Home » Guyana News Updates, October 18, 2022

Guyana News Updates, October 18, 2022

by terrence richard blackman
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The Institute of Commonwealth Studies and the Commonwealth Foundation are organising two events in the run up to the UN Climate Change Conference (COP27) in Sharm El Sheikh. These events are designed to complement each other, offering multiple perspectives in the energy/development/climate change debate:

19th October 2022

The ICWS is organizing an online discussion ‘Challenges to Commonwealth Green Transitions: the Cases of Guyana, and Trinidad and Tobago’https://commonwealth.sas.ac.uk/events/challenges-commonwealth-green-transitions .

What may the next decade of US-Caribbean energy cooperation bring?

WED, OCTOBER 19, 2022 • 12:00 PM ET

–        A conversation with the Minister of Energy and Energy Industries for the Republic of Trinidad and Tobago on the future of US-Caribbean energy cooperation.

Energy Outlook in the Americas – Florida International University

Wednesday, October 19, 2022 – 12pm – 1:30pmEDT



US Department of Commerce Caribbean Trade Mission & Conference

October 23-28, 2022

Miami and various Caribbean markets


Caribbean Investment Forum

November 8-11, 2022 – Trinidad


Caribbean Investment Forum launched with focus on building resilience and boosting investment in the region | Caribbean Export


Britain ends visa requirement for citizens of booming Guyana | AP News


Guyanese nationals can travel to the United Kingdom visa-free | Loop Caribbean News


ExxonMobil Building Plethora of Oil, Natural Gas Prospects in Stabroek Offshore Guyana | TankTerminals

Next phase of construction for CGX’s Berbice Deep Water Port to begin this month: OilNOW

Grand Canal Industrial Estates Inc. (GCIE), a wholly owned subsidiary of Canadian oil explorer CGX Energy Inc., said it has selected GAICO Construction and General Services Inc. to continue critical works on a portion of its Berbice Deep Water Port. GCIE had previously stated that there were some minor setbacks to the project due revisions that were needed to the design of its Wharf and Trestle in the Berbice River. As a result of this, the company had said it is unlikely that the Offshore Supply Base of the port will be fully operational in Q4, 2022 as previously scheduled.

Guyana expected to withdraw US$207 million more from oil fund this year: OilNOW

Guyana’s Central Bank disclosed on Monday that 65% of the US$607 million that was approved by the National Assembly to support the 2022 budget was transferred to the Consolidated Fund. The remainder – some US$207 million – is expected to be withdrawn in the final quarter. The first withdrawal of US$200 million occurred in the second quarter. This amount represents 32.91% of the budgeted GY$126.69 billion (US$607.65 million). For the third quarter of 2022, Central Bank said the second tranche, GY$41.7 billion (US$200 million), was withdrawn – another 32.91%.

Guyana rakes in biggest quarterly windfall from oil production: OilNOW

OilNOW is an online-based Information and Resource Centre

Guyana’s Central Bank – the operational manager for the Natural Resource Fund (NRF) – disclosed on Monday that third-quarter inflows amounted to GY$102.82 billion (US$493.18 million). This comprised of profit oil totalling GY$92.18 billion (US$442.12 million) and royalties totalling GY$10.64 billion (US$51.06 million). The receipts of oil revenues into the fund for the period July to September 2022 represented the highest quarterly inflows.

Guyana earned over $100B from oil in 3rd quarter of 2022: Guyana Times  

– largest quarterly earnings since oil production began

The third quarter of this year – July to September – has turned out to be the most lucrative quarter yet for Guyana’s oil earnings, with inflows of over $100 billion going into the Natural Resource Fund (NRF). According to the Bank of Guyana (BoG) in its third-quarter report for 2022, Guyana earned a total of $102.8 billion (US$493.1 million). This includes profit oil of $92.1 billion (US$442.1 million) and royalties of $10.6 billion (US$51 million).

EPA owes Guyana more than country has been provided with- Patterson: Kaieteur News

The Environmental Protection Agency (EPA) has been failing on its mandate to protect the country as oil and gas production takes off, but in addition to that, the body has also not been transparent with citizens as information relating to the sector is lacking in various regards. This is according to Shadow Natural Resources Minister, David Patterson who explained that the agency must do better. He was at the time fielding questions from the media at a picket exercise on Friday, organized by a group of public-spirited Guyanese, who were demanding that the agency respond to a letter it received since August last, in which 54 persons raised serious environmental safety concerns.

Exxon seeking proposals for Project Management services for Technical Training Centre in Berbice: Kaieteur News

ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL) recently issued a Request for Information (RFI) seeking detailed commercial and technical information from suppliers to manage the construction of the Guyana Technical Training Centre. The scope of this RFI is to identify suppliers who can support the development and definition of project scope of works, requirements, plans, process and procedures for all phases of the work; develop in-house schedule and options for different execution strategies including a risk option analysis for each strategy; and manage day to day project activities and requirements, including participating / leading meetings and issuing minutes of meeting.

Bhagwandin’s computing model seriously overestimates oil production OPEX and CAPEX: Stabroek News (Letter to the Editor) by Deryck Daly

Joel Bhagwandin (JB) concluded the Liza 1, Liza 2, Payara and Yellowtail projects will produce respectively 438 million barrels in 10 years, 600 million barrels in 8 years, 600 million barrels in 8 years and one billion barrels in 11 years. The computed average daily production rate based on JB’s information is exactly equal to the nameplate daily production capacity.  This means the projects will start up at or around nameplate production capacity and basically produce oil at nameplate capacity for 10, 8 and 11 years, until all the oil is recovered.

A singular national vision to anchor and sustain Guyana’s transformation: OilNOW (Columnist) by Dr. Carolyn Walcott and Dr. Terrence Blackman

During the 1970s, Guyana’s leadership pursued a socialist economic path. Guyana’s Non-Aligned stance and fundamental governance and foreign policy principles were built upon western non-interference and self-sufficiency. The Non-Aligned Movement’s ideology of anti-colonialism and liberation struggle was embedded in the national psyche as part of the nation’s post-independence ideological ethos.

President challenges FAO to establish special fund for small island and low-lying states – News Source Guyana



– To tap into oil & gas industry

A consortium will be established for local chefs to benefit directly from the oil and gas sector.

President Irfaan Ali says the project is another initiative under the “One Guyana” umbrella to economically empower citizens.

Suriname and Guyana: Oil wealth or the environment – France 24


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