Guyana News Updates, September 20, 2022

The University of Guyana Green Institute (UGGI) in partnership with the United Nations Guyana True Development and Natural Resources – What is the Connection?Professor Ricardo Hausmann, Harvard UniversityFriday, September 23, 2022https://zoom.us/webinar/register/WN_ddN9xOZIRxeq8GQLwgN3-Q

Guyana Basins SummitOctober 4-6, 2022http://guyanabasinsummit.com/en– US Department of Commerce Caribbean Trade Mission & ConferenceOctober 23-28, 2022

https://www.trade.gov/caribbean-trade-missionLittle-Known Oil Play With Lots of Upside – The Oil Boom of South Americahttps://www.energyandcapital.com/articles/little-known-oil-play-with-lots-of-upside/110421

Exxon boosts Guyana oil output, undecided on future auction bid – source | Reutershttps://www.reuters.com/business/energy/exclusive-exxon-boosts-guyana-oil-output-undecided-future-auction-bid-source-2022-09-20/

Five in running to build Wales’ natural gas power plant:Stabroek News  Five international companies have submitted bids to build the proposed natural gas-fired power plant at Wales, West Bank Demerara. Guycan Consortium ($549,088,000 USD), China Energy Int’l Gr. Co Ltd. ($466,649,772 USD), China Machinery Engineering Inc., ($696,001,776 USD), Power China Int’l Group Ltd. ($703,652,256 USD) and Lindsayca Inc. & CH4 Guyana Inc. ($898,764,244 USD) are the bidders. 

Govt will continue securing improved benefits in new oil fields – Natural Resources Ministry:Guyana Times  …says seeking renegotiation of 2016 PSA would be counterproductiveCalls for Government to push for the renegotiation of the 2016 Production Sharing Agreement (PSA) with oil-giant ExxonMobil would actually be counterproductive for Guyana. This is according to the Natural Resources Ministry, which on Sunday explained that even though the 2016 PSA will not be renegotiated, the People’s Progressive Party/Civic (PPP/C) Government has been and will continue to, secure better fiscal terms for Guyana in subsequent oil fields. 

Tender out for new marketer for Guyana’s Liza and Unity Gold crude: OilNOWGuyana’s Ministry of Natural Resources has put out a tender for the provision of marketing services for the country’s share of crude from the Liza Phase 1 and 2 projects. Bidders have until 9:00 am on October 11 to make submissions to the National Procurement and Tender Administration (NPTAB) Board. The public notice did not indicate the contract period but requested bids in two lots – one for each producing operation. 

Stabroek Block co-venturer to experience one of the fastest growth rates of any large oil company: OilNOWHess Corporation, which holds a 30% working interest in the Stabroek Block, is positioned to experience one of the fastest growth rates of any large oil company through 2026. Highlighting this was an analysis published by Seeking Alpha, a crowd-sourced content service for financial markets for the past 18 years. Specifically, the Value Portfolio said Hess will have free cash flow (FCF) that is expected to grow incredibly quickly, moving towards an 8% increase in 2026 and growing from there. 

What can gas reserves do for agribusiness?: OilNOW(Columnist) by Cristina Caus and Jerry HaarThe Guyanese economy has been known for quite a long time for a traditional economic system, in which most of the population was engaged in agricultural activities. As late as 1991, about 32% of the labour force was employed in agriculture, according to the World Bank. Coupled with extraction activities (mining of gold and diamonds), agriculture has been accounting for about 70%-75% of export earnings and contributing about 17% to the nation’s Gross Domestic Product (GDP).  

Opposition backs calls for Govt. to impose windfall taxes on oil companies: Kaieteur News…but Jagdeo sticking rigidly to ‘sanctity of contract’ positionAs supply stocks become limited in Europe and the price for oil predicted to spike further, the A Partnership for National Unity + Alliance for Change (APNU + AFC) Opposition believes now is the time to tax the excessive profits being raked in by the petroleum companies presently operating in Guyana’s rich Stabroek Block. A member of the Opposition’s Oil and Gas Committee, Elson Low on Monday told this newspaper that the political group holds the view that the PPP Government should specifically achieve this objective by increasing its royalty rate when Brent Crude (the benchmark prices for oil) moves pass the determined rate. 

Vibrant debate in media underscores citizens’ outrage at secretive practices in oil, mining sectors – EITI: Kaieteur NewsFollowing its latest evaluation of Guyana’s adherence to its standards, the Extractive Industries Transparency Initiative’s International Secretariat said it has observed a most vibrant debate in the local media as regards practices in the oil and mining sectors. In particular, the Secretariat said there is a noticeable degree of outrage for the secretive management of these critical revenue earners. 

‘Make list of petroleum specialists and engineers public’: Kaieteur News– Former EPA Head tells Govt.SSIn light of numerous inadequacies within the petroleum sector, former Environmental Protection Agency (EPA) Head, Dr. Vincent Adams has reiterated calls for the Government to make public its list of trained professionals and petroleum experts hired to monitor and manage the development of its oil and gas resources. Adams, a Petroleum Engineer, with a wealth of experience and knowledge in the energy industry, is adamant that Guyanese ought to know how their lucrative oil sector is being protected by its leaders. 

Jagdeo says Politicians cannot be trusted: Kaieteur News…plays down Suriname President’s statement that oil wealth belongs to citizensVice President Bharrat Jagdeo has warned that Politicians are not the most honest people, and suggested therefore, that citizens be mindful when taking in the appeasing words of their leaders. The insinuation was made by the Government’s point man on oil and gas, when he appeared on a special programme of ‘The Glenn Lall Show’ last Tuesday. Aired on the Kaieteur Radio, Lall asked Jagdeo on the show to comment on Suriname’s President, Chandrikapersad Santokhi’s utterance about oil wealth belonging to citizens and not political parties.  

PPP/C Government and its leaders clear on renegotiation: Kaieteur News(Editorial)The PPP/C Government, the President, and the Vice President have all dug in their heels, showed their hands, and set their faces in steel.  The heinous 2016 oil contract will not be renegotiated, not for years to come.  This is confirmed by the headline “Govt. says… ‘Guyana must wait 14 years before change to ‘lopsided’ Exxon contract’” (KN September 19).  This was what was frequently confirmed by the slipperiness of Vice President, Bharrat Jagdeo, when he did his best to avoid being pinned down on giving a definitive answer on renegotiation of Guyana’s criminal oil contract with ExxonMobil.  

Guyana to increase spending on Education as it eyes free tertiary education by 2025 -Pres. tells UN forum – News Source Guyanahttps://newssourcegy.com/news/guyana-to-increase-spending-on-education-as-it-eyes-free-tertiary-education-by-2025-pres-tells-un-forum/

20% of Guyana’s national budget will go towards education – Pres Ali | INews Guyanahttps://www.inewsguyana.com/20-of-guyanas-national-budget-will-go-towards-education-pres-ali/

Govt policies based on equity, fairness – Foreign Minister tells Diaspora – Guyana Timeshttps://guyanatimesgy.com/govt-policies-based-on-equity-fairness-foreign-minister-tells-diaspora/

Leave a Reply