Guyana News Updates, October 31, 2022

GA-CPC Webinar: Caribbean Energy Security

Thursday, November 3, 2022 @ 10amET

Join Global Americans (GA – www.theglobalamericans.org) and the Caribbean Policy Consortium (CPC – www.cpccaribbean.org) for a jointly-hosted webinar to hear from regional experts on the state of energy security. GA and CPC fellow Scott MacDonald moderates the discussion.

Click here to register for the event.

https://us02web.zoom.us/webinar/register/WN_YTJA5X56T8e5SfqfFgvRnQ

Caribbean Investment Forum

November 8-11, 2022 – Trinidad

https://www.caribbeaninvestmentforum.com/?utm_source=Caribbean+Export+List&utm_campaign=856bee512b-EMAIL_CAMPAIGN_2022_09_16_main_flyer&utm_medium=email&utm_term=0_9e96a5189f-856bee512b-52236001

Guyana/Venezuela Border Controversy: ICJ to hear oral submissions on Nov 17, 2022 from both countries | INews Guyana

U.S trade delegation impressed with investment opportunities in Guyana – News Room Guyana

US$1.4B in trade between Guyana & US in 1st half of 2022 | INews Guyana

Guyana diaspora – Democratic participation and marginalised groups in Guyana – Stabroek News

https://www.stabroeknews.com/2022/10/31/features/in-the-diaspora/democratic-participation-and-marginalised-groups-in-guyana/

NY Attorney General to request Biden Administration to probe reports of discrimination and other concerns in Guyana – News Source Guyana

https://newssourcegy.com/news/ny-attorney-general-to-request-biden-administration-to-probe-reports-of-discrimination-and-other-concerns-in-guyana/

New York Attorney General to rally support to lobby Biden administration about Guyanese concerns – Demerara Waves Online News- Guyana

Democracy in Guyana is strong and strengthening – Stabroek News

https://www.stabroeknews.com/2022/10/31/opinion/letters/democracy-in-guyana-is-strong-and-strengthening/

Attempts to rig 2020 elections: CoI begins this week, witnesses asked to come forward, testify – Guyana Times

CCJ has been a blessing to Guyana – AG – Guyana Times

Guyana to hold local government elections March 2023 – CNW Network

Lists for local gov’t polls have to be submitted on December 12th – Stabroek News

Guyana is a world-class manufacturing hub in the making – Energy Analyst: OilNOW

When its Gas-to-Energy project comes on stream in 2024, Guyana is expected to break the spell of high electricity rates that has suppressed its development for decades. This major initiative will also be working in perfect synchrony with three Stabroek Block developments set to produce nearly 600,000 barrels of oil per day. Dr. Lorraine Sobers, a Fulbright Scholar currently lecturing at the University of the West Indies, St. Augustine campus, says the foregoing status quo will unequivocally create the perfect ecosystem for the birth of a world-class manufacturing industry in Guyana.

Guyana Prepares for Offshore Licensing Round

https://jpt.spe.org/guyana-prepares-for-offshore-licensing-round

Hess’ net production of oil to increase to 110,000 barrels per day this quarter: Guyana Times  

…9 cargoes of crude oil also expected to be sold from Stabroek Block

Guyana is expected to produce a net figure of 110,000 barrels of oil per day in the fourth quarter of the year, continuing the upward trend of oil production that will also result in nine cargoes of crude oil being sold in that period. This is according to Hess Corporation in its 2022 third quarter report. In it, Hess reported that net production from the Liza Destiny and Liza Unity Floating Production Storage and Offloading (FPSOs) vessels was 98,000 barrels of oil per day in the third quarter of 2022.

Exxon targeting more wells in its biggest year for discoveries offshore Guyana: OilNOW

Following the announcement last week of two more discoveries at Sailfin-1 and Yarrow-1 in the ExxonMobil-operated Stabroek Block, the hunt for more high-quality oil resources is now set to continue at the Fish-1 and Lancetfish-1 prospects offshore the South American country. With nine Guyana discoveries so far, 2022 marks best exploration year for Stabroek co-venturers. Hess Corporation, which holds a 30% working interest in the Stabroek Block, said the Fish-1 exploration well is located approximately 62 miles northwest of Liza-1.

Guyana production of nearly 360,000 barrels of oil exceeds design capacity – Exxon’s 3Q report: Guyana Times  

– as EEPGL 5-year local content master plan approved by Govt

Oil giant ExxonMobil has posted its third quarter results for 2022, which come up to US$19.7 billion, and has attributed increased production from its operations in Guyana, which have grown to 360,000 barrels and in excess of design capacity, as one of the factors in its massive earnings. According to the company in its third quarter earnings report, higher volumes of oil from its assets in Guyana and the Permian were among the factors that contributed to its earnings.

Payara project 88% complete, Yellowtail hull to arrive in Singapore early 2023: OilNOW 

Development work for two large ExxonMobil-led Guyana projects – Payara and Yellowtail – are progressing. Hess Corporation, a 30% stakeholder in the Stabroek Block where both projects will be operationalized, provided an update this week. The projects will add nearly half a million barrels of oil per day (bpd) when they achieve first oil in 2023 and 2025.

ExxonMobil records highest ever Q3 net income of US$20b: Stabroek News

Guyana continues to be a pivotal part of ExxonMobil’s portfolio as one of its high-return assets and the company yesterday announced net income for the third quarter of US$20 billion, the highest in its history. “We feel pretty good about the production growth that we’re seeing across the portfolio. We’ve talked about the record production in the Permian and Guyana is obviously performing very, very well with both of those boats  (platforms) running at above capacity,” ExxonMobil’s Chairman Darren Woods yesterday reported during the company’s third quarter earnings call.

Gov’t approves five-year local content plan for Exxon’s subsidiary: Stabroek NewsKaieteur News   

The Ministry of Natural Resources on Wednesday approved the five-year local content plan for Esso Exploration and Production Guyana Limited (EEPGL) which is the operator of the oil rich Stabroek Block offshore. EEPGL is a subsidiary of ExxonMobil.  Speaking at the event on behalf of ExxonMobil Guyana, its President Alistair Routledge said: “The resource we are producing belongs to the people of Guyana and we are committed to ensuring that they benefit from it.

TechnipFMC expects upcoming orders to hit US$9 billion as input from Guyana, other territories ramp up: OilNOW

TechnipFMC, one of the prime contractors for ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL), said on Thursday that it recorded US$1.7 billion in revenues for the third quarter of this year. Chair and Chief Executive Officer (CEO), Doug Pferdehirt, commented that the revenue was a “solid achievement” given the volatile nature of the energy market.

Gas-to-Shore Project: US$30M support facility entering final construction stage: Guyana Times  

…Nismes wharf & laydown facility will provide massive opportunities – GAICO

A wharf and lay down facility that is being built in Nismes, Region Three (Essequibo Islands-West Demerara), and will provide crucial support to the construction of the Gas-to-Shore Project, is close to being completed and operationalised. The facility in question is being built by GAICO Construction. GAICO Managing Director Komal Singh, in a statement on social media, noted that they are entering the final stage of the construction of the facility which will cost approximately US$30 million.

Guyanese must stand up, support Wales-based Gas-to-Shore Power Generation Project: Guyana Times (Letter to the Editor) by Sasenarine Singh

After many months, the peaceful Deepavali celebrations allowed me a chance to glance at one of the daily newspapers in detail. At the bottom of the front page of one of the newspapers was the headline, “New UN Report warns against gas-to-energy type projects”. This newspaper article piqued my interest. So I took the time to read the entire UN Report. The UN Report sought to lecture the Latin American countries on what they should and should not do concerning their energy development plan.

Expand Apprentice Schemes: Guyana Times (Editorial)

Towards the end of Dec 2019, four years after its first strike in its Stabroek Field, Exxon announced the start of oil production in our country and three years later we are producing 360,000bpd heading towards 1million bpd. With US$1B in our NRF, we are well on way to being a significant global oil producer. However, rather than preparing Guyanese to participate in the industry and the industrialization and infrastructural development that was sure to follow, the then APNU/AFC coalition government appeared oblivious of the need to retool our educational institutions.

Development of local capacity continues: Guyana Chronicle (Columnist) Oil, gas & you

AS Guyana’s oil-and-gas sector continues to expand, developments such as new shore bases and the relocation of companies from historic oil producers have created both opportunities today, and the potential for transformational economic benefits in the future. Steady growth in the oil-and-gas sector is helping a rising number of local companies participate in the industrialisation of Guyana.

Guyanese must supply 90-100 % of services used by oil companies in 14 categories of work by year end: Kaieteur News

According to Guyana’s Local Content Legislation, there are 40 categories of services in which oil companies must ensure Guyanese participation.  Of that number, there are 14 categories which must see the highest possible participation. The chart below outlines these areas as well as the 90 to 100 percent target that must be achieved by oil companies and their subcontractors. The Local Content Act through the use of targets and other mechanisms aims to prioritize the use of Guyanese nationals and companies in the procurement of goods and services for the enhancement of the value chain of the oil sector.

At least try and renegotiate the lopsided ExxonMobil/Guyana oil contract: Kaieteur News (Letter to the Editor) by Sean Ori

As the discussion continues about the “sanctity of contracts,” I am sure that we can all agree that the ExxonMobil/Guyana oil contract is lopsided. And, as such, it should be renegotiated. At least TRY to renegotiate as oppose to defending this lopsided oil contract. Foreign Direct Investment (FDI) which benefits Guyanese is welcomed. Not so this lopsided exploitative oil contract. I will leave it to others, like OGGN, to explain how we can and why we should renegotiate this lopsided exploitative oil contract.

Guyana completes money laundering, financing terrorism reports ahead of CFATF evaluation – News Room Guyana

Guyana will prioritise efforts to combat financial crimes, money laundering – AG | INews Guyana

Go-Invest CEO: Opportunities abound in agriculture sector – Guyana Chronicle

Billions injected, but tangible results yet to be seen at GuySuCo – Dr Nanda Gopaul – Guyana Times

Finance Minister oversees signing of historic US$4M loan agreement between IDB-Invest/Muneshwers for procurement of Guyana’s first mobile crane – Department of Public Information, Guyana

Muneshwers signs US$4M loan agreement with IDB-Invest for Guyana’s first mobile crane – News Room Guyana

Guyana, India discuss energy cooperation – Stabroek News

https://www.stabroeknews.com/2022/10/31/news/guyana/guyana-india-discuss-energy-cooperation/

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