Home » Guyana News Updates, August 10, 2022

Guyana News Updates, August 10, 2022

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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


XXXI La Jolla Energy Conference

September 28-29, 2022


Guyana Basins Summit

October 4-6, 2022


Why Guyana has become the new Oil Dorado | This is Money

By John Mair


Shore base company sets consultations on road building, dredging: Stabroek News  

NRG Holdings is inviting the public to attend a meeting to discuss the Vreed-en-Hoop Shore base project in Region Three. In a notice to the public, NRG said the meeting will be held on Saturday from 10 am to 12 pm. The first hour will be for discussion on the road construction plans and activities for the Vreed-en-Hoop Shorebase Inc Port Project while the second hour will be on the upcoming near-shore dredging in the Vreed-en-Hoop foreshore area of the Demerara River.

Canada stands ready to assist Guyana with capacity- building training for oil and gas sectorKaieteur News

The Government of Canada stands ready to assist the Government of Guyana with capacity building training in the oil and gas sector and other key areas, Canadian High Commissioner to Guyana Mark Berman has said. Berman noted that Canada’s offer comes through the Canada CARICOM Expert Deployment Mechanism (CCEDM) which is a four-year programme that is funded by the Government of Canada and implemented by the Canadian Executive Services Organization (CESO).

President Ali to discuss gas development partnerships during State visit to TrinidadKaieteur News

…food security, trade on table at Agri-forum

Among the important issues that will be discussed during an official State visit to Trinidad and Tobago this week, is a partnership between Guyana and the twin island state in the development of gas resources as part of a plan to facilitate the commodity within the region. This is according to President Irfaan Ali who gave a rundown of the events that will take place in Trinidad within the next few days, as a follow up to the Memorandum of Understanding (MoU) which was recently signed by the two countries.

JV delivers first OPITO-approved training facility for Guyana’s oil and gas industryOilNOW

ODITC – a joint venture partnership between Orinduik Development Incorporated, Windsor Technologies and 3t EnerMech – become the first entity with approval to deliver OPITO-accredited training to oil and gas workers in Guyana. The 3t EnerMech Guyana Training Centre of Excellence, developed by ODITC has been established to support the region’s need to grow its oil and gas talent. OPITO certification is a common requirement for thousands of global offshore workers whose employers require a shared knowledge of safe working practices benchmarked against the same industry standard, a 3t EnerMech release stated.

Oil and Gas capacity building – Customs Petroleum Unit receives offshore safety and emergency response training 

Exxon awards contract to Magseis Fairfield for geophysical work in Stabroek BlockOilNOW

Oslo-listed marine seismic survey firm, Magseis Fairfield, has been awarded a contract by ExxonMobil Guyana to conduct geophysical work in the Stabroek Block. According to Magseis, the contract is for a “large Ocean Bottom Node (OBN) project”, to be conducted using its ZXPLR technology. Though the value was not disclosed, the project is expected to last for a minimum of 14 months. “We are very pleased to have been awarded this large OBN project, which potentially sets the stage for other projects in this region,” said Chief Executive Officer (CEO) of Magseis, Carel Hooijkaas.

Gov’t, Private Sector in agreement on unbundling of contracts, shorter payment period: News Room  

See the full joint statement from the Ministry of Natural Resources and the Private Sector Commission below:

A team from the Private Sector Commission (PSC) engaged Minister of Natural Resources (MNR), Vickram Bharrat and representatives of the Local Content Secretariat on Tuesday, August 16, 2022, to discuss issues relating to Local Content. The meeting held in the Boardroom of the Natural Resources Ministry was attended by Chairman of PSC, Mr. Paul Cheong; Chairman of PSC’s Local Content Advisory Group (LCAG), Mr. Shyam Nokta; LCAG Member, Mr. Joel Bhagwandin; Executive Director of the Georgetown Chamber of Commerce and Industry (GCCI), Mr. Richard Rambarran and Executive Director of the PSC, Mr. Ian Chung.

Govt hints at outlawing bundling of oil sector contracts if consultations fail: Demerara Waves  

Minister of Natural Resources Vickram Bharrat on Wednesday hinted that government would make the bundling of oil and gas sector contracts by oil companies and their sub-contractors illegal in order to give Guyanese companies a fair opportunity to benefit from the rapidly emerging industry here. “We are looking at all possible areas to strengthen. However, consultations will be held before that is done,”  he told Demerara Waves Online News when asked whether government planned to amend the Local Content legislation to provide for the unbundling of contracts.

Unbundling of contracts, shorter payment period now central focus of gov’t, private sector: OilNOW

The Ministry of Natural Resources and the Private Sector Commission (PSC) indicated, following a meeting Tuesday, that they have aligned on matters related to local content and will move together to find resolutions. The meeting involved discussions about the unbundling of contracts to allow greater participation by Guyanese businesses. The private sector has complained about contract bundling, arguing that it prevents up-and-coming Guyanese businesses from participating because it lumps multiple services into a single contract.

Guyana already shortlisting residents for new highland settlement: OilNOW

Guyana’s Ministry of Housing and Water said the government has already started shortlisting persons for homes to be built at Silica City, the new highland urban settlement to be built in the oil producing country. On Wednesday, Minister within the Ministry of Housing and Water, Susan Rodrigues and a team, visited a site earmarked for the first phase of development within the vicinity of Kuru-Kururu on the Linden Soesdyke Highway.

Housing Ministry aggressively pursuing the development of Silica City – News Room Guyana

Petrobras selling off interest in exploration assets in Brazil’s Potiguar Basin: OilNOW

Brazil’s state-controlled Petrobras has started the process to sell 40% of its interest in two exploratory deep-water concessions in the Potiguar Basin on the coast of Rio Grande do Norte. The company currently has a 100% interest in these concessions and said it will continue to operate the partnership after the sale. The concessions include Blocks POT-M-853 and POT-M-855, exploratory blocks acquired in 2006 at the 7th Bidding Round of the National Petroleum Agency (ANP).

‘No insurance talks for gas-to-shore project’: Kaieteur News

 – despite contracts signed for laying of US$1.3B pipeline – Brokers Association

Despite at least two contracts being awarded by oil giant, ExxonMobil for the US$1.3 billion pipeline that is slated to commence construction by year end, the operator is yet to commence talks with the local insurance companies to secure its operations. President of the Guyana Insurance Brokers Association, Mr. Peter Abdool in an exclusive interview with this newspaper on Tuesday explained that he is unaware of any policy being discussed presently.

Local Content law gives Minister Bharrat the power to regulate bundling of contracts, payment delays: Kaieteur News

Despite the passage of the Guyana’s Local Content legislation in December 2021; local businesses have been struggling to benefit from the oil and gas sector. The Local Content law is intended to regulate the way companies operate in Guyana’s oil and gas sector; employ persons, buy services and the way that they procure goods. Since the passage of the law, several members of Guyana’s private sector have voiced concerns in relation to local content issues, particularly, the bundling of contracts by oil companies and the lengthy time it takes oil and gas companies to pay local businesses for goods and services provided.

‘There is nothing we can do’: Kaieteur News

– Local Content Secretariat says powerless to rectify lengthy delays in payments to small businesses by oil companies

While it has taken note of the complaints of the lengthy wait by small contractors to receive their payments for the provision of goods and services to the oil companies, the Local Content Secretariat (LCS) said it is virtually powerless to bring any redress to the issue. This was explained by the newly minted Head of Communications at the LCS, Mikaila Prince.  Prince told Kaieteur News that the lengthy delays in payments to small or medium-sized business are not an isolated one.

The notion that Guyana is flooded with oil money will lead to exaggerated expectations: Stabroek News (Letter to the Editor) by Dr. Tara Singh

Some civil society groups and individuals have been asserting with uncontrollable zest that Guyana will become another economic miracle as Abu Dhabi or Singapore with the advent of its new petroleum sector. And cliches are literally spreading like wildfire so that some Guyanese now speak loftily as “their journey to prosperity;” “no one would be left behind;” “there could be no better time than now to live in Guyana;” while others say; “the per capita GDP of $US) 7,000 would double in 3 years’ time;” “Guyana will record the highest growth rate in the world in 2022;” and “Guyana would become the richest country in the Caribbean and Latin America.”

Guyana, Trinidad, Suriname advancing energy cooperation – Demerara Waves Online News- Guyana

Guyana, Trinidad advancing strategic development agenda

No more ‘artificial’ barriers to trade as Guyana, T&T put aside differences – News Room Guyana

Guyana’s Ali starts 5-day State visit

Guyana President Ali starts T&T visit – Trinidad Guardian


…Suriname leader in T&T for Agri-Investment Forum

T&T investors pump millions of US dollars into Guyana hotels – News Room Guyana

Influential oil company scenarios for combating climate change don’t actually meet the Paris Agreement goals, our new analysis shows


Guyana, China private sectors to ink MoU, major potential exists to increase trade – News Room Guyana


Europe eyes bigger stake, simplified access to Guyana market as trade grows – News Room Guyana

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