure to get the resource safely out of the ground and to market. Right now, we have two floating production, storage and offloading vessels operating offshore – at an estimated cost of more than $1.5 billion a piece; by the end of the decade, we envision up to 10 such production vessels operating offshore,” Routledge is reported as saying.

Guyana delivering ‘best rocks for best returns’ as global oil supply set to tighten: OilNOW

With the United States facing economic slowdown thereby fuelling recessionary fears and the Russia-Ukraine war in its sixth month, Hess Corporation’s Chief Executive Officer (CEO), John Hess, said the company expects the global oil market to get tighter. During his company’s recent earnings call for the second quarter of 2022, Hess said the Board has observed that the price for Brent crude oil has gone from a peak of US$120 per barrel to a low of US$95 per barrel then slightly up to approximately US$105 per barrel on Wednesday.

Part 1: An updated outlook of Guyana’s take from Liza 1, 2, Payara and Yellowtail…: Guyana Chronicle (Columnist) Spherex Analytics

Guyana’s Take will peak around 2025-2030 by which time the four approved projects will be producing concurrently. The estimated gross revenue is approximately $177.3B; the total Government’s Take is an estimated $49B or 28 per cent while the Oil Companies’ Take is an estimated $42B or 24 per cent. Notably, Government’s Take will peak at approximately $4.8B annually during the period 2025– 2029 when the four projects will be producing concurrently. The four projects altogether have an estimated NPV of $35.4B; an average IRR of 22 per cent and average ROI of 332 per cent.

Guyana to host regional energy summit as alliance seeks US$1 trillion for solar energy: OilNOW

As Guyana prepares this week to host the regional committee meeting for the International Solar Alliance (ISA) for Latin America and the Caribbean, accelerating solar energy through amplifying access to finance is a major focus. On the heels of the three-day event, the ISA’s Director General Dr. Ajay Mathur stated that the alliance is working towards mobilising US$1 trillion of investment for a massive deployment of solar energy technologies aimed at expanding the market.

Oil-rich Guyana to keep agriculture, fisheries on frontline of diversification drive: OilNOW

Though Guyana’s super basin is projected to reap US$157B in oil earnings by 2040, authorities are determined to ensure a portion of these resources is used to fuel the sustainability of other traditional revenue makers such as agriculture and fisheries. According to the government, the reasoning behind this is twofold—on one hand, Guyana keeps the dreaded Dutch disease at bay while on the other, she fulfills her long-awaited destiny of being the breadbasket of the region. The vision for this effort is outlined in the government’s Low Carbon Development Strategy (LCDS) 2030.

New oil producer wants to maximise value in forestry, mining, tourism industries: OilNOW

With Guyana’s oil revenues projected to peak at US$16B in 2036, President, Irfaan Ali has said that a significant portion of these profits will be used to maximise the value and sustainability of industries such as forestry, mining, and tourism. According to the government’s Low Carbon Development Strategy (LCDS) 2030, funds are expected to help with the implementation of sustainable forest management programmes, including finalising and implementing the Voluntary Partnership Agreement (VPA) under EU-Forest Law Enforcement, Governance and Trade (FLEGT).

Ali Govt. allowing Exxon to pump as much as it pleases while country remains weak with old petroleum law: Kaieteur News

…two years in office

President Irfaan Ali and the PPP administration continue to allow American oil giant, ExxonMobil and its partners to produce more oil – despite the country is weakened by archaic petroleum laws. With two oil ships, namely the Liza Destiny and the Liza Unity in operation, Guyana is producing approximately 360,000 barrels a day. The oil operations in the country are currently being undertaken by EEPGL on the prolific Stabroek Block, which spans more than six million acres in the country’s Exclusive Economic Zone (EEZ). EEPGL is the operator of the country’s richest oil block, which is estimated to hold nearly 11 billion barrels of equivalent of oil (beo).

Hess vows to protect “sweet” Guyana operations from recession, inflationary pressures: Kaieteur News

Hess Corporation recently told investors that while recessionary fears are weighing on financial markets, it will be closely monitoring its budgetary spending for the remainder of 2022 into 2023 to ensure scheduled investments in Guyana remain unaffected. The company said the returns in Guyana are so sweet that it pays to keep pumping more money into the Stabroek Block given the industry leading deal (2016 Stabroek Block Production Sharing Agreement) it is tied to. Hess during its second quarter earnings call said all companies are dealing with the risk of a recession risk given that there is an economic slowdown now.

ExxonMobil and EPA breaching transparency guidelines by hiding flaring data from Guyanese – Alfred Bhulai: Kaieteur News

Former Transparency Institute Guyana Inc (TIGI) representative, Alfred Bhulai is flagging a breach of transparency guidelines by not only the oil giant, ExxonMobil but also by the regulatory body, the country’s Environmental Protection Agency (EPA). Bhuali sought to explain the sole purpose of the EPA should be to protect the environment, however the body seems to have added an extra duty- to look out for the oil operator. Over a year ago, Bhulai himself wrote to the EPA requesting data on offshore flaring.

Decision on national oil company next month: Kaieteur News

Guyana is exactly one month away today, from making one of the biggest decisions it will with regard to its lucrative oil and gas industry; whether to use its remaining available acreage in the formation of a National Oil Company (NOC) or not. The government is expected to make a pronouncement on this decision in September as the country grows closer to its first competitive auction for open acres offshore Guyana in the third quarter of this year. It is likely that the move to bid could see the NOC going on the back burner.

ExxonMobil lets contracts for Guyana Gas to Energy project | Oil & Gas Journal


TechnipFMC Awarded Significant Contract for Gas to Energy Project in Guyana


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