Guyana News Updates, September 21, 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 University

Friday, September 23, 2022

https://zoom.us/webinar/register/WN_ddN9xOZIRxeq8GQLwgN3-Q

OIL DORADO? A DREAM OR NIGHTMARE FOR GUYANA.

THURSDAY 29TH SEPTEMBER 18.00 UK

GUYANA HIGH COMMISSION

PALACE COURT BAYSWATER

LONDON W2 

– John Mair – 07785 378156

Overview – OIL DORADO;GUYANA’S BLACK GOLD LAUNCH EVENT SEPTEMBER 29TH (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

Just Caribbean News Updates

PM Mia Mottley to American legislators, stop making it difficult for banks in the Caribbean

https://caribbeannewsupdates.blogspot.com/

Pres. Ali advocates balance in energy transition; rejects punishing fossil fuel dependent countries – News Room Guyana

Govt. seeking marketer for crude from Liza Destiny & Liza Unity vessels: Kaieteur News

The Ministry of Natural Resources on Monday said it is seeking eligible bidders  for the provision of marketing services for Guyana’s oil entitlement from two Floating, Production, Storage and Offloading (FPSO) vessels, namely the Liza Destiny and the Liza Unity. Bidders may bid for one or more lots as defined in the bidding documents. Kaieteur News understands that firms must submit the original and two copies along with two electronic non-editable copies of the Bid for each lot.

Guyana lab now equipped to run multiple tests on crude being produced offshore: OilNOW  

Guyana’s Crude Testing Lab run by the Guyana National Bureau of Standards (GNBS) is now able to conduct all necessary tests of Liza Crude and Unity Gold being produced offshore. Crude oil testing helps to ascertain crude characteristics to determine the compatibility of the crude with the target refinery. GNBS is able to determine aspects such as the density and viscosity, basic sediments and water, salt content, hydrogen sulphur content, and water content in the crude oil being extracted.

Review and Analysis of the Mid-Year 2022 Economic Performance: Is the paradoxical Dutch disease present? (Part 3): Guyana Chronicle

IMPACT OF COST-OF-LIVING MEASURES AND INTERVENTIONS BY THE GOVERNMENT

USING conservative estimates in an attempt to quantify the impact of the cost of living (COL) measures and interventions by the Government on the economy, cumulatively for the period 2021 – 2022, these altogether amounted to approximately $226 billion, representing 96 per cent of the total NRF balance as of July 2022 from the inception of production. In other words, the estimated COL measures implemented by the Government so far is equivalent to almost all of the revenues Guyana earned in profit oil and royalties from 2020 to HY 2022.

Activists ask court to quash Liza 1 permit: Stabroek News

-say EPA was prohibited from issuing authorisation without impact study

Two environmental activists have filed a suit against the Environmental Protection Agency (EPA) to quash the permit it issued for the ExxonMobil Guyana-led Liza Phase 1 oil project in the Stabroek Block, offshore Guyana. The main contention of the applicants, University of Guyana lecturer Sinikka Henry and human rights activist Danuta Radzik, is that in the absence of an environmental impact assessment (EIA), the EPA was prohibited from issuing the permit.

Adding new FPSOs which reduces the economic life of the Stabroek Block is a premise for renegotiation of Exxon’s contractStabroek News (Letter to the Editor) by Dr. C. Kenrick Hunte

In a SN article dated 8/15/2022 and captioned, ‘Guyana set to receive 12 lifts of profit oil for 2022 – Ministry’, it is reported ‘…that the expected total production of oil in 2022 is 93.6 million barrels of oil… (from which) …Guyana will get an estimated 12 lifts of one million barrels each, according to the Ministry of Natural Resources.’. This distribution of the oil between Guyana and EEPGL is a constant reminder of the inequity that Guyana is experiencing.

No daylight between the PPP and PNC on renegotiating the Exxon oil contractStabroek News (Letter to the Editor) by Dr. Jerry Jailall

The VP has made it very clear that his PPP Government will not renegotiate the worst oil contract in the world signed by the PNC. The PPP has fully endorsed the PNC deal and now thinks it’s a fair, sanctified contract that guarantees a fair reward to the oil investors, while Guyana keeps getting screwed. If “we will not renegotiate” is the final answer from the PPP Government’s side, then it’s time to use the old slogan that served us well against the old PNC dictatorship – “People’s Power, No Dictator.” I remember shouting this slogan along with others as we marched from the East Coast to Tiger Bay on the day of Dr. Walter Rodney’s funeral in 1980.

Auditor General’s Office still without capacity to audit oil and gas sector: News Source

Positing that financial provisions are being catered for in the 2023 Budget, he said in 2023, the Audit Office would me moving to acquire petroleum engineers and consultants to facilitate the process. Admitting that the Office of the Auditor General does not currently have the capacity to conduct performance audit of the Oil and Gas Sector, Auditor General, Deodat Sharma on Monday said expertise in that area is being acquired with the support of the Canadian Auditing and Accountability Foundation (CAAF).

Opposition continues calls for VP Jagdeo to removed over corruption allegations: News Source

Today, during a press conference, the Opposition MP said the President’s failure to act on such serious allegations leveled against the Vice President shows that he is not serious about fighting corruption in Guyana. Opposition Member of Parliament Amanza Walton-Desir today reiterated her party’s call for President Irfaan Ali to fire Vice-President Bharrat Jagdeo for alleged corrupt practices which were documented in a foreign media report earlier this year.

Opposition, Govt. must grow-up, set aside differences: Kaieteur News

– we can never realise true potential of oil wealth if we don’t work together – GCCI President

President of the Georgetown Chamber of Commerce and Industry (GCCI), Timothy Tucker believes it is high time that politicians within the Opposition and Government camps grow-up, and set their differences aside for the greater good of the people. Unlocking the true potential of the oil wealth he posited, cannot be realised if both sides are at proverbial loggerheads.

Oil money each year only enough for two projects – Jagdeo tells Berbicians: Kaieteur News

Even though Vice President Bharrat Jagdeo has argued in the past that Guyana’s profits remain larger than the oil companies’ share, he recently admitted that the money Guyana receives for its petroleum resource is in fact not “a whole lot.”… By Kaieteur News’ calculations, Exxon’s subsidiary and operator of the Stabroek Block, Esso Exploration and Production Guyana Limited (EEPGL) is poised to walk away with US$3.9B while CNOOC will get US$2.2B this year. It therefore means that Exxon and partners will walk away with US$8.7B profit, tax-free, in 2022.

Legal minds should provide guidance on inclusion of Stability Clause in new PSA – Dr. Yog Mahadeo: Kaieteur News

Vice President Bharrat Jagdeo has clearly indicated that future oil contracts will include a Stability Clause that currently exists in the 2016 Production Sharing Agreement (PSA) Guyana inked with US oil major, ExxonMobil. The Stability Clause is a binding agreement that seeks to ensure that the profits of the contractor is unaffected. One specific term in that Clause outlines that even if Guyana changes its laws, this will not affect the oil companies. Another section makes it clear that the Government shall not require a renegotiation of the agreement without the written consent of the contractor.

Patterson flags suspicious tenders received for Gas-to-Energy project: Kaieteur News

– calls for full investigation of NPTAB

Former Minister of Public Infrastructure, David Patterson is requesting a full investigation into the operations of the National Procurement and Tender Administration Board (NPTAB) over a series of questionable contract awards. Patterson during an Alliance For Change (AFC) press conference said that most recently, the public saw bids being accepted for the Gas-to-Energy (GTE) project from contractors who were not listed as prequalified earlier this year.

Royalties, risks, returns: Kaieteur News (Editorial)

Guyana’s Vice President, Bharrat Jagdeo is back singing his old tune and seeking to get Guyanese to join his one-man chorus about royalties.  This was what he did during the three-hour long conversation with the publisher of this newspaper.  Once again, Mr. Jagdeo was more about what the oil company should get, and almost a whimper, on what Guyana must demand and make ExxonMobil and its partners deliver. 

Jagdeo was unable or unwilling to provide Glenn Lall straight and truthful answers: Kaieteur News (Letter to the Editor) by Hamilton Green

I listened to the debate on Kaieteur News between Kaieteur Publisher, Glenn Lall and Guyana Vice President and former President and General Secretary of the PPP Bahrrat Jagdeo… So what is this nonsense about the sanctity of a Contract? All that is happening, we are being made the laughing stock of the world. In April 2019, President David Arthur Granger and ExxonMobil Country Head, Rod Henson signed an Agreement making certain adjustments to bring greater benefits to this and succeeding generations.

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