Transforming Guyana, Episode III “Education & The Oil Windfall”
Guyana Business Journal Magazine + Caribbean Policy Consortium
Wednesday, August 10, 2022, at 10:30 AM EST
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
Oil exports to surpass US$3B; to represent 59.7% of Guyana’s GDP this year – IDB: OilNOW
The Inter-American Development Bank (IDB) has commented in one of its latest publications that Guyana’s oil boom will drive hydrocarbon exports beyond US$3 billion this year and also account for 59.7% of Gross Domestic Product (GDP). It further noted in its August report that oil production will continue to drive GDP growth, government revenues, and expenditures in the medium term based on output from two floating, production, storage, and offloading (FPSO) vessels.
Production data for Liza, Unity Gold Crude show output peaked at 365,000 bpd in June: OilNOW
Guyana’s Ministry of Natural Resources (MNR) developed a special website in 2021 as part of its Petroleum Management Programme, dedicated to making information about the country’s oil and gas sector publicly available. The platform, since May 2021, has been providing reports on the volume of oil produced every day since January 10, 2020 – one month after first oil at the Liza Phase 1 project. Graphical data on the site show day to day production at the offshore developments.
PPP Govt. rejects IDB Depletion Policy Guidelines for oil resources: Kaieteur News
Cognizant of the need to strengthen Guyana’s capacity to manage the oil sector, the APNU+AFC faction had taken several loans and grants from international lending agencies during its time in office. In December 2018 for example, it borrowed a US$11.6M loan from the Inter-American Development Bank (IDB) to support the development of the oil and gas sector as well as the development of cleaner energy sources for electricity generation. One of the specific objectives of this loan focused on the establishment of Oil and Gas Depletion Policy Guidelines.
Rystad Energy another example of how foreign entities seek to exploit domestic market – Chris Ram: Kaieteur News
The recent presentation by Norwegian research and business intelligence firm, Rystad Energy on the outstanding oil future that awaits Guyana, particularly over the next two decades, is yet another example of how foreign entities seek to exploit their perceived gullibility of the domestic market, says Chartered Accountant and Attorney-at-Law, Christopher Ram. In an invited comment, Ram said Rystad’s Senior Vice President and Head of Latin America and the Caribbean, Schreiner Parker presented a study to citizens on Thursday last at Duke Loge which contained rather questionable information and views posing as facts.
EPA must release monthly oil production reports – Dr. Vincent Adams: Kaieteur News
As Government pushes the oil companies operating here to speed up production to meet the world’s energy demand, in light of the crisis caused by the Russian invasion of Ukraine, this also brings into focus, the need for more robust oversight of environmental safeguards. Leading the call to this end is the former Executive Director of the Environmental Protection Agency (EPA), Dr. Vincent Adams. Though he has migrated to the United States, Adams has been an advocate for good governance and management of the country’s oil and gas sector in particular.
Companies that fail to meet local content targets to pay $50M fine: Kaieteur News
Bundling of contracts…
– Local Content Secretariat Director
Under the legal provisions established to safeguard local content, companies which indulge in bundling of contracts are liable on summary conviction to pay a fine of $50 million. This is being emphasized by Director of the Local Content Secretariat Martin Pertab. His comments followed on close heels of a statement by the Georgetown Chamber of Commerce and Industry (GCCI) which pointed to the recurrent contract bundling practices within Guyana’s petroleum sector. In a statement issued last week, the GCCI explained the harsh impacts contract bundling have had on small and medium-sized enterprises (MSMEs).
Full liability coverage – who is truthful?: Kaieteur News (Editorial)
Former Executive Director of Guyana’s Environmental Protection Agency (EPA), Dr. Vincent Adams, is not backing down from his previous assertions. What he has said is that there were fruitful discussions and developments with ExxonMobil’s former Country Head, Mr. Rod Henson, on the issue of full liability coverage for Guyana by the company. Senior people from Guyana’s Central Bank and the Insurance Association of Guyana, who were also present in those meetings, have since publicly confirmed that they were there, and the issue was raised.
Suriname keen on expanding non-oil trade, investments with Guyana: News Room
Guyana and Suriname possess prolific oil and gas resources that are expected to be jointly developed but the Dutch-speaking nation is more interested in expanding trade with Guyana in several non-oil sectors. This is according to the country’s Minister of Foreign Affairs, International Business and International Cooperation Albert Ramdin who spoke to the News Room during a recent visit to Paramaribo. The Foreign Minister was keen on noting that the future of both countries does not wholly depend on burgeoning oil and gas developments.
Hallmark LCDS 2030 motion passed: News Room
Minister Singh outlines robust mechanism for mobilisation of forest resources
The PPP/C Administration’s hallmark Low Carbon Development Strategy (LCDS) 2030 outlines a robust mechanism for the mobilisation of financing that will be accrued from the country’s forest resources. Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh highlighted the strengths of the strategy as he moved the LCDS 2030 motion during the sitting of the National Assembly on Monday.
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