Guyana News Updates, September 15, 2022

Media Advisory: Transforming Guyana Episode IV – Venezuela-Essequibo Controversy

September 15, 2022

Guyana Business Journal Magazine

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

US to remove barriers on food; develop “common” food certification system with Caribbean – Demerara Waves Online News- Guyana

Guyana gov’t to further strengthen diaspora relationship – Caribbean Life

Guyana foreign direct investment increased by 47.2% in first half of 2022: OilNOW

Guyana’s foreign direct investments (FDI) have seen a 47.2% or US$629.7 million growth in the first six months of the year to US$1.964 billion. This was disclosed by Guyana’s Central Bank. In its latest report, the financial regulator said the increase is primarily due to the oil and gas sector. FDIs are also projected to increase by year-end, in keeping with predictions proffered this year by the World Trade Organisation (WTO). In its 2022 Trade Policy Review (TPR) executed on Guyana, the WTO said the country is well positioned to attract increased long-term investments.

How Well Is Guyana Managing Growth of its Oil Sector?

The Inter-American Dialogue’s weekly LATIN AMERICA ENERGY ADVISOR

September 16, 2022

New PSA will guide companies vying for oil blocks in this month’s auction: Guyana Times  

…auction will run until early next year – VP Jagdeo

The Government of Guyana plans to go ahead with the much-anticipated auction of the oil blocks by the end of this month, with the new model Production Sharing Agreement (PSA) being developed expected to guide participating companies at the auction on what fiscal terms to expect. This was announced by Vice President Bharrat Jagdeo, in his recent interview on a local radio show. According to Jagdeo, the new model PSA is still a work in progress, but will be important as part of the package offered to companies when the auction starts.

Modernised petroleum law for Guyana likely by March 2023 – Vice President: OilNOW

Vice President Dr. Bharrat Jagdeo said the government is currently reworking the Petroleum (Exploration and Production) Act of 1986, to modernise its provisions. The Act applies to the exploration, extraction, conservation, and management of petroleum reserves existing in Guyana’s exclusive economic zone (EEZ). Oil exploration has been taking place in Guyana for decades. But since the first commercial oil discovery in the Stabroek Block by ExxonMobil in 2015, offshore activity has ramped up. With this came the need for a revision to the law.

Revised Petroleum Act part of ‘steep ramp-up of learning’ in Guyana’s oil management – News Room Guyana

Oil blocks’ auction on for end of September – News Room Guyana

Guyana avoiding ‘precourse curse’ by not borrowing heavily against oil fund – Rambarran: OilNOW

Economist, Richard Rambarran is commending the Guyana government for resisting the temptation of borrowing heavily against the Natural Resource Fund (NRF), which holds oil production revenues. He said this is helping to keep the “presource curse” at bay. Rambarran made these remarks during an interview last Thursday on local radio programme, Guyana’s Oil and You. There, he articulated that Guyana, though a young oil producer, is already demonstrating that it is an example to follow in oil fund management.

Local Maritime Institute to bring Guyana’s next OPITO-certified training centre to East Bank corridor: OilNOW

The wholly-Guyanese-owned Atlantic Alliance (AA) Maritime and Offshore Training Institute Guyana is well on its way to launching the country’s second OPITO-approved facility to offer internationally accredited training to locals. AA officially opened its doors in March this year at North Road in Georgetown, in response to the government’s call for highly trained Guyanese for its blooming oil sector. And according to its Managing Director, Asif Hamid, the institution has already churned out over 100 students.

Is the paradoxical Dutch disease present? (Part 3): Guyana Chronicle by Joel Bhangwandin

REBUILDING THE ECONOMY FROM FIVE YEARS OF POOR ECONOMIC MANAGEMENT AND BAD POLICIES

Proponents of the notion that the mid-year report confirms that the Dutch disease is already here by merely citing the contracted performance of a few subsectors, namely sugar and rice, and ignoring completely the positive outturns in all the other subsectors, have failed to present any empirical evidence and context to corroborate this argument. The empirical evidence, however, strongly contradicts this notion and therefore disproves the perception or argument that the Dutch disease is present.

GCCI welcomes oil companies’ updated local content master plans – News Room Guyana

Hopefully Glenn Lall will now facilitate a more balanced debate on the O&G sector: Guyana ChronicleGuyana Times (Letter to the Editor) by Joel Bhangwandin

LAST evening, September 13, 2022, Vice-President, Dr. Bharat Jagdeo honoured his commitment to appear on the Glenn Lall radio programme to engage Mr. Glenn Lall on some burning issues Mr. Lall regurgitates almost on a daily basis in his newspaper and his radio programme. Emerging out of this very interesting exchange, at one point the Vice-President offered Glenn Lall the opportunity that if he can bring together a group of private investors to participate in the gas-to-shore project that can generate electricity for US$ 0.03 cents per kwh as he claimed he can; Glenn Lall asked the question – “will they get a binding agreement” to that effect.

VP Jagdeo has no plans to fix lopsided 2016 Exxon contract: Kaieteur News

– But maintains criticisms of low royalty, tax giveaway, no ring-fencing provision

Vice President, Bharrat Jagdeo has maintained that the mere 2 percent royalty, massive tax breaks, and the absence of a ring-fencing provision, are three key flaws of the 2016 Stabroek Block Production Sharing Agreement (PSA), but said his government will not seek to renegotiate the deal to correct those identified weaknesses. The Vice President made the foregoing position known during an appearance on The Glenn Lall Show which was broadcast by Kaieteur Radio on Tuesday evening.

Cheaper electricity closer as gov’t receives five bids for Wales project: News Room  

Cheaper electricity, a long-pursued goal of Guyana, is closer now that the government has received five bids for the construction of the power plant and natural gas liquids (NGL) plant at Wales, West Bank Demerara (WBD). Both plants are part of the massive Wales gas-to-energy project that will see energy produced from natural gas found in oil fields offshore. Vice President Dr. Bharrat Jagdeo, during an online forum on Tuesday night, highlighted that the government received five bids ranging from US$450 million to US$900 million for the construction of the two plants.

Guyana was prepared to partner with Uganda to further strengthen NRF committees – Jordan says: Kaieteur News

Former Finance Minister Winston Jordan has said that the A Partnership for National Unity + Alliance For Change (APNU+AFC) government was well prepared to strengthen the Natural Resource Fund (NRF), particularly its Public Accountability and Oversight Committee (PAOC) when it sought to establish partnerships with other oil producing nations ahead of the 2018 no confidence motion that prematurely forced its removal from government.

Oil Dorado? compilation of essays will be launched in Georgetown this week: Stabroek News (Letter to the Editor) by Tulsi Dyal Singh, MD.

The fourth edition of Oil Dorado? a compilation of essays edited and published by John Mair will be launched in Georgetown this week. The book contains several new articles dealing with the rapidly evolving Oil and Gas industry in Guyana, and it retains some of the articles that were in earlier editions of the same title. The combination of new and old articles and the fact that this is the fourth edition in a span of less than three years give readers a sense of how fast Guyana is moving.

Western missions pledge support so all Guyanese have a voice and role to play – Stabroek News

EU Chamber of Commerce ‘top priority’ for new Ambassador – News Room Guyana

Sinopharm reiterates support for Caribbean region – News Room Guyana

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