Home » Guyana News Updates, August 8, 2022

Guyana News Updates, August 8, 2022

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Transforming Guyana, Episode III “Education & The Oil Windfall”

Guyana Business Journal Magazine + Caribbean Policy Consortium

Wednesday, August 10, 2022, at 10:30 AM EST



XXXI La Jolla Energy Conference

September 28-29, 2022


Guyana Basins Summit

October 4-6, 2022


IDB calls for better access to financing for Caribbean firms | News | Jamaica Gleaner



Caribbean Economics Quarterly: Volume 11, Issue 2: Finance for Firms: Options for Improving Access and Inclusion – July 2022



Builder of Guyana FPSOs now has best delivery time in the world for high-capacity vessels: OilNOW

Dutch floater specialist SBM Offshore is the only company in the world to deliver floating production storage and offloading (FPSO) vessels with capacity above 120,000 barrels per day, on time, in the last five years. The company’s world-class performance is responsible for Guyana achieving first-oil ahead of schedule back in December 2019, following the delivery of the Liza Destiny FPSO, on contract with ExxonMobil for its Liza Phase 1 Development.


South America’s offshore production will exceed onshore by 2024: OilNOW

New wells drilled in South America in 2014 contributed to 8% of new wells globally in the offshore sector and 4% in the onshore. And according to Norway-based Rystad Energy, activity has been on a downward trend since then, following the slump in oil prices in late 2014 and the following year. “Onshore drilling activity had a steep drop in 2016 before stabilizing, while offshore drilling activity saw a relatively smoother decline,” Rystad Energy said. “The number of new wells drilled in the region was hit again in 2020 with a 50% decrease recorded compared to the previous year, as the outbreak of Covid early in the year wreaked havoc on global markets.”


‘Even if global solar capacity quadruples by 2030, it would not be enough’ – Int’l energy alliance: OilNOW

The International Solar Alliance (ISA) – an international energy union working to make solar energy accessible to all – is advocating for more investments in solar energy projects. The alliance’s Director General, Dr. Ajay Mathur, argues that even if the solar energy supply quadruples by 2030, it still would not be sufficient for a global low-carbon path that aims for net zero by 2050. “Given the low baseline of today and the ambitious targets for the future, the world holds humongous market potential for clean energy solutions, especially solar energy.


City Chamber will continue to advocate for sanctity of contract – President: OilNOW

The President of the Georgetown Chamber of Commerce and Industry (GCCI), Timothy Tucker said, in relation to the 2016 Stabroek Block Production Sharing Agreement (PSA), that the organisation’s code of conduct requires adherence to contract sanctity. “There’s no changing of that,” he said. “I can’t change that; the next President can’t change that. That is the position of the organisation because that is the code of conduct of the organisation.


Step in the right direction: Guyana Chronicle: Guyana Chronicle  

Guyana has taken diligent steps in the right direction to successfully manage its burgeoning oil-and-gas sector, and avoid the curses of the 20th Century, said Senior Vice- President and Head of Latin America for Rystad Energy, W. Schreiner Parker. He made these remarks during a presentation of a study by the company titled, “Guyana’s Upstream Industry and Country Benchmarking Update” at the Roraima Duke Lodge on Thursday


Jagdeo flip-flops on Exxon contract: Kaieteur News (Repeat)

…now saying deal not the “worst in the world”

…attacks critics who point out flaws in the deal

After repeating on record numerous times that Guyana has one of the worst oil deals in the world, Vice President Bharrat Jagdeo seems to no longer believe his own words. On Saturday during an outreach in Patentia, West Bank Demerara, the VP told hundreds of Guyanese, seeking part-time jobs, that saying the contract is the worst in the world is simply not true. In his address, while admitting that Guyana has a bad deal and that it must be changed, the former Head of State on the same breath insisted that the People’s Progressive Party (PPP) now stands in the middle where the contract is concerned. 


Guyana’s oil ships to help SBM pocket billions in leasing fees this year: Kaieteur News

– company set to rake in record-breaking US$9B

SBM Offshore, the Dutch shipbuilder for Guyana’s floating, production, storage and offloading (FPSO) vessels said its leasing and operating revenue for the first half-year of 2022 increased to US$854 million from US$752 million in the year ago. The company said this reflects mainly: the Liza Unity (FPSO) joining the Guyana fleet during the first quarter 2022, increased operating service scope for the Liza Destiny (FPSO), and the extension of a lease for the FPSO Kikeh in Malaysia. Given the foregoing performance, SBM said it expects to deliver around US$9 billion net cash flow from its Lease and Operate contracts for the remainder of the year.


Opposition warned against boycotting scrutiny of $44.7B supplementary budget: Kaieteur News

The Opposition is being warned against boycotting Parliament today where a $44.7B supplementary budget by the government is to be considered. Transparency advocate Dr. Yog Mahadeo said that the political decision by the group that represents close to half of the voters in Guyana must be not be taken lightly as a whopping $44.7 billion will be withdrawn for spending by the government, without being scrutinised by those whose job is to do just that. Mahadeo in an invited comment on the matter told Kaieteur News that the proposed boycott of Parliament plays right into the hands of the ruling party.


Secretariat to improve auditing, investigative capacity to monitor oil companies’ compliance: Kaieteur News

Local Content woes…

As local businesses struggle to benefit from the oil and gas sector, despite the Local Content legislation being in effect, the Guyana’s Local Content Secretariat is seeking to improve its auditing and investigative capabilities, to monitor oil companies’ compliance with the law. This is according to the Director of the Local Content Secretariat, Martin Pertab. In December 2021, Guyana passed its local content legislation, which caters to locals getting first preference in the country’s 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.


We should all set aside our differences and deal with the oil giants and those exploiting our mineral and natural resources: Kaieteur News (Letter to the Editor) by Hamilton Green

Now that the Head of a major International Institution has drawn attention to the world of the massive sums being earned by oil companies operating in every continent in the midst of rising cost of living and millions around the globe living in poor conditions, we in Guyana must take note. In his address this week, Secretary General of the United Nations Antonio Guterres recommended that countries where these oil giants operate should apply a special tax which should be used to ease the burden of the millions of men and women who do not enjoy the full benefits of this God-given resource.


Safe operating limits are not maintained on Liza-1 as per the EIA: Kaieteur News (Letter to the Editor) by Darshanand Khusial on behalf of OGGN

On Saturday August 6, 2022 the Communications Manager of Esso Exploration wrote a letter that appeared in the major Guyanese newspapers in which she made a number of points with regard to the EPA permits. However, it appears this letter had misleading statements. In the letter, the Esso Exploration representative states, “Production rates on the Liza facilities are maintained within safe operating limits at all times.”


ExxonMobil, EPA, Vincent Adams clash over ‘full liability coverage’: Stabroek News  

ExxonMobil and the Environmental Protection Agency (EPA) have both taken former EPA head, Dr Vincent Adams, to task over his recollection of ‘full liability coverage’ for the ongoing oil and gas projects offshore Guyana. In a letter published in the Stabroek News on August 2 and at an Alliance For Change press conference on Friday, Dr Adams lodged accusations against both the EPA and ExxonMobil. In his letter, he said that former Exxon Guyana President Rod Henson agreed to, and signed the documents including the EPA Permits committing to unlimited liability coverage comprising of insurance plus a parent company guarantee for coverage of all liabilities above the insurance limit.


‘Put up or shut up’: Kaieteur News

…Former EPA Head challenges EPA, Exxon to publicise oil spill policy

As arguments and claims of dishonesty regarding the amount and availability of oil spill insurance for the Stabroek Block rages on between the Environmental Protection Agency (EPA), the agency’s former Chief Executive Officer (CEO) Dr. Vincent Adams and ExxonMobil executives, Adams has once again challenged both parties to put the matter to rest by making public, documentation proving the important policy. Both the EPA and Exxon have taken shots at Adams who is insisting that before being removed from the EPA, he had set certain motions in place that would have brought Guyana a step closer to managing particularly, the environmental affairs of its nascent oil and gas industry.


Time running out on CGX for deep water port plan: Stabroek News  

-President says Abu Dhabi, locals interested

Even as the United Arab Emirates’ Abu Dhabi Ports (ADP) continues compiling technical information on a deep water facility at Berbice, government has also received a proposal from a group of locals and has put Canadian company, CGX Energy Inc on notice to stick to its promised September timeline for a plan. “We already had CGX relinquishing some of their (oil exploration) blocks recently. So CGX had a development plan that included the building of facilities; land filling and so on.


LCDS 2030, Hemp Bill among landmark matters on parliamentary agenda today: Guyana Times  

– Finance Minister hopeful Opposition will turn up to fulfil its duty

The National Assembly will have its 49th sitting today, with a number of transformative measures on the order paper. But with the threat of an Opposition boycott looming, the Government may well be laying its Low Carbon Development Strategy (LCDS) 2030 Bill and discussing its request for supplementary funding in a half-empty chamber. In a recent sit-down with the State media, Senior Minister with Responsibility for Finance in the Office of the President, Dr Ashni Singh spoke about the importance of these motions and also the participation of the A Partnership for National Unity/Alliance For Change (APNU/AFC).


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