Guyana News Updates, September 08, 2022

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

White House nominates new US Ambassador to Guyana – News Source Guyana

https://newssourcegy.com/news/white-house-nominates-new-us-ambassador-to-guyana/

President Biden Announces Key Nominees – The White House

https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/07/president-biden-announces-key-nominees-32/

Caricom states contend with a new era of great-power rivalry | LSE Latin America and Caribbean

Guyana To Earn $1.1B From Selling Oil Lifted From Exxon FPSOs  | Rigzone

https://www.rigzone.com/news/guyana_to_earn_11b_from_selling_oil_lifted_from_exxon_fpsos-08-sep-2022-170291-article/

Guyana oil producers ramp up exports to thirsty European refiners | Reuters

https://www.reuters.com/business/energy/guyana-oil-producers-ramp-up-exports-thirsty-european-refiners-2022-09-08/

Guyana’s recoverable gas estimated at over 17 trillion cubic feet: Guyana Times  

…2nd largest holder of natural gas reserves in region

The recently-released Finance Ministry’s Mid-Year Report has put Guyana’s estimated recoverable natural gas reserves at over 17 trillion cubic feet, making the country one of the biggest holders of natural gas reserves in the Region. According to the report, the current estimate for Guyana’s natural gas reserves is over 17 trillion standard cubic feet. This estimate would put Guyana ahead of Argentina, which is estimated to have 13.4 trillion cubic feet of natural gas reserves.

NRF balance stands at almost $200B: Guyana Times  

…$21B in profit oil, $374M in interest payments in 1 month

The Natural Resource Fund (NRF), which contains revenue received from Guyana’s profit oil, as well as royalty payments and interest earned, have a balance of almost $200 billion as of August 2022. This is according to the monthly financial statement, which was released by the Bank of Guyana. According to the financial statement, the NRF had a closing balance of $198 billion or US$949.9 million as of August 31, 2022.

Accelerated oil development pushing growth in tourism, mining, construction sectors – Report: OilNOW

The rapid expansion of Guyana’s oil and gas industry is also propelling growth in its mining and construction sectors. In this regard, the country’s Ministry of Finance outlined in its 2022 Half-Year report that the mining and quarrying industries are estimated to have expanded by 36.3% in the first half of the year. OilNOW understands that sand output, based on surveys, is estimated to have expanded by 19.8%, on account of increased demand from the construction industry.

Govt carefully weighing global events in sale of carbon credits – Ali – Guyana Times

Jordan bemoans information blackout in oil and gas sector: Kaieteur News

– says Govt. hiding key documents, failing to release contracts

Former Finance Minister, Winston Jordan has bemoaned the lack of critical information about the workings of the oil and gas sector here, criticizing the current Government for hiding key documents and contracts from citizens. Jordan is among the long list of stakeholders questioning President Irfaan Ali Government’s commitment toward the education and genuine involvement of citizens in the oil sector. He said this is so, given the limited public engagements and availability of information necessary to wake up Guyanese to the lucrative energy sector.

19 bids turn up as Guyana seeks supervisor for Gas-to-Energy project: OilNOW

Several companies from Trinidad & Tobago, Canada, the United States, and India have submitted bids in response to the government’s request for consultancy services for the supervision of the Guyana Integrated natural gas liquids (NGL) Plant and 300MW Power Plant Project. The companies and their bids are as follows: Worley (T&T) and Worley (T&T) Taxes submitted bids totalling US$3,452,240 and US$690,448 respectively. Stratergy (USA) submitted two bids to the tune of GY$6,670,965 and GY$1,367,547,840.

Foreign companies among 9 bidders vying to supervise NGL and Power Plant construction: Kaieteur News

Responding to the Ministry of Natural Resources invitation for proposals for consultancy services for the supervision of the integrated Natural Gas Liquids (NGL) Plant and the 300 megawatt (MW) combined-cycle gas turbine (CCGT) power plant, nine companies have applied for the job. This was revealed during the latest opening of tenders at the National Procurement and Tender Administration Board (NPTAB) office. There it was revealed that the consultancy firms are Worley (T&T), Stratergy (USA), SGS Panama Control Services Inc., Novus Guyana Inc., Massy Wood Guyana Inc., CB & Associates Inc. in joint venture with Stantec, Engineers India Limited, Engineering & Consulting Services (Europe), and TGM (Canada).

Guyana’s oil fund not insulated from theft, corruption: Kaieteur News

…Opposition renews call for Jagdeo to stay away

The main Opposition- (APNU + AFC) does not believe that the Natural Resource Fund (NRF) will be devoid from theft and corruption and is insisting that an independent investigation be conducted into the damning allegations made against Vice President Bharrat Jagdeo in a Vice News documentary. The Coalition’s call for an independent probe to done hinges on the fact that the Vice President has been managing the country’s multibillion US dollar oil and gas sector.

Guyanese urged to report labour violations in oil and gas sector: Kaieteur News

– as Ministry of Labour promises to address problems

The Ministry of Labour is urging local oil and gas workers to report their employment concerns to the agency so that it can adequately address irregularities taking place with the sector. There have been numerous reports regarding unethical practices in securing Guyanese services for the development of the oil sector, but authorities say that not enough of those are being officially reported to allow the Government to properly intervene.

Revised inflation estimate – still unrelated to reality: Kaieteur News (Editorial)

We are glad that the Bank of Guyana (BoG) has revised its earlier inflation numbers (“Mid-year inflation rate surpasses what was predicted for the entire year” -KN September 6).  Now the new estimated inflation number by the end of this year has gone from 4.1% to 5.8%, and it is a step that inches forward towards reflecting what Guyanese are living with somehow. It is one that narrows to a limited degree the gap between what is on paper and official record, and what are the realities of price pressures in the street and as felt in homes.

No Dutch Disease: Guyana Chronicle  

–economist, financial analyst school Opposition on reality of Guyana’s progressive economy

–say country well on its way to avoiding ‘natural resource curse’ with prudent macroeconomic management

THE resilience of Guyana’s economy, particularly its non-oil sectors, and the prudent macroeconomic management that allowed the country to not just withstand global shocks, but also perform above average economically, were cited as clear evidence of the nation’s progressive nature and its avoidance of the Dutch Disease, more commonly referred to as the natural resource curse.

Avoiding the Dutch Disease: Guyana Chronicle (Editorial)

CONSISTENT growth in Guyana’s non-oil sectors stimulated by prudent fiscal management and sound policies implemented by the incumbent People’s Progressive Party/Civic (PPP/C) administration, is evidence that the oil-producing nation is quite capable of avoiding “the Dutch Disease.” According to the International Monetary Fund (IMF), the Dutch Disease refers to the detrimental consequences of a sudden boom in a country’s economy. There is no doubt that the Dutch Disease, or natural resource curse, is real, as its effects have been documented in many academic papers and reports.

Guyana, Suriname schedule high-level meeting to address fishing woes – Ali: OilNOW

Guyana’s President Dr. Mohamed Irfaan Ali told reporters Wednesday the nation has agreed with Suriname to have a high-level meeting within two weeks to address fishing woes experienced near the border. Ali said he is pleased with the response from Suriname in the 24 hours after Guyana made its protest statement. In strong language, the Guyana government on Tuesday said Suriname had promised to grant a total of 150 SK fishing licenses to Guyanese fisherfolk, building on a promise made to President Ali in 2020.

Guyana looking to become world class event destination – Department of Public Information, Guyana

https://dpi.gov.gy/guyana-looking-to-become-world-class-event-destination/

Nigerian energy conglomerate eyes onshore oil exploration in Guyana: OilNOW

Aiteo Group – one of Nigeria’s latest energy conglomerates has signaled its interest in Guyana’s booming oil and gas sector, particularly in onshore exploration and development. Its Chief Executive Officer (CEO) and Founder, Benedict Peters led a delegation of investors from the West African nation to Guyana on Monday, meeting with the President, Dr. Mohamed Irfaan Ali, the Minister of Natural Resources Vickram Bharrat and other government representatives.

SBM Offshore profits from South American oil discoveries | Project Cargo Journal

https://www.projectcargojournal.com/shipping/2022/09/08/sbm-offshore-profits-from-south-american-oil-discoveries/?gdpr=accept

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