Guyana News Updates, September 06, 2022

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

– attached flyer

US Department of Commerce Caribbean Trade Mission & Conference

October 23-28, 2022

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

What should Government do to stimulate development? – Guyana Times

Pres Ali, Cabinet discuss opportunities in oil & gas, agriculture with Nigerian investors: Guyana Times  

In keeping with Guyana’s continued ability to attract investor interest, a group of African international investors on Monday held meetings with President Dr Irfaan Ali and the Cabinet, where investment opportunities in a number of areas were discussed. The meeting with the delegation, led by Benedict Peters, Founder and Chief Executive Officer (CEO) of Nigeria’s largest oil production firm – Aiteo Group – took place at State House and featured a number of Government Ministers.

Guyana expects 1 million bpd output by 2029; Exxon could get there sooner: OilNOW

Guyana’s Ministry of Finance in its 2022 mid-year report said oil production is expected to surpass one million barrels per day by 2029 at the ExxonMobil-operated Stabroek Block. But based on the pace of project approvals, this is likely to come even sooner. ExxonMobil expects that it will achieve production capacity of 1.2 million barrels per day (bpd) in the Stabroek Block by 2027. It plans to get there using six floating production vessels. Closer to the end of the decade, the Stabroek Block partners may even have 10 floaters operating simultaneously within the license area.

Kaieteur Block partner, Cataleya Energy initiates free training for Guyanese to support economic diversification: OilNOW

Cataleya Energy Limited, a locally owned and controlled partner in the Kaieteur Block, has initiated a free six-month training course for Guyanese, all in an effort to support President Dr. Mohamed Irfaan Ali’s push for a diversified economy. Speaking with OilNOW, Co-Founder & Director of Cataleya Energy, Ryan Pereira, stated that the training is intended to upskill interested Guyanese nationals to access opportunities in the expanding economy.

“Utter nonsense” – Jagdeo on claims Guyana can monitor oil costs in ‘real time’: OilNOW

Claims have been made that Guyana can conduct ‘real time’ monitoring of costs incurred by ExxonMobil for its offshore Stabroek Block operations. The country’s Vice President Dr. Bharrat Jagdeo dismissed these last Friday, explaining that such a system does not exist for Guyana as it is not a co-manager of Exxon’s oil operations. An article in the local press stated last week that Guyana’s Ministry of Natural Resources has the power to monitor the costs in real-time as supported by a clause in the 2016 Production Sharing Agreement (PSA). 

‘Guyanese must see gas-to-energy contract before Govt. signs on’- stakeholders: Kaieteur News

…say country must know interest rates upfront, if more tax holidays will be given

In an existing and binding contract between Guyana and American oil major ExxonMobil, the world agrees that the country was cheated. To avoid a similar fate in the agreement- to transport natural gas from the Liza Fields in the Stabroek Block to Wales- stakeholders in Guyana believe citizens should see the contract before Government attaches its signature, especially since they will ultimately be required to repay the project costs, likely to reach US$2 billion.

Local Content Goals could be compromised if field development goes too fast – Expert warns: Kaieteur News

Since it is the Government’s intent to not renegotiate the 2016 Stabroek Block Production  Sharing Agreement (PSA), and instead, seek to claw back value through mechanisms like the Local Content Legislation, industry stakeholders therefore suggest that care be taken in how fast offshore field development takes place. Essentially, going too fast could undermine the goals of the legislation. This advice was recently offered by Trinidadian Energy Strategist, Dr. Anthony Paul during his appearance on Kaieteur Radio’s Programme, ‘Guyana’s Oil and You’.

Guyana’s oil and gas workers still begging for protection against exploitation: Kaieteur News

…stakeholders call on Local Content Secretariat to intervene

Guyanese working in the oil and gas industry continue to beg local authorities to pay more attention to their working conditions, claiming exploitative measures are being implemented by some support companies in securing their services. Many workers from different contracting services have complained bitterly to labour unions and even this newspaper about payment and other work-related inadequacies.

Petroleum Commission, why not now?: Kaieteur News (Editorial)

Guyana needs an authoritative and credible Petroleum Commission now, not some hazy time in the future, but now.  Vice President Bharrat Jagdeo was all in warm agreement two years ago about the need for and place of a Petroleum Commission.  Two years later he is still of the same helpful, cooperative mind.  But while he has been all good cheer and smiling support for a Petroleum Commission, this country is still in the same place.  That is, Guyana still does not have any kind of Petroleum Commission to play a meaningful role in our oil industry.

Considerations for Guyana’s Upcoming Oil Block Auction: Guyana Chronicle (Columnist) Oil , gas & you

GUYANA is planning to move ahead with its oil block auction, or “bid round,” with the intention of keeping with international best practices around transparency and competitiveness. More importantly, the country is hoping to attract partners to explore additional areas offshore. This bid round will be different than previous rounds because Guyana’s prolific Stabroek Block is already a world class asset. Nevertheless, there is significant competition for a limited amount of exploration capital. In addition, while other blocks have shown promise, there has been no production or final investment decisions outside the Stabroek Block, meaning that exploration activities remain a risky enterprise to undertake.  

Urgent independent oversight of oil and gas sector needed – Ram: Kaieteur News

…says Petroleum Commission still Guyana’s best option

The need for an independent, statutory agency that will have extensive regulatory and oversight powers and free from political influence in managing the affairs of Guyana’s lucrative oil and gas sector; the Petroleum Commission, is becoming even more important as Guyana remains unequipped to adequately govern its offshore resource, chartered accountant and attorney at law, Christopher Ram believes.

Natural Resource Fund balance overstated by tens of billions – Chris Ram: Kaieteur News (Repeat)

Chartered Accountant and Attorney-at-Law, Christopher Ram is of the view that the Natural Resource Fund (NRF) which at the end of July 2022 held a balance of US$845,608,207.58, is inflated by a huge amount of taxes attributed to the oil companies operating in the Stabroek Block. These tax revenues he insists belong to the Consolidated Fund via the Guyana Revenue Authority (GRA).

Can Trinidad & Tobago and Venezuela help fill Europe’s gas shortfall? – Bnamericas

https://www.bnamericas.com/en/news/can-trinidad–tobago-and-venezuela-help-fill-europes-gas-shortfall

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