Guyana News Updates, September 12, 2022

Is a ban on US oil product exports on the horizon?

Atlantic Council – Tuesday, September 13, 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

OIL DORADO: GUYANA’S BLACK GOLD GUYANA LAUNCH 

THURSDAY, SEPTEMBER 15, 2022 – 16.00 GUYANA MEAN TIME

THE GEORGETOWN CLUB

CAMP STREET, GEORGETOWN 

GUYANA

Contact: John Mair – johnmair100@hotmail.com

07785 378156

www.universe.com

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

Exxon exploring for oil in new Banjo-1 well in Stabroek Block: Guyana Times  

…drilling begins today

Oil giant ExxonMobil, through its subsidiary Esso Exploration and Production Guyana Limited (EEPGL), is presently continuing its drilling for oil in the Banjo-1, a new well in the Stabroek Block offshore Guyana. The Maritime Administration Department (MARAD) announced in a Notice to Mariners that EEPGL is continuing exploration drilling operations at the Banjo-1 well site “within the Stabroek Block of Guyana’s Exclusive Economic Zone”.

Guyana says its energy use can increase fivefold by 2030 while emissions stay at 2018 levels: OilNOW

Guyana’s infrastructure boom will see urban settlements undergoing significant expansion over the years. But what does this mean for the country’s carbon footprint? According to the government’s transition plan, outlined in the Low Carbon Development Strategy (LCDS) 2030, Guyana’s energy use will increase fivefold by 2030, while its emissions stay at 2018 levels. It said this will represent “one of the world’s highest levels of decoupling of economic growth and fossil fuel use for energy.”

All oil companies should be at forefront of making positive impacts in Guyana, says Hess: OilNOW

Hess Corporation’s Chief Executive Officer (CEO), John Hess was pleased to inform the market on Thursday that as of June 30, 2022, it recorded US$2.2 billion of free cash flow. Intent on shoring up more profits, Hess also disclosed that hedging plans have already been executed. The CEO said the company has put in place options that hedge approximately 150,000 barrels of oil per day (bpd) of oil production for 2022, with 90,000 barrels placed at US$60 WTI and 60,000 barrels at US$65 Brent.

CGID condemns Govt silence on oil spill- suggests independent experts be mobilised to assess situation & keep nation informed: Village Voice News

ExxonMobil announced that on Friday, September 9, 2022, the team on the Liza Unity FPSO observed a sheen on the water in the vicinity of the vessel, which suggested that approximately one barrel of crude oil was released during a maintenance activity on the vessel. According to the company, they were able to isolate the leak and by midday Saturday, and the light sheen that was perceptible approximately 20 km (13 miles) North West of the vessel was no longer visible.

Gov’t in full control of accountability committee under Natural Resource Fund: Stabroek News (Letter to the Editor) by Shurwayne Holder, MP

Please afford me the opportunity to expose the PPP’s farcical Public Accountability and Oversight Committee which now overlooks Government’s spending of our oil money among other issues. Firstly, let me remind the general public that the APNU+AFC had a superior formula with regards to the transparency and accountability aspects of the Natural Resource Fund. The previous government established a Public Accountability and Oversight Committee that comprised a wide array of professionals; many of them from credible organisations that are known advocates of transparency and accountability.

Guyana losing big by not imposing windfall tax on oil companies – IMF: Kaieteur News

Guyana is missing out on large amounts of cash given the surplus of revenue oil operators are enjoying, with the Government refusing to impose a windfall tax on firms. The surplus that oil companies is making as a result of the supply –demand imbalance stemming for the post –COVID commodity shortage, and subsequent invasion of Russia on Ukraine, have forced United Nations officials to call out the oil companies for not increasing production while adding significant financial pressure on countries in need of energy related goods and other commodities.

ExxonMobil, partners pocketed US$2.7B, while Guyana collected $753M at half-year – Bank of Guyana Report: Kaieteur News

According to Bank of Guyana’s latest report on the health of the economy, ExxonMobil Corporation’s affiliate Esso Exploration and Production Guyana Limited (EEPGL) and its partners in the Stabroek Block recovered US$2,709.2 million in oil cost recovery. This sum covers a portion of their investments made in the oil operations offshore. This is also in accordance with the Stabroek Block Production Sharing Agreement (PSA) which allows the companies to recover up to 75 percent of costs in a calendar year.

‘Brace for year-end spending spree by Govt.’: Kaieteur News

…Opposition says as it flags sloth in budget spending

This year, the PPP Government tapped the Natural Resource Fund (NRF) for the first time, increasing the country’s annual Budget from $383.1 billion in 2021 to a whopping $552.9 billion in 2022. The increase represents a total of $169.8 billion, a “vast increase” which the APNU + AFC Opposition believes Government is not equipped to manage. In fact, the joint Opposition argued during its most recent Press Conference that the PPP’s inability to execute the budget is evident in the half-year report which clearly indicates poor economic planning.

Low hanging fruits: Kaieteur News (Editorial)

We congratulate the PPP/C Government for taking the bull by the horns and ordering oil companies to pay Guyanese within 30 to 45 days (KN September 10)… One such area is an over-reliance on data provided by oil companies operating offshore Guyana. There must be the determination to know for ourselves, through independent and trusted means (non-company) all that is happening in oil operations. Sources cannot be that of ExxonMobil, Hess, CNOOC, or any of the others. We really haven’t the faintest idea as to how much oil ExxonMobil and partners are producing and shipping, and how much is being used back into the wells.

Petrobras backtracks on sale of deepwater field: OilNOW

Brazil’s state-owned Petrobras decided to end the divestment process for a sale of its entire stake in a Brazilian deepwater field – Albacora concession – to PRIO, formerly PetroRio, as both parties have failed to come to an amicable conclusion of the sale. Petrobras had been negotiating with PRIO for months. “Despite the efforts of both parties,” Petrobras said, “it was not possible to converge to conditions that reflected the valuation of the asset.”

‘Perfect storm’ could see Europe facing rolling blackouts as gas supply dwindles – Rystad Energy: OilNOW

With tensions remaining high with its European neighbours, Russia has halted all gas exports through Nord Stream 1, the gas pipeline that supports the continent, for an indefinite period. While Russia exported close to 350 million cubic meters per day (MMcmd) of natural gas to Western Europe through its main export routes, this was cut 89% year-on-year. According to Rystad Energy, this means a risk of very high prices and uncertainty over energy balances for a continent already saddled with price volatility since the Russia-Ukraine war began.

Maersk drillship contract with Shell extended for works in US Gulf of Mexico: OilNOW

Maersk Drilling has secured a contract extension with Shell for a 7th generation drillship, to carry out additional drilling services in the United States Gulf of Mexico once it concludes current works. Maersk said the contract extension is expected to commence in April 2023 for a six-month duration and is valued at US$77 million, excluding integrated services expected to be provided and potential performance bonuses.

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