Guyana News Updates, June 16, 2022

Guyana

Media Advisory June 11, 2022: Guyana Business Journal & Caribbean Policy Consortium hold a webinar on Transforming Guyana: Guyana and Her Diaspora

Guyana Business Journal Magazine – June 8, 2022

OIL DORADO;GUYANA’S DREAM OR NIGHTMARE?

SUNDAY JUNE 19TH 3.00 BRITISH SUMMER TIME

Watch worldwide on you tube  https://youtu.be/GR_U66wbIjM 

Join John Mair the editor of OIL DORADO:GUYANA’S BLACK GOLD?(available on Amazon)

and a small cast of those in the know to discuss the new Klondike.

One Billion US dollars in the wealth fund by end 2022.11 Billion Barrels of oil already found/forecast,90% success rate in finding new wells,a barrel of oil per person in Guyana by 2025.

How much oil money is there and where will it go?

Cast to date.

Sally Gibson Guyanese born petroleum lawyer.

Sanjeev Datadin MP.Guyana lawyer and politician.

Terence Yhip Economist and Managment Consultant

Christopher Ram Accountant.lawyer and activist

Tulsi Dyal Singh.Guyanese born US gas investor.

Dr Terrence Blackman.US based writer on oil

Big questions.If you have one send in advance to johnmair100@hotmail.com

 

 

Latin America Energy Transition to Net Zero

AMI Webinar – Tuesday, June 21, 2022

https://americasmi.zoom.us/webinar/register/4716552301460/WN_vD49_OzaRJGaowVDbo0byw

 

 

Rebuilding Energy Security: The Role of U.S. Oil and Gas

Center for Strategic and International Studies – Wednesday, June 22, 2022

https://www.csis.org/events/rebuilding-energy-security-role-us-oil-and-gas

“ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET

https://www.cnbc.com/exxonmobilatthecrossroads/

“In this one-hour documentary, CNBC’s David Faber goes inside one of the most powerful, storied, and consequential players in the energy industry: ExxonMobil. Once seen as untouchable, the company is now facing shareholder challenges over its direction and criticism that is fostered public uncertainty about global warming. As gas prices skyrocket around the world, Faber gains unprecedented access to company executives, workers, and facilities to examine ExxonMobil’s efforts to lower its carbon emissions and find out whether the company is ready for the energy transition. “ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET.”

https://www.cnbc.com/exxonmobilatthecrossroads/

UWI IIR-CPC Webinar “The Russian Invasion: Geopolitical and Geoeconomic Implications for the Caribbean”

Thursday, June 23rd, 2022 | 5:00 p.m. EST

The third collaboration of this kind by the UWI IIR and CPC, this webinar which will feature four distinguished panelists, will aim to discuss strategic, geoeconomic, geopolitical and diplomatic issues of relevance to the Caribbean, raised by the Russian invasion of Ukraine.

Registration link: https://sta-uwi-edu.zoom.us/webinar/register/WN_hVxvDKz3TTWN239am9ONRg

Zara Weekes-Rhyzer Zara.Weekes-Rhyzer@sta.uwi.edu

 

 

Suriname Energy Summit – June 28-30, 2022

http://www.suriname-energy.com/en

 

 

 

Could wealthy nations fund the energy transition in emerging markets? | [term:name] 2022 | Oxford Business Group

https://oxfordbusinessgroup.com/news/could-wealthy-nations-fund-energy-transition-emerging-markets?utm_source=Oxford%20Business%20Group&utm_medium=email&utm_campaign=13274908_ESG_Energy_Finance_Jun%2016_EU&dm_i=1P7V,7WIZG,27S34N,WA9QB,1

 

Exxon affiliate made $132B profit last year: Stabroek NewsGuyana TimesKaieteur NewsOilNOWNews RoomNews SourceGuyana Daily News       

-first since 1999

Declaring a staggering $132B profit for the fiscal year 2021, ExxonMobil’s local affiliate Esso Exploration and Production Guyana Limited (EEPGL) yesterday said that it was the first it had made since it entered this country 23 years ago. However, the company was quick to point out that the sum invested since that time is over $3 Trillion with $1.3 Trillion coming from its own coffers, and the overall sum doubling by 2025. “What you will see in the financial statements is that we generated $254B of revenue and $132B of profit in 2021.

 

Exxon, partners solely responsible for decommissioning costs – Business Services Manager: Stabroek NewsOilNOW

…$17 billion estimated for decommissioning

With concerns raised by several sections of society as it relates to both the cost and plan for the decommissioning stage of Esso Exploration and Production Guyana Limited’s (EEPGL) developments offshore Guyana, the company says that all associated costs will be their responsibility. The information was relayed by Vice President and Business Services Manager at ExxonMobil Guyana Phillip Rietema yesterday, following the launch of the company’s financial statements for 2021.

 

Oil companies, not citizens, incur debts – Jagdeo: News Room  

Vice President Dr. Bharrat Jagdeo has rejected assertions that Guyanese owe oil companies millions of dollars for the debt incurred to fund oil production offshore, stating instead that expected profits from the oil and gas sector remain intact. As he has done before, the Vice President sought to clarify statements made by an international analyst. That analyst, as reported by a local newspaper, concluded that each Guyanese owes ExxonMobil $9 million, as the company amasses debt to fund oil exploration and production offshore.

 

News RoomNews Source – 2:32: After about two decades of operating in Guyana, ExxonMobil, through its local affiliate Esso Exploration and Production Guyana Limited, recorded some GY $254.1 billion in revenues and after deducting costs, some GY$132 billion in earnings last year. This is according to Phillip Rietema, the company’s Vice President and Business Services Manager, who noted that this is the first time that the company has recorded annual profits here.

 

“No liability, no debt to Guyana” – Exxon assures: OilNOW

As at year-end 2021, ExxonMobil Guyana’s assets totaled $1.3 trillion, an increase of 30 percent over the previous year which the company says mostly reflects substantial incremental investments in the Stabroek Block. Significant sums have been invested by Exxon and its co-venturers at the Stabroek Block over the years, representing exploration and development costs for major projects, two of which are already producing and two more under construction. Several more projects are planned in the coming years which are expected to push Guyana’s total output above one million barrels of oil per day.

 

Oil and gas is the only sector in Guyana with a carbon tax – Vice President: OilNOW

Guyana’s Vice President, Dr. Bharrat Jagdeo says there are several reasons why the institution of a US$50 per tonne payment for flaring of carbon dioxide should not be dismissed as nominal. For one, it represents a move from no payment whatsoever. Another reason is that Guyana is one of the few countries that sets its flaring payment based on the level of emission. Further, the existence of this payment makes the oil and gas sector the only one in Guyana that attracts a carbon tax.

 

Guyana wants oil companies to help it fight climate change – VP: OilNOW

Pursuing the fulfillment of its Low Carbon Development Strategy (LCDS) up to 2030, the government wants involvement from all levels of society in its national sustainability plan, even oil companies. In promotion of this, the government and the Stabroek Block consortium included in the recently awarded Yellowtail permit, a new provision which requires the companies to submit a study to government on how they can help.

 

Gov’t to fund Gas-to-Energy power plant; financing for NGL facility still to be determined: OilNOW

The government of Guyana is drawing closer to the finalisation of arrangements for the landmark Gas-to-Energy project, particularly the onshore facilities it is responsible for building. Vice President Dr. Bharrat Jagdeo shared during a press conference on Wednesday that the government will fund the Gas-to-Energy power plant. However, he said that the financing for the natural gas liquids (NGL) facility is still to be determined.

 

In scathing rebuke, VP Jagdeo says anti-fossil fuel lobby targeting Guyana: OilNOW

Guyana has been blessed with enormous oil and gas resources. The revenues from this remarkably lucrative sector can transform the country and enable its citizens to reach higher standards of living. These revenues can also buttress the diversification of the economy by supporting non-oil sectors and the advancement of Guyana. It is for these reasons, among others, that Guyana must pursue the development of its oil and gas resources, says Vice President Dr. Bharrat Jagdeo, as he denounced the anti-fossil fuel lobby that is targeting Guyana.

 

Oil spill insurance pegged at US$600 million “per event”- Jagdeo: Demerara Waves  

The ExxonMobil-controlled consortium that is exploring and producing crude oil in the offshore Stabroek Block has agreed to take out a US$600 million insurance “per event” to cater for any oil spill clean-up, even as talks continue for a US$2billion parent company guarantee, Vice President Bharrat Jagdeo said Wednesday. He told a news conference that consortium named Esso Exploration and Production Guyana Limited (EEPGL) has GY$1.3 trillion (approx. US$6.32million) worth of assets in Guyana.

 

Evening News – 0:57: GOVT IN TALKS WITH CGX FOR AUCTIONING LARGER SECTIONS OF RELINQUISHED BLOCKS

 

MTV News Update – 10:13: Foreign companies trying to bypass Local Content Law

 

News Room: Vice President Dr Bharrat Jagdeo has confirmed that the government is likely to fund the establishment of natural gas and power plants at Wales on the West Bank of Demerara. During a press conference on Wednesday, the Vice President said this will be done a bid to slash the cost of energy for Guyanese.

 

Fire Juggling in the Energy Sector: Part 1: OilNOW (Columnist) Dr. Lorraine Sobers

The intensity of the fire juggling act being performed by the oil and gas sector has been increasing in complexity year on year. For the novice, catching a single fire club is daunting. However, professional fire jugglers are capable of performing a mesmerizing, thrilling combination of speed, agility, skill, rhythm and focus with several clubs in the air. Similarly, the Guyanese energy sector has entered as a novice but is required to juggle the demands for clean energy, fossil fuel production and its socio-economic development.

‘Ramped-up oil production must be stopped’: Kaieteur News

– Opposition Leader says strategy fits into “greedy” agenda of PPP/C

The strategy to ramp up oil production despite climate change warnings and the flagrant abuse of environmental standards by the major operator, ExxonMobil neatly aligns with the greedy agenda of the government of the day. This is according to the Leader of the Opposition, Aubrey Norton. He shared this view on Tuesday during his weekly press engagement. Norton argued that “I do not think an approach which says just take out the oil, get as much money as you can, can be the approach”.

 

Oil blocks question by farmer angers Pres. Ali in Bartica: Kaieteur News

President Mohamed Irfaan Ali, was in swell mood on Wednesday during an outreach in Bartica, Region Seven, until a female farmer’s question about Guyana’s oil blocks angered him… He looked so concerned and appeared as though he really cared about the Barticans as he jotted down notes and offered on the spot solutions to their problems but when a question about “oil blocks” by the female farmer was asked Ali became angry. The woman’s exact words were: “Ah want to ask you what happen to the oil blocks, tell we something about the oil blocks”. That question immediately changed the President’s mood and it was quite evident that he got annoyed.

  

Crane residents not consulted on Exxon gas-to-shore pipeline running through their community: Kaieteur News

– petition EPA to recall impact study, consult with villagers

Esso Exploration and Production Guyana Limited (EEPGL), commonly referred to as ExxonMobil Guyana, is seeking construct a pipeline to transport gas from the Liza Fields in the Stabroek Block to the Wales development site on the West Bank of Demerara. Importantly, the developer of this gas line, which will pass through communities such as Crane and the Canal Polders have not consulted with the villagers who will be directly impacted.

 

Contract gives Minister special powers to allow Exxon to hold onto unused portions of Stabroek Block: Kaieteur News

– Provision differs for other oil blocks

According to Guyana’s laws governing the oil sector, companies are required to give up varying portions of their respective oil blocks to the State over a 10-year period. The first period of relinquishment occurs after four years while the second and third timelines occur after a period of three years each. All petroleum agreements for onshore and offshore concessions confirm to the foregoing stipulations except for one—The 2016 Stabroek Production Sharing Agreement (PSA).

 

Billions more will be spent to directly assist Guyanese – VP Jagdeo – Guyana Times

 

America, Biden, Guyana and Exxon: Kaieteur News (Editorial)

According to one sacred scripture, God made man, and gave him numerous creative powers. Man, in his turn, made many things, including money which makes much possible. Unbelievably there are now men at America’s oil giant, ExxonMobil, who “make more money than God.” We are not the source of that assertion, United States President Joe Biden is the one who did, and about his own highflying American oil company, ExxonMobil. Making more money than God is a big thing, and can be a bad thing also.

 

Frontera Provides Update on Exploration Block Offshore Guyana

https://www.yahoo.com/entertainment/frontera-provides-exploration-block-offshore-233000053.html

https://futures.tradingcharts.com/news/futures/Frontera_Provides_Update_on_Exploration_Block_Offshore_Guyana_408809352.html

 

Bartica has potential for major logistics hub for mining – Guyana Times

 

Caribbean Updates, June 15, 2022

IMF Conference – Building Resilience and Sustainability in the Caribbean

June 17, 2022

https://www.imf.org/en/News/Seminars/Conferences/2022/06/17/061722-panel-discussion-building-resilience-sustainability-caribbean?cid=em-COM-123-44939

 

 

Caribbean Urban Forum 2022 – Beyond Covid: Recovery – Renewables – Resilience

June 15-17, 2022

https://cuf2022.vfairs.com/

OECS USAID CEO Breakfast – Monday July 11, 2022 – St Lucia

https://oecs-usaid-ceobreakfast.vfairs.com/en/registration-form?utm_source=OECS+CBU+MSMEs&utm_campaign=4d879537c2-EMAIL_CAMPAIGN_2019_09_23_07_01_COPY_03&utm_medium=email&utm_term=0_dae2922691-4d879537c2-173030137

 

 

 

Remarks by Vice President Harris in a Meeting With Leaders of Caribbean Nations | The White House

https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/06/09/remarks-by-vice-president-harris-in-a-meeting-with-leaders-of-caribbean-nations/

 

 

Marks calls for concessional financing for middle-income countries | News | Jamaica Gleaner

https://jamaica-gleaner.com/article/news/20220610/marks-calls-concessional-financing-middle-income-countries?utm_source=newsletter&utm_medium=email&utm_campaign=am_newsletter#slideshow-1

 

 

U.S. launches climate, energy partnership with Caribbean | Miami Herald

https://www.miamiherald.com/news/nation-world/world/americas/article262331217.html

 

 

U.S. to help Caribbean nations embrace clean energy

https://www.miamiherald.com/news/nation-world/world/americas/article262331217.html

Guyana, T&T, Suriname, Barbados can meet the region’s energy demands | Loop Cayman Islands

https://cayman.loopnews.com/content/guyana-tt-suriname-barbados-can-meet-regions-energy-demands-0

USAID, Canada announce multi-million-dollar aid for the Caribbean | Loop Caribbean News

https://caribbean.loopnews.com/content/usaid-canada-announce-multi-million-dollar-aid-caribbean

CARICOM – Preparations for Heads of Government Meeting in Suriname move into high gear – Suriname 3-5 July 2022

Browne wants recruitment of more Caricom professionals in OAS Secretariat – Trinidad Guardian

Yea https://guardian.co.tt/news/browne-wants-recruitment-of-more-caricom-professionals-in-oas-secretariat-6.2.1503378.0da9dfff8

Colombia, CARICOM Countries Open Talks To Update Trade Agreements – Finance Colombia

Oil majors lining up for the next great South American oil boom: Stabroek News

By Matthew Smith for Oilprice.com

https://oilprice.com/Energy/Crude-Oil/Oil-Majors-Are-Lining-Up-For-The-Next-Great-South-American-Oil-Boom.html

The Guyana-Suriname Basin has emerged as the world’s hottest offshore oil play and with the changes occurring to the global energy mix after Russia’s invasion of Ukraine, the Caribbean is becoming an important player in world oil markets. In the space of a mere seven (7) years, Guyana has emerged as a leading global drilling destination after ExxonMobil made 32 discoveries in the offshore Stabroek Block. While the U.S Geological Survey predicted in a May 2001 fact sheet that the Guyana-Suriname Basin held somewhere between 2.8 billion and 32.6 billion barrels of undiscovered oil resources, there are signs the volume is far greater.

  

 

Guyana-Suriname basin steals spotlight from Brazil – Rystad Energy:OilNOW

The Guyana-Suriname basin has overtaken Brazil’s pre-salt play as South America’s leading exploration hotspot, says Rystad Energy, an independent energy research and business intelligence company based in Norway. This latest feat, it said, can be credited mostly to ExxonMobil’s basin-opening Liza discovery in 2015. Since then, Rystad said the basin has delivered more than 13 billion barrels of oil equivalent (boe), about 10 times the volumes found in Brazil during the same period. Nearly 11 billion of those barrels have been found in the Stabroek Block alone.

 

 

How To Play Suriname’s Oil Boom | OilPrice.com

https://oilprice.com/Energy/Energy-General/How-To-Play-Surinames-Oil-Boom.html

 

 

Guyana emerges as 2nd in the world with largest discovered oil volumes – Rystad – Kaieteur News

 

 

Guyana production by 2027 would exceed US$147 million per day at current oil price: OilNOW

By 2027, ExxonMobil is set to ramp up production at Guyana’s Stabroek Block to around 1.2 million barrels of oil per day (bpd). This will make the South American country the highest per capita oil producer in the world. As of June 10, Brent oil was trading at just over US$123 per barrel. At that price, at 1.2 million bpd, the Stabroek Block output would amount to approximately US$147.6 million. And this is just the beginning.

 

 

Guyana, T&T, Suriname, Barbados can meet the region’s energy demands | Loop Cayman Islands

https://cayman.loopnews.com/content/guyana-tt-suriname-barbados-can-meet-regions-energy-demands-0

Caribbean power watch: Solar concessions, financing, strategic roadmap, stakeholder engagement – Bnamericas

https://www.bnamericas.com/en/news/caribbean-power-watch-solar-concessions-strategic-roadmap-stakeholder-engagement

Report on T&T LNG a fallacy, says Stuart – Trinidad Express

https://trinidadexpress-tto.newsmemory.com/?publink=0578905d3_13484de

Phillip Paulwell | Here we are again: Another energy crisis | In Focus | Jamaica Gleaner

https://jamaica-gleaner.com/article/focus/20220605/phillip-paulwell-here-we-are-again-another-energy-crisis?utm_source=newsletter&utm_medium=email&utm_campaign=am_newsletter

Citizenship By Investment Programmes – Golden Passports or Silver Linings? | Caribbean Investigative Journalism Network

https://www.cijn.org/series/cbis/

How much is shrouded in secrecy? Citizen Investment Programme in St. Kitts – Jamaica Observer

Guyana needs banks but fears T&T monopoly – Trinidad Guardian

https://www.guardian.co.tt/news/guyana-needs-banks-but-fears-tt-monopoly-6.2.1505218.7f58a8d60b

Nearshoring can add annual $78 bln in exports from Latin America and Caribbean | IADB

https://www.iadb.org/en/news/nearshoring-can-add-annual-78-bln-exports-latin-america-and-caribbean

 

 

Caribbean countries could benefit significantly from nearshoring — IDB study – Jamaica Observer

 

 

Mideast investors eye Caribbean windfall | News | Jamaica Gleaner

https://jamaica-gleaner.com/article/news/20220615/mideast-investors-eye-caribbean-windfall?utm_source=newsletter&utm_medium=email&utm_campaign=am_newsletter#slideshow-1

 

 

Bahamas can enjoy $177m boost from near-home focus | The Tribune

http://www.tribune242.com/news/2022/jun/08/bahamas-can-enjoy-177m-boost-near-home-focus/

 

 

Belize stands to gain US$44 million annually through nearshoring – Inter-American Development Bank

 

 

BMA boss says supply challenges making business hard for manufacturers – Barbados Today

 

 

Jamaica PM: Economic zones must adapt to serve home countries better | Lead Stories | Jamaica Gleaner

https://jamaica-gleaner.com/article/lead-stories/20220614/pm-economic-zones-must-adapt-serve-home-countries-better

Stony coral tissue loss disease is killing Caribbean coral, researchers find – The Washington Post

https://www.washingtonpost.com/world/2022/06/09/coral-disease-caribbean-mexico-stony-tissue-loss-reef/?emci=1f1a40d4-bae8-ec11-b47a-281878b83d8a&emdi=e604c69f-bbe8-ec11-b47a-281878b83d8a&ceid=4623162

Mayor Adams lauds Caribbean diaspora at Caribbean Marketplace ribbon-cutting – Caribbean Life

Marc Farrell Wants to Change the Way You Think About Rum | Food & Wine

https://www.foodandwine.com/cocktails-spirits/rum/marc-farrell-ten-to-one-rum

Michelle Miller chats with Marc Farrell, founder of Ten To One Rum

From Starbucks executive to rum maker, Marc Farrell started Ten To One Rum to change the perception of rum — and understand its place as the champagne of Caribbean culture.

https://m.facebook.com/CBSMornings/videos/548102853596552/?extid=WA-UNK-UNK-UNK-AN_GK0T-GK1C&ref=sharing

Guyana News Updates, June 14, 2023

Media Advisory June 11, 2022: Guyana Business Journal & Caribbean Policy Consortium hold a webinar on Transforming Guyana: Guyana and Her Diaspora

Guyana Business Journal Magazine – June 8, 2022

  • Attached video

 

 

OIL DORADO;GUYANA’S DREAM OR NIGHTMARE?

SUNDAY JUNE 19TH 3.00 BRITISH SUMMER TIME

Watch worldwide on you tube  https://youtu.be/GR_U66wbIjM 

Join John Mair the editor of OIL DORADO:GUYANA’S BLACK GOLD?(available on Amazon)

and a small cast of those in the know to discuss the new Klondike.

One Billion US dollars in the wealth fund by end 2022.11 Billion Barrels of oil already found/forecast,90% success rate in finding new wells,a barrel of oil per person in Guyana by 2025.

How much oil money is there and where will it go?

Cast to date.

Sally Gibson Guyanese born petroleum lawyer.

Sanjeev Datadin MP.Guyana lawyer and politician.

Terence Yhip Economist and Managment Consultant

Christopher Ram Accountant.lawyer and activist

Tulsi Dyal Singh.Guyanese born US gas investor.

Dr Terrence Blackman.US based writer on oil

Big questions.If you have one send in advance to johnmair100@hotmail.com

 

 

Latin America Energy Transition to Net Zero

AMI Webinar – Tuesday, June 21, 2022

https://americasmi.zoom.us/webinar/register/4716552301460/WN_vD49_OzaRJGaowVDbo0byw

 

 

Rebuilding Energy Security: The Role of U.S. Oil and Gas

Center for Strategic and International Studies – Wednesday, June 22, 2022

https://www.csis.org/events/rebuilding-energy-security-role-us-oil-and-gas

 

 

“ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET

https://www.cnbc.com/exxonmobilatthecrossroads/

“In this one-hour documentary, CNBC’s David Faber goes inside one of the most powerful, storied, and consequential players in the energy industry: ExxonMobil. Once seen as untouchable, the company is now facing shareholder challenges over its direction and criticism that is fostered public uncertainty about global warming. As gas prices skyrocket around the world, Faber gains unprecedented access to company executives, workers, and facilities to examine ExxonMobil’s efforts to lower its carbon emissions and find out whether the company is ready for the energy transition. “ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET.”

https://www.cnbc.com/exxonmobilatthecrossroads/

 

The TV ad promoting the documentary shows David Farber (one of CNBC’s Senior Correspondents) standing atop one of the Floating Production Storage Offloading (FPSO) vessels off the coast of Guyana.

 

 

 

Guyana Could Overtake Brazil As South America’s Top Oil Producer | OilPrice.com

https://oilprice.com/Energy/Crude-Oil/Guyana-Could-Overtake-Brazil-As-South-Americas-Top-Oil-Producer.html

 

Oil funds stand at over US$643M: Guyana Chronicle

–with returns of over US$100M from Guyana’s latest sale of crude

GUYANA’S latest sale of oil has pushed its revenues in the Natural Resource Fund (NRF) to US$643,981,234, according to the latest statistics from the Bank of Guyana. Based on information from the Central Bank, the country received G$21,381,305,000 (approximately US$102M) from the sale of its latest share of oil from the offshore operations of ExxonMobil. Under the Production Sharing Agreement (PSA), Guyana receives two per cent royalty and 50 per cent profit oil, which is what remains after the producer recovers its production cost.

 

Guyana taking right Hess mulls exiting US reservoirs to focus on Guyana: Kaieteur News

With Guyana recording the largest discovery of oil and gas resources in the last 20 years and with a shift in investment patterns in the industry, at least one of the partners in the Stabroek block has signalled an exit from the US and other developments in order to focus on the likes of Guyana and Suriname. This was the sentiment of Hess Corporation’s CEO John Hess, who recently confirmed that the company has seen its fortunes grow with its interest in the Stabroek Block, a reservoir that has grown the company’s asset base.

 

Guyana taking right steps to avoid pitfalls of oil producing nations, says British High Commissioner: OilNOW

With only two and a half years as an oil producer, Guyana has been taking firm steps to steer clear of the commonly made mistakes and pitfalls of the petroleum industry thus far. This, according to the British High Commissioner to Guyana, Jane Miller, sets the South American nation apart from the rest and guarantees a flourishing future ahead. Appearing on a local radio show – Guyana’s Oil and You hosted by Senior Journalist Kiana Wilburg – the British diplomat commended the government’s economic plan for the massive oil revenues accrued in the Natural Resource Fund (NRF).

 

Incredible growth rate makes Guyana number one investment destination in the region – Go-Invest CEO: OilNOW

When the World Bank released its latest global economic forecast, the President of the international institution David Malpass wrote that for many countries, “recession will be hard to avoid.” In that same report, the World Bank projected that Guyana is anticipated to lead Latin America and the Caribbean with the highest growth in 2022. In fact, when it comes to this country, the World Bank said the oil-producing nation remains on track for a 47.9% growth rate followed by 34.3% the following year – still representing the highest growth forecast for the region.

 

Guyana-China relations have flourished over five decades – World – Chinadaily.com.cn

http://global.chinadaily.com.cn/a/202206/15/WS62a935e9a310fd2b29e62cbd.html

 

Hess hoping for approval of 6th development at Stabroek Block by end of next year: OilNOW

Chief Executive Officer of Hess Corporation, John Hess, said he hopes that by the end of 2023, approval will be secured for ExxonMobil to place its sixth floating production storage and offloading (FPSO) vessel at the Stabroek Block. Hess is a 30% stakeholder in the block, where Exxon, the operator, has discovered nearly 11 billion oil-equivalent barrels. ExxonMobil’s plan is to place six FPSOs offshore Guyana to produce 1.2 million barrels of oil per day by 2027.

 

Public hearing for June 30 on Exxon’s 12-well drill campaigns for Kaieteur, Canje Blocks: OilNOW

Guyana’s Environmental Assessment Board (EAB) is set to hear concerns surrounding ExxonMobil’s planned 12-well drill campaigns for the Kaieteur and Canje offshore blocks on June 30. A notice published by the EAB on Monday outlined that the public hearing will address this Environmental Protection Agency (EPA)’s non-requirement of Environmental Impact Assessments (EIAs) for both projects. It will be held in the Conference Room of the Roraima Duke Lodge at 1 pm.

 

NCNNCN BUSINESS| THE CASE FOR A NATIONAL OIL COMPANY

The Government is considering forming a national company to manage its oil resources, but what are the pros and cons involved?  Financial Analyst, Joel Bhagwandin has sought to make a case for such a facility, while pointing to several variables. We find out more in this Republic Bank-sponsored Business Report.

  

Attorney flays Govt. over lack of regulations for gas-to-shore project: Kaieteur News

It appears as though United States oil major, ExxonMobil will be creating and adhering to its own standards in the development of the gas sector, as it has been doing with the ongoing oil operations, in the absence of sound regulations and guidelines. Attorney-at-Law, Elizabeth Deane-Hughes in a recent interview with Kaieteur News, pointed to the grave dangers Guyana is exposed to as a result of such fundamental steps not being taken by government. She said: “it’s a pity that the nation is not being informed by either party (government or Exxon) of the governing laws and its regulatory framework.

 

Paying our oil taxes: Kaieteur News (Letter to the Editor) by David Carpenter

I am sorry if I am asking a stupid question, if the oil companies add more FPSOs and the more profits they make then the greater will be the tax bill. What happens when we can no longer have the income to pay?

 

APA shares fall 4% after encountering water-bearing reservoirs offshore Suriname: OilNOW

APA corporation, an affiliate of Apache Corporation, said it encountered water-bearing reservoirs at Rasper well in the northwestern area of Suriname’s Block 53. “The well encountered water bearing reservoirs in the Campanian and Santonian intervals, evaluation of the open hole well logs, and formation and reservoir fluid samples is ongoing,” the company said on Monday after completing operations at the well. Reuters called the result disappointing and noted that APA’s shares fell 4% following the news.

 

Biden’s Saudi oil soft sell- POLITICO

https://www.politico.com/newsletters/morning-energy/2022/06/14/bidens-saudi-soft-sell-00039324

 

Explosion at Texas terminal injects uncertainty into global energy market | The Hill

Guyana News Updates – June 13, 2022

OIL DORADO;GUYANA’S DREAM OR NIGHTMARE?

SUNDAY JUNE 19TH 3.00 BRITISH SUMMER TIME

Watch worldwide on you tube  https://youtu.be/GR_U66wbIjM 

Join John Mair the editor of OIL DORADO:GUYANA’S BLACK GOLD?(available on Amazon) and a small cast of those in the know to discuss the new Klondike.

One Billion US dollars in the wealth fund by end 2022.11 Billion Barrels of oil already found/forecast,90% success rate in finding new wells,a barrel of oil per person in Guyana by 2025.

How much oil money is there and where will it go?

Cast to date.

Sally Gibson Guyanese born petroleum lawyer.

Sanjeev Datadin MP.Guyana lawyer and politician.

Terence Yhip Economist and Managment Consultant

Christopher Ram Accountant.lawyer and activist

Tulsi Dyal Singh.Guyanese born US gas investor.

Dr Terrence Blackman.US based writer on oil

Big questions. If you have one send in advance to johnmair100@hotmail.com

Rebuilding Energy Security: The Role of U.S. Oil and Gas

Center for Strategic and International Studies – Wednesday, June 22, 2022

https://www.csis.org/events/rebuilding-energy-security-role-us-oil-and-gas

“ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET

https://www.cnbc.com/exxonmobilatthecrossroads/

“In this one-hour documentary, CNBC’s David Faber goes inside one of the most powerful, storied, and consequential players in the energy industry: ExxonMobil. Once seen as untouchable, the company is now facing shareholder challenges over its direction and criticism that is fostered public uncertainty about global warming. As gas prices skyrocket around the world, Faber gains unprecedented access to company executives, workers, and facilities to examine ExxonMobil’s efforts to lower its carbon emissions and find out whether the company is ready for the energy transition. “ExxonMobil at the Crossroads” premieres on Wednesday, June 22nd at 8 PM ET.”

https://www.cnbc.com/exxonmobilatthecrossroads/

The TV ad promoting the documentary shows David Farber (one of CNBC’s Senior Correspondents) standing atop one of the Floating Production Storage Offloading (FPSO) vessels off the coast of Guyana.

Guyana-Venezuela border controversy: Venezuela will eventually have to give up its spurious claims – Greenidge – Guyana Times

Technical institutes unprepared to fill oil and gas industry skills gap – Hamilton: Guyana Times  

Labour Minister Joseph Hamilton has called on technical institutions across the country to rethink their roles and functionality to support Government’s effort to create a skilled workforce. This call comes after reviewing annual reports of the institutions, which Minister Hamilton said, shows their unpreparedness to fill the skill gap needed in the oil and gas industry. He explained that in 2021, one of the country’s most prominent technical institutions only trained eight welders and fabricators expending some $4.1 million, while over $20 million was expended to train 15 heavy-duty equipment operators (HDEO).

Guyana oil could help meet global demand for next 20-30 years: OilNOW

Even as the world transitions to renewable energy, demand for fossil fuels will remain robust over the next 20-30 years. Guyana’s low cost, low carbon barrels are best positioned to meet this demand and the South American country has every intention of ensuring it plays a key role in this regard. President Irfaan Ali has made it clear that Guyana remains committed to a low carbon development model, but this objective will in no way prevent the country, already a net zero emitter, from developing its vast oil resources.

International organisations recognise importance of Guyana’s oil & gas: Guyana Chronicle  (Columnist) Oil, gas & you

AS Guyana recognised World Environment Day on June 5, the country had much to be proud of. Guyana ranks among the highest tier of countries for its efforts to preserve the Amazon, its low deforestation rate and its role as a vast “sink” that draws carbon dioxide out of the atmosphere. And now, even with oil and gas production becoming a new centre piece of the economy, Guyana is poised to maintain this delicate balance.

Ali says T&T must be part of the solution to declining natural gas reserves in North America | OilNOW

Regional Oil and Gas Bonanza and the 25×2025 Food Import Reduction Imperative: Village Voice News (Columnist) by Dr. H. Arlington Chesney

The Government of Guyana, in association with the CARICOM Secretariat, held an Agri-Investment Forum and Expo: investing in Vision 25×2025 from May 19 to 21, 2022. This initiative is consistent with the position of this Guyanese administration, starting with Bharat Jagdeo when he was President as lead Head in CARICOM for agriculture. COVID-19 decimated the logistics of the region’s food availability primarily because of uncertainty of supply. Since the start of the war between Russia and Ukraine, supply by these two countries of wheat, barley and maize to the world has reduced significantly.

T&T intent on ramping up natural gas production to highest levels possible: OilNOW

While some international groups have advised that nations move swiftly towards the diversification of their energy mix with renewable resources taking the lead, Trinidad and Tobago’s Prime Minister, Dr. Keith Rowley, said his home country is taking a different approach. According to the CARICOM Head of State, Trinidad will plug significant investments into fossil fuels, particularly gas, with a portion also extended to renewables.

Citizens urged to resist govt. abuses through court actions: Kaieteur News

– Int’l lawyers says litigation is best form of resistance until Guyana gets constitutional reform

It has proven difficult for citizens to stop the government from making decisions they are against, particularly in the runaway oil and gas sector which has now become the gem of Guyana’s economy. International lawyer Melinda Janki has thus urged Guyanese to flood the court with litigation to show the government and private companies that they will not tolerate their concerns being bypassed.

Guyana, ExxonMobil and taxes: Kaieteur News (Editorial)

It was American Founding Father and statesman, who gave us the memorable, “In this world nothing can said to be certain, except death and taxes.” In view of what is happening in Guyana today, taxes are causing the death of us, and by a thousand cuts. Successive Governments of Guyana, and American oil giant, ExxonMobil, are responsible for this terrible tax state, and we denounce them all for what this unconscionable tax regime is doing to Guyanese.

Mo Ibrahim: Africa must be allowed to exploit gas in energy transition – African Business

https://african.business/2022/06/energy-resources/mo-ibrahim-africa-must-be-allowed-to-exploit-gas-in-energy-transition/

Reunion Gold Corporation finds ‘significant’ depth extension with ongoing drilling at Oko West in Guyana

https://www.proactiveinvestors.com/companies/news/984706/reunion-gold-finds-significant-depth-extension-with-ongoing-drilling-at-oko-west-in-guyana-984706.html

Guyana News Updates, June 9 2022

 

 

Guyana’s economy on course to double in size in 2022-2023 – World Bank report – Guyana Times

 

GCCI’s Investment Portal to link local businesses with investors – Guyana Times

 

GMCS launches 5-Year Strategic Plan to promote growth of blue economy – Guyana Times

 

Regional Oil and Gas Bonanza and the 25×2025 Food Import Reduction Imperative | OilNOW

  

‘We almost shut down operations, and then Guyana struck oil’ – A local content success story: Guyana Chronicle  

SINCE opening its doors ten years ago as one of the first logistics service providers in the country, the Guyana Logistics and Support Services Inc. (GLASS) has transformed to become a household name while delivering a myriad of services to the country’s burgeoning oil and gas industry. “We took a leap of faith,” said Glenn Low-A-Chee, the Managing Director of ‘Guyana Logistics’ and one of the founders instrumental in establishing the company. In an exclusive interview with the Guyana Chronicle, Low-A-Chee explained that just before founding his own company he worked for a local oil company that was drilling a well.

 

Big volumes at 18,000 ft could see standalone FPSO for new Stabroek Block development: OilNOW

The Fangtooth discovery which was announced by ExxonMobil back in January 2022 holds enough oil deposits to underpin its own floating, production, storage and offloading (FPSO) vessel. This was disclosed by Hess Corporation which has a 30% working interest in the Stabroek Block. Chief Executive Officer and President of the company, John Hess said the majority of the Stabroek Block’s oil has been at 15,000 feet. This depth is referred to as the Upper Campanian or the Cretaceous age. Hess was speaking at the time at the Bernstein’s 38th Annual Strategic Decisions Conference.

 

Production from first three Guyana projects could hit 624,000 bpd: OilNOW

ExxonMobil, operator of Guyana’s Stabroek Block, is well positioned to optimise its offshore projects, thereby delivering hundreds of millions in additional annual revenues. Liza Phase 2 and Payara, ExxonMobil’s second and third Stabroek Block projects, each have the capacity to be debottlenecked by 10%. Chief Executive Officer of Hess Corporation, John Hess recently stated this during Bernstein’s 38th Annual Strategic Decisions Conference in New York. Debottlenecking is a process that provides for adjustments to an operation’s physical infrastructure to increase its efficiency.

  

Guyana has open-door policy to engage diaspora on country’s development – Official: OilNOW

Guyana’s Diaspora Unit remains resolute on creating a network to facilitate investors looking to plug capital into the new oil-producing country, as more opportunities continue to emerge from the petroleum and other sectors. According to its Head, Rosalinda Rasul, the Unit has an open-door policy for all looking to contribute to Guyana’s development. Rasul, on Wednesday, appeared on a GuyanaBusiness Journal webinar ‘Transforming Guyana’, joining other panelists to discuss how every citizen can equally reap the spoils of the oil and gas sector.

   

VICE News programme with Jagdeo interview to air June 19: Stabroek News  

United States-based media outlet, VICE News, will on Sunday, June 19 air an episode on Guyana and it is expected that a startling interview it conducted with Vice President Bharrat Jagdeo where he was asked about bribe-taking will be included. The Season 3 episode of VICE, titled “Guyana for Sale & Moors Rising” will be broadcast on Showtime at 8pm. During an interview on February 1st, conducted by a VICE journalist covering various topics, Jagdeo was asked about Guyana falling several points on the Transparency International (TI) index this year.

 

Oil and gas company only paying wage increases to expats, not locals – GAWU: Stabroek News  

The Guyana Agricultural and General Workers Union (GAWU) on Monday said that local employees of a foreign-owned company providing services to the oil and gas sector have not been getting salary increases although expatriates are receiving. GAWU did not name the company but Stabroek News has learnt that that it is G-Boats, a subsidiary of US-based Marine Company, Edison Chouest Offshore, located on Brickdam. When this newspaper reached out to the company on Monday, its Human Resources Manager said he was not in a position speak.

 

Guyana gets low score for perception of electoral integrity: Stabroek News

-after marred 2020 polls

The controversial 2020 national elections must have been the reason for Guyana scoring a poor rating of 43 out of 100 in the perceptions of electoral integrity conducted by the Electoral Integrity Project, according to its most recent report. At 43 Guyana is only above Venezuela, Haiti, Honduras and Nicaragua for the countries of the Americas that were assess-ed and has the lowest score for the countries in the Caribbean that were included in the report. The highest ranked Caribbean countries are Jamaica and Barbados who rank at 67 and 66, respectively. Trinidad at 59 is just above the United States which was ranked at 57. Canada leads the Americas with a score of 83.

 

Govt. missed opportunity to secure more before renewing Liza 1 Permit – Aubrey NortonKaieteur News

The Government of Guyana has missed an opportunity, in keeping with the law, to secure better terms for its people, by failing to exploit the renewal of the Liza One Permit. This is according to the Leader of the Opposition, Aubrey Norton, who during a press conference on Tuesday, said the most recent move by the People’s Progressive Party (PPP) government exposes its ineptitude. He was at the time responding to a query from this newspaper and noted that the government had the opportunity, in keeping with the law, to revisit it and get a better deal for the people of Guyana.

  

Labour unions want better maintenance of workers’ rights in oil and gas sectorKaieteur News

…question who is holding companies responsible

The recently renewed Liza 1 Permit has included a number of stipulations to be followed in terms of workers occupational and safety rights; significantly more than what was provided in the old operating permit. But local labour unions are questioning the manner in which monitoring of those rights are being conducted as workers continue to complain about poor treatment within the sector. The unions have highlighted a number of grave issues plaguing Guyanese within the new oil and gas industry, and are calling for better monitoring of the sector to protect Guyanese workers.

 

Hess confident Govt. will maintain lopsided contractKaieteur News

…tells investors of State’s support for faster oil production

The Guyana Government is using a consultant—Michael Porter—that was foisted on it by Stabroek Block Operator and partner, Hess Corporation, to develop a country plan. Additionally, the People’s Progressive Party/Civic Administration is in fact, encouraging the accelerated development of the oil resources offshore under the same provisions of the Production Sharing Agreement, since it is a country where “contract sanctity is honoured.”

  

Guyana says Venezuela trying to delay World Court ruling in border case: OilNOW

Venezuela has submitted to the International Court of Justice (ICJ) a Preliminary Objection to the admissibility of the ongoing border controversy case with Guyana, resulting in a suspension of the hearing, Guyana’s Ministry of Foreign Affairs said on Wednesday. Now, the Guyana government is saying the Spanish-speaking nation of attempting to delay the ICJ’s final judgment on the merits of the case. In a statement, Guyana’s Ministry of Foreign Affairs and International Cooperation said it will be submitting to the ICJ its own observations as soon as possible.

 

T&T looking to unlock over 23tcf of gas, 455M barrels of oil with aggressive 2022 bid rounds: OilNOW

According to the Prime Minister of Trinidad and Tobago, Dr. Keith Rowley, the latest gas reserve audit for the country established that at year-end 2020, technically recoverable resources amounted to 23.2 trillion cubic feet (tcf) and prospective resources at 55.2 tcf. Meanwhile, its latest oil audit established reserves at 455.3 million barrels while prospective resources amounted to 3.2 billion barrels with 90% being in its deep-water province.

 

Venezuela set to resume oil shipments to Europe as US relaxes sanctions: OilNOW

With most of Europe facing an economic crisis following Russia’s invasion of Ukraine, the United States has stepped in to relax some of its sanctions on Venezuela so that oil shipments can be resumed to keep several states from facing further hardships. According to several international reports from Reuters, Nasdaq, and Hart Energy, Italian oil company Eni SpA and Spain’s Repsol SA could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude.

  

Liza Guyana Gas-to-Shore – YouTube

 

ExxonMobil Guyana posted: 40 women entrepreneurs recently graduated from the Access to Finance programme, funded by the ExxonMobil Foundation through the Cherie Blair Foundation. During the four-week pilot programme, participants learned how to understand financial statements, create and deliver a business pitch, and utilize negotiation language. The entrepreneurs also pitched their ideas to a panel of judges from Republic Bank Limited (RBL), Scotiabank, the Institute of Private Enterprise (IPED) and the Guyana Bank for Trade and Industry (GBTI) with the possibility of engaging potential investors. #ExxonMobil #ExxonMobilGuyana #Guyana #OilandGas #WomenEmpowerment #Energy #EnergyLivesHere #MyExxonMobil

 

Centre for Local Business Development posted: ExxonMobil Guyana  has just extended the Request for Information for the Gas to Energy Project – Marine Offloading Facility. The new closing date for submissions is June 17, 2022. Full details can be found at https://centreguyana.com/opportunities/. #CentreGuyana #GreaterGuyanaInitiative #ExxonMobilGuyana

 

Department of Public Information posted: WATCH || Learn more about the new and expanded Low Carbon Development Strategy (LCDS) 2030 at www.lcds.gov.gy | #LCDSGuyana

 

Guyana to push food security agenda, new trade systems at IX Summit of Americas – Pres Ali – Guyana Times

 

Barbados and Guyana relations on the mend – Barbados Today

 

Colombia, CARICOM Countries Open Talks To Update Trade Agreements – Finance Colombia

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