Guyana News Updates, September 7, 2022

Joint Statement by the Honourable Hugh Hilton Todd, Minister of Foreign Affairs and International Cooperation of the Co-operative Republic of Guyana, and His Excellency Roberto Álvarez, Minister of Foreign Affairs of the Dominican Republic – Department of Public Information

NY Governor Hochul announces plans to establish Caribbean Trade Office – Caribbean Life

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

Guyana’s non-oil economy remains positive revenue earner alongside booming oil industryOilNOW

Though Guyana’s oil sector is projected to account for nearly 60% of Gross Domestic Product (GDP) for 2022, the government’s intent to have an economy built on a diversified stream of revenues is bearing fruit. According to the Ministry of Finance’s 2022 Mid-Year Report, Guyana’s non-economy delivered a creditable performance, registering an 8.3 percent growth rate. The government’s prudent management of its traditional sectors especially in the face of external shocks from the Russia-Ukraine war paved the way for noticeable improvements in the areas of agriculture, forestry, and mining.

Guyana’s oil fund balloons to US$949.9 million: OilNOW

Guyana’s Central Bank reported in its monthly financial statement for the Natural Resource Fund (NRF) that deposits have now ballooned to a whopping US$949,949,037.75. or GY$198,064,374,000. At the end of August, no royalties were collected. There were also no withdrawals. Profit oil totalled GY$21,380,376,000 along with GY$374,687,000 in interest income. Notably, two withdrawals of US$200 million have been made from the Fund. Hence, oil revenues to Guyana since oil production began total in excess of US$1.3 billion.

Govt.’s Mid-Year Report confirms presence of Dutch disease in Guyana: Kaieteur News

…as oil sector accounts for 54.9 percent of total GDP – Opposition

With significant declines in the non-oil economy, reported by the government in its Half-Year Report, the A Partnership for National Unity + Alliance For Change (APNU + AFC) Opposition believes the presence of the Dutch disease has been confirmed in Guyana. During its weekly press conference on Tuesday, the Opposition’s spokesperson on Economics, Elson Low said the document highlights “early signs of the Dutch disease, as indicated by the fall in sugar, rice, fish and gold production, as well as a reduction in manufacturing output.

Economic diversification paramount: Guyana Chronicle  

–as key investments, policies pave way for sustainable, consistent growth in non-oil sector, Dr. Singh says

–mid-year non-oil growth recorded at 8.3 per cent

IN keeping with its vision to facilitate the sustainable growth of Guyana’s economy, the government has made significant investments to effectively diversify and boost the non-oil sectors in Guyana. Evidence of this is the 8.3 per cent growth recorded in the non-oil sector during the first half of the year. Senior Minster in the Office of the President with responsibility for Finance, Dr. Ashni Singh, during a recent interview with the National Communications Network (NCN), reaffirmed that the government’s plan to invest in the sectors outside the oil and gas sector is part of its strategic plan to avoid the Dutch Disease.

Guyana must set guardrails against corruption: Kaieteur News

…NRF Committee members should submit declarations to Integrity Body – Economist

As Guyana continues with its plan to speed up the production of oil and gas, the revenue stream from these operations must be safely secured and managed sustainably. Not only that, but Guyanese must enjoy the comfort of assurance that the wealth generated from their patrimony is being put to good use, rather than drained by those appointed to act as the watchdogs of the fund. At least this is the position of Economist, Elson Low.

Ministry seeking consultants to aid with gas to energy negotiations: Stabroek News  

With contract negotiations for the planned gas-to-energy project set to begin during the early part of October, the government is looking to hire a consultant firm to provide legal and commercial advisory services as well as negotiation support for the project.  The firm is expected to provide its services for some 45 days. Both the government and ExxonMobil seem to be moving ahead with their plans for the gas-to-energy project despite the absence of an environmental permit from the EPA.

“We’re pioneers” – Developing talent in Guyana’s emerging energy industry – TechnipFMC plc

https://www.technipfmc.com/media/features/we-re-pioneers-developing-talent-in-guyana-s-emerging-energy-industry/

GECOM Chair votes to release elections data requested by AG despite Opposition objection: Kaieteur News

Chairperson of the Guyana Elections Commission  (GECOM),  retired Justice  Claudette Singh,  has voted to release documents related to the claims by the Opposition, A Partnership for National Unity +Alliance For Change (APNU +AFC),  that there were certain documents that purport to prove the claims of fraud at the 2020 regional and general elections. Government nominated GECOM Commissioner, Sase Gunraj in a public statement via his Facebook page disclosed that Justice Singh voted to release the document despite fierce objection of Opposition MPs.

Foreigners love locals fighting each other: Kaieteur News (Editorial)

When we present things that speak to truth, regardless of which government is in power, Guyanese don’t like it, especially when their own people and group are made to look small… Anthony Paul, a Trinidadian Energy Specialist, recently said that when we are at each other’s throats, ripping out each other’s eyes, outsiders have Christmas and Thanksgiving celebrations (‘Govt., Opposition must work together to maximise oil gains’ -Oil companies love nothing more than to see you fighting each other -Expert urges” -KN September 1).  Anthony Paul is a man worth listening to, for he knows what he is talking about, having been close to oil in many countries.

News Room: With labour demands in the oil and gas sector growing, Labour Minister Joseph Hamilton is warning recruitment companies against unethical employment standards. The Labour Ministry and the International Organization for Migration has embarked on several workshops to educate employers about the systems and policies that should be followed when employing migrants living in Guyana. It was during a workshop on Tuesday focused on ethical recruitment, that the Minister addressed issues within the recruitment drive here.

Venezuela’s latest move in its waiting game with Guyana, pt. 2: OilNOW (Columnist) by Ivelaw Griffith

In Part 1, we discussed Guyana’s pursuits at the World Court, Venezuela’s legal manoeuvres that likely will lead to an extension of the waiting game, and the existential anxiety and geopolitical desperation being experienced as new oil is discovered in Guyana. In this concluding article, we identify some of the players in the waiting game and note Guyana’s continued execution of a diplomatic strategy to complement its judicial pursuits.

Maduro Proposes a Colombian-Venezuelan Economic Zone

https://www.stvincenttimes.com/maduro-proposes-a-colombian-venezuelan-economic-zone/?utm_source=newsletter&utm_medium=email&utm_campaign=world_fzo_weekly_news_september_6&utm_term=2022-09-06

Can Trinidad & Tobago and Venezuela help fill Europe’s gas shortfall? — Energy Chamber of Trinidad and Tobago

https://energynow.tt/blog/can-trinidad-amp-tobago-and-venezuela-help-fill-europes-gas-shortfall

Joe Douglas Jack Up returns to TT for bp’s new drill campaign: OilNOW

The Joe Douglas Jack Up rig has returned to Trinidad and Tobago for bp Trinidad and Tobago’s (bpTT) new round of drilling next month. According to bp, the drilling rig arrived in Trinidad on 30 August 2022 at Chaguaramas, headed to its Mango drilling site – situated approximately 48 kilometers off the Galeota Point on Trinidad’s southeast coast. The drilling programme – including both development and exploration drilling – is said to be a key part of bpTT’s plan to find and develop more small pools of resources within the Columbus Basin.

Guyana condemns ‘harassment’ of Guyanese fisherfolks by Suriname authorities: OilNOW

Guyana on Monday condemned the treatment of Guyanese fisherfolk by Suriname authorities and urged its Dutch-speaking neighbour to uphold a commitment it had made to issue fishing licenses to them. In a strongly worded statement, the government reminded that Suriname had promised to grant a total of 150 SK fishing licenses to Guyanese fisherfolks, building on a promise made to President Dr. Mohamed Irfaan Ali in 2020. However, nothing has come to fruition and Guyanese fisherfolk are being harassed, the Georgetown government said.

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