Guyana News Updates, September 2-4, 2022

UWI SRC Distinguished Owen S. Arthur Memorial Lecture

“The Future of CARICOM: Charting a Vision for the Region’s Economic Advancement”

Monday, 5th September 2022 at 6pm AST

https://shridathramphalcentre.com/events/16633/

Join the UWI Shridath Ramphal Centre (SRC) in collaboration with the Caribbean Development Bank (CDB) for the 2nd Inaugural Distinguished Owen Arthur Memorial Lecture on Monday 5 September, 2022 at 6:00pm AST. The lecture will be delivered by the Secretary-General of the Caribbean Community (CARICOM) Secretariat, Dr. Carla N. Barnett, CBE on “The Future of CARICOM: Charting a Vision for the Region’s Economic Advancement”.

The event will be live streamed by UWITV, see links of UWItv platforms below:

Home

https://www.facebook.com/UWITV/

https://www.youtube.com/channel/UCN-DinGRVq5fDxa4byT8XwQ

Threat or Opportunity: How are Global Forces Shaping Investment in Caribbean Infrastructure?

Tuesday, September 6, 2022

https://us06web.zoom.us/webinar/register/5216619465570/WN_XGa1YbCfT3q1CtzIx_h2_A?utm_medium=email&_hsmi=224541357&_hsenc=p2ANqtz-9E8qUxNuxv7yAIPFM6k9NrELYJN-N5DpMvFnp7oBuSCZVaej2for91y7lv2BLo2VyctHr_84w9kMuwxKHAulakLj-Lkofvvlh9p63UA1Yhp39PdRc&utm_content=224541357&utm_source=hs_email

UWI IIR-CPC Webinar “Dynamics of Africa-Caribbean Engagement”

Thursday 8th September, 2022, 5:00pm-7:00pm AST

https://sta-uwi-edu.zoom.us/webinar/register/WN_zdhepMryRc-I0_30NqHkng

Transforming Guyana, Episode IV: Guyana’s emergence as a Petrostate and implications for the Venezuela-Essequibo controversy – Caribbean Policy Consortium & Guyana Business Journal

Wednesday, September 14, 2022

https://hopin.com/events/transforming-guyana-episode-iv-not-a-blade-of-grass-oil-s-role-in-the-venezuela-essequibo-controversy-420dff2c-7181-4d3a-a8b0-3d08501dd46b/registration

Guyana Basins Summit

October 4-6, 2022

http://guyanabasinsummit.com/en

US Department of Commerce Caribbean Trade Mission & Conference

October 23-28, 2022

https://www.trade.gov/caribbean-trade-mission

‘A mighty purple heart has fallen in Guyana’ – Sir Shridath reflects on life of Rashleigh Jackson – News Room Guyana

Sir Shridath credits Rashleigh Jackson with steering diplomacy against Venezuela – Demerara Waves Online News- Guyana

GDP growth now projected at 56% – mid-year report – Stabroek News

Gov’t diversification efforts yield results as non-oil economy grows by 8.3% – News Room Guyana

Guyana’s oil sector grows 73.5% in first half of 2022, with 34.6 million barrels produced | OilNOW

With 13 lifts this year, Guyana’s oil revenues to double – News Room Guyana

Guyana’s economy defies shocks to achieve continued growth at 36.4% – News Room Guyana

Guyana’s overall real GDP grew by 36.4% in the first half of the year – News Room Guyana

Private sector credit grows by 7.5% amid rising business confidence – News Room Guyana

Business opportunities in Guyana to be discussed at upcoming Gala in Toronto Sept 24

US$20m oil and gas training facility launched in Lusignan – Stabroek News

Over 500 courses on offer at Guyana’s first oil & gas training institute | OilNOW

Govt working to integrate migrants into local workforce – Guyana Times

Private sector backs efforts to integrate migrants into local workforce – News Room Guyana

Investments in Agri Sector paying off – Department of Public Information, Guyana

https://dpi.gov.gy/investments-in-agri-sector-paying-off/

Guyana, Exxon deal delivers record five projects in seven years: OilNOW

Despite criticism about the fiscal terms of the Production Sharing Agreement (PSA) between Guyana and ExxonMobil, the deal has paved the way for rapid development of the vast hydrocarbon resources found off the country’s coast. Following the announcement of massive oil deposits at Liza 1 in May of 2015, just seven years later, Exxon has already made over 30 discoveries, sanctioned four projects with a fifth development now under review, and has plans for a total of 10 floating production, storage and offloading (FPSO) vessels.  

The Production Sharing Agreement, Renegotiation, and the Stability Clause (Part I): Guyana Chronicle by Joel Bhagwandin

THE project full lifecycle of the oil and gas business is around 30 years or more. During the exploration and development stage, which spans about 20 years before production, the oil companies continuously inject capital to explore and develop the resource. Then, 20 years later, as in the case of Guyana, starts to produce to generate the revenue, which, in turn has to recover the capital investment, operating cost and provide a decent profit for the company and the Government.

30 to 60 day review of any Field Development Plan is “absolutely ridiculous” – T&T Expert: Kaieteur News

Field Development Plans (FDPs) are one of the most detailed documents oil companies must submit to governments when planning to extract oil or gas resources from a particular field. To ensure a proper interrogation of such a document, countries are expected to hire experienced specialists in varying fields to ensure the oil or gas development plan is in keeping with international best practices, and most importantly, are not overdesigned to allow for inflated costs.

PPP ditches inter-ministerial committee on oil sector development and spending: Kaieteur News

…shifts full responsibility to President’s Office

In the 2017 assessment of Guyana’s oil and gas capacity, the World Bank found that the previous Government had put in a place a mechanism that involved key Government Ministries and agencies in an Inter-Ministerial Technical Committee on Petroleum, to ensure all input from relevant agencies in relation to the development, management of the oil sector, and even spending of the revenues garnered. This was reported in the US$20M loan document that was approved by the bank in 2019, but is still to be utilised by the current Government in 2022.

Without reduction in greenhouse gas, countries in tropical region will face ‘extreme’ heat danger – new study: Kaieteur News

A recent science report concluded that without a major reduction in greenhouse gas emissions, countries like Guyana, located in the tropical region will be exposed to dangerously high ‘Heat Index.’ Heat Index is a metric that quantifies heat exposure in human beings. It is also known as the ‘apparent temperature’ and it is what the temperature feels like to the human body when relative humidity is combined with the air temperature.  As such, it has important considerations for the human body’s comfort; as when the body gets too hot, it begins to perspire or sweat to cool itself off.

Staatsolie set to spend US$1.5B through 2027 with major focus on offshore development: OilNOW

From 2022 through 2027, Suriname’s state oil company, Staatsolie, plans to expend an estimated US$1.5 billion as part of its Investment Program, the bulk of which will be for participation in offshore development. In its updated Strategic Roadmap, Staatsolie noted too that the funds will also be used to develop sustainable energy projects, as the world looks to move away from fossil fuels.

IOM hosts workshop to address migrant labour integration in Guyana – Department of Public Information, Guyana

https://dpi.gov.gy/iom-hosts-workshop-to-address-migrant-labour-integration-in-guyana/

Fuel oil, byproducts boosted Venezuela’s oil exports in August | Reuters

https://www.reuters.com/business/energy/fuel-oil-byproducts-boosted-venezuelas-oil-exports-aug-2022-09-02/

Venezuela now projected to have 2nd highest growth this year, behind Guyana | OilNOW

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