Guyana News Updates, September 29, 2022

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

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

Is the United States dictating Guyana’s foreign policy? – Kaieteur News

https://www.kaieteurnewsonline.com/2022/09/29/is-the-united-states-dictating-guyanas-foreign-policy/

Blumenauer, Plaskett Discuss Caribbean Trade Resolution with CARICOM Nations | Ways and Means Committee – Democrats

https://waysandmeans.house.gov/media-center/press-releases/blumenauer-plaskett-discuss-caribbean-trade-resolution-caricom-nations

Oil revenues could see Guyana public debt-to-GDP ratio plummeting to historic 13.5% – IMF: OilNOW

Though Guyana is poised to produce over 800,000 barrels of oil from its four sanctioned projects, the Government has been prudent in guarding against wild spending and borrowing against the resources to come. And the International Monetary Fund (IMF) was in high praise of the administration for such rigid controls. It said Guyana’s public debt declined almost 10% of its gross domestic product (GDP), reaching 42.9% of GDP at end of 2021, one of the lowest in the region.

Guyana seeks consultant to review development plan for Exxon’s giant Uaru project: OilNOW

The Government of Guyana issued on Wednesday, a request for Expressions of Interests (EOI) from suitable consulting firms to review the Uaru Field Development Plan (FDP) to be prepared by ExxonMobil affiliate and Stabroek Block operator, Esso Exploration and Production Guyana Limited (EEPGL). The Uaru development is targeting approximately 1.319 billion oil-equivalent barrels, making it the largest project offshore Guyana. It will tap into the Uaru, Mako and Snoek fields in the eastern portion of the Stabroek Block.

Liza Unity FPSO oil leak: Assessment team’s report will determine “course of action” – EPA head: Guyana Times  

Almost four weeks after it was announced that the Liza Unity FPSO vessel had experienced an oil leak, the Environmental Protection Agency (EPA) is yet to complete its report on the incident; but according to EPA Executive Director Kemraj Parsram, the team has been able to gather critical information. Parsram told Guyana Times on Wednesday that the assessment team had travelled offshore to where the Liza Unity vessel is pumping oil in the Stabroek Block in order to investigate and conduct interviews onboard that vessel.

‘Oil audits must verify Exxon’s spending’ …Opposition says Guyana must be able to identify shell companies, overspending: Kaieteur News

The tricky business of verifying petroleum expenditures from the Stabroek Block operator remain and the Parliamentary Opposition is keen on examining government’s treatment of this issue. In the absence of several mechanisms to ensure Guyana’s robust oversight of oil and gas production cost, the Parliamentary Opposition says it is eager to see how the government would have been able to confirm not just the numbers, but the way in which these expenses would have been incurred.

10 billion barrels increase in Stabroek Block reserves validates calls for renegotiation- former EPA Head: Kaieteur News

In 2016, when the Coalition government renegotiated and signed the Production Sharing Agreement (PSA) with US oil giant ExxonMobil, the country had only found approximately 1.1 billion barrels of oil in the Stabroek Block. Six years later, over 10 billion more barrels have been discovered in the country’s Exclusive Economic Zone, a major increase that the former Executive Director of the Environmental Protection Agency (EPA), Dr. Vincent Adams believes, validates calls for a renegotiation of the lopsided deal.

Govt. begins hunt for consultant to review ExxonMobil’s plans for fifth project: Kaieteur News

The Guyana Government has commenced its search for a consultant to review the Field Development Plan (FDP) for ExxonMobil’s fifth project at the Uaru oil field in the Stabroek Block. The Ministry of Natural Resources which issued the request for Expressions of Interest said the contract would be funded through the US$20M World Bank (WB) loan for the Guyana Petroleum Resources Governance and Management Project (GPRGMP). It said the money would be used to pay the successful consulting firm to provide advisory services, technical support and training, as well as for capacity strengthening services.

Those taking advantage of Local Content provisions would be those equipped with a sufficiency of resources: Stabroek News (Letter to the Editor) by GHK Lall

All citizens owe a word of thanks to Guyanese-born attorney, Dr. Vivian Williams.  He took the Local Content law that we have and carried it to a place that I, for one, didn’t think about (“Local Content in evil state can inflame tensions fuel, lopsided distribution of wealth -NY Lawyer warns -KN September 28). What Dr. Williams articulated makes for sobering reading. Though said before, I go again: Guyana’s Local Content law is a solid one, a good beginning, with many areas identified on paper for citizens to have their share through participation. 

GECOM yields to APNU+AFC request for more info on absent voters to be sent for verification: Demerara Waves  

Chairman of the Guyana Elections Commission (GECOM) Retired Justice Claudette Singh on Wednesday told Election Commissioners that she has handed over more names of persons who the opposition A Partnership for National Unity+Alliance For Change (APNU+AFC) said were either dead or absent from Guyana on voting day- March 2, 2020. “Please be advised that I have dispatched the documents in respect of the claims made in relation persons who are alleged to have voted on March 2, 2020, being either deceased or out of the jurisdiction, to the Ministry of Home Affairs and the Office of the Commissioner of Police respectively, for the purpose of verification,” she told the Commissioners in a correspondence seen by Demerara Waves Online News.

GECOM reiterates that it is not a court of law: Guyana Chronicle  

THE Guyana Elections Commission (GECOM) has reiterated that allegations of unlawful acts during an election can only be determined by a court of law. The commission in a release noted that recently, there have been numerous public pronouncements calling for GECOM to conduct internal investigations into allegations of electoral fraud that were reported to have occurred during the 2nd March, 2020 General and Regional Elections. These calls have been emanating from Opposition Leader Aubrey Norton and other elements in the political opposition.

IMF commends govt’s transparency, strengthening of anti-corruption framework

Ukraine war affecting local economy but Guyana’s food security not impacted – IMF

Barbados offshore auction delayed to December 2022: OilNOW

Minister of State in Foreign Trade and Business for Barbados, Sandra Husbands, said the government announced that its 2022 offshore licensing round will be launched on December 1, 2022. This represents a delay of one month, after previous information from the Ministry of Energy and Business indicated that the auction would launch on November 1. OilNOW understands that the auction will open 22 offshore blocks for bidding by international oil companies (IOCs).

Guyana News Updates, September 27, 2022

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

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

CARICOM launches new initiative to facilitate intra-regional trade | News | Jamaica Gleaner

https://jamaica-gleaner.com/article/news/20220926/caricom-launches-new-initiative-facilitate-intra-regional-trade

Caribbean Economic Report, September 2022 – Marla Dukharan

IMF urges caution as oil-rich Guyana’s economic growth nears 60% | Reuters

https://www.reuters.com/world/americas/imf-urges-caution-oil-rich-guyanas-economic-growth-nears-60-2022-09-27/

IMF predicts near 60 per cent economic growth for Guyana | Loop Caribbean News

https://caribbean.loopnews.com/content/imf-predicts-near-60-cent-economic-growth-guyana

Guyana: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guyana

https://www.imf.org/en/Publications/CR/Issues/2022/09/27/Guyana-2022-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-523930

Govt aiming to build major tourism product from sporting events – Ali – Guyana Times

Gov’t eyes Linden as ‘ideal tourist destination’ − President Ali – News Room Guyana

Science Summit of UN General Assembly: Overhauling of regional agricultural system needed – Pres Ali – Guyana Times

Exxon’s biggest discoveries in Guyana to date: OilNOW

ExxonMobil had been on the hunt for black gold in Guyana’s offshore Stabroek Block since 2008 before it hit pay in 2015 after making its first discovery at Liza 1. It is now 2022 and the company has made 33 discoveries amounting to approximately 11 billion barrels of oil equivalent resources. The Liza Phase 1 discovery encountered more than 295 feet (90 meters) of high-quality oil-bearing sandstone reservoirs. It was safely drilled to 17,825 feet (5,433 meters) in 5,719 feet (1,743 meters) of water. Currently, the Liza Destiny floating production storage and offloading (FPSO) vessel is developing approximately 450 million barrels of oil from it.

Should Guyana apply a Windfall Tax like the UK did? (Part II): Guyana Chronicle  

— If not, why not?

HISTORY OF THE UK OIL AND GAS FISCAL REGIME

IT is worthwhile to highlight that the UK’s fiscal regime is designed with a number of built-in incentives. For example, the 25 per cent tax levy or windfall tax includes an additional investment allowance of 80 per cent that can be claimed at the point of investment. Overall, the tax relief companies receive from qualifying expenditure in the UK has nearly doubled from 46p for every £1 to 91p for every £1. Put differently, for every US$1 billion invested in the UK oil and gas industry, the oil companies receive US$912.5 million in tax relief under the new (current) scheme.

What can Guyana’s gas reserves do for agribusiness?: Village Voice News (Columnist) Cristina Caus and Jerry Haar

The 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 percent of the labor 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 percent of export earnings and contributing about 17 percent to the nation’s GDP. 

‘Cash grant won’t solve woes of fishing industry’ – Patterson: Kaieteur News

– says initiative will breed corruption, will not address low catch

Government’s $150,000 one-off cash grant to fisherfolk is a band-aid approach to solving the problems plaguing the fishing industry, Shadow Oil and Gas Minister, David Patterson has said. He told Kaieteur News in an invited comment yesterday that a comprehensive plan is what is required to offer relief to the ailing fisheries sector. He said while government attempted to cover up the low catch being experienced by the fishers by explaining that it was the off season for fishing, the cash grant confirms the suffering of fisherfolk in Guyana.

Government to compensate property owners who will be displaced by Gas-to-Energy project – Attorney General | OilNOW

Dredging of Guyana’s main river port for creation of two-way channel to begin soon, official says | OilNOW

MARAD working with Chile to improve security at ports: News Room

In addressing port security in Guyana, Minister of Public Works Juan Edghill has said regulations, training and enhanced inspections of vessels must be balanced to avoid wasted investment. The Minister was speaking at the opening of a port security workshop on Monday, when he expounded on illegalities at the country’s entry ports and said this is an issue that the government is continuously trying to tackle. The workshop focuses on Port Security and was facilitated after discussions between the Public Works Minister and the Chile Ambassador to Guyana Juan Manuel Pino Vasquez.

Lack of taxes, ring-fencing shorten Guyana’s profits from oil sector – former Ambassador: Kaieteur News

As the Government of Guyana (GoG) maintains its position of non-renegotiation of the 2016 Production Sharing Agreement (PSA) with US oil major ExxonMobil, former Guyana Ambassador, Dr. Kenrick Hunte said the country would be worse off when the resource is exhausted. In one of his recent writings, Dr. Hunte, a Professor of Economics at Howard University, Washington, D.C., and former Adjunct Professor at Johns Hopkins University, Bowie State University who holds a PhD in Economics from the Ohio State University, USA pointed to a number of gaps in the contract which he believes currently leaves none but “a hole in the ground and crumbs in the bank”.

Guyana could renegotiate for 15% royalty – Nigel Hinds: Kaieteur News

– unwillingness of politicians will lead country into crisis

International experts and other oil and gas stakeholders have warned particularly, Third World nations entering the lucrative crude industry against the unequal distribution of wealth emanating from this sector. They have warned against the Dutch disease where countries become heavily dependent on oil revenues, and virtually ignore their traditional sectors, but continue to speak also, on the importance of equal wealth distribution as a means of economic and social stability.

World Bank blacklisted all three Chinese companies that bid for Wales gas plant project: Kaieteur News

– accused of bribing officials, falsifying documents and fraudulent practices

Three Chinese firms competing to build Guyana’s Natural Gas Fired Power Plant at Wales, West Bank Demerara (WBD) have a well documented history of fraudulent activities. The companies which are bidding against two other entities are: China Energy Int’l Gr. Co Ltd., China Machinery Engineering Inc., and Power China Int’l Group Ltd. In the case of China Energy Engineering Group (a company that is 62.58%-owned by China Energy Engineering Group Co., Ltd.) was blacklisted by the World Bank on September 11, 2019.

Release the tax particulars… Will President Ali?: Kaieteur News (Editorial)

The hope is that President Mohamed Irfaan Ali would respond in a timely and appropriate manner.  The President is being pressed to share the details on the tax payments made by his government on behalf of the foreign oil companies (“Civil society body asks Pres. Ali to make public particulars of tax payments made for oil companies” – KN September 24).  As Guyanese watch and wait, the first question is how the President will react. 

Oil hypocrisy meets election hypocrisy: Kaieteur News (Columnist) Freddie Kissoon

In its editorial yesterday, the Stabroek News wrote the following words: “While more voices are needed, the yeoman’s work being done by members of civil society in relation to the travesties in the oil and gas sector must be strongly applauded.” With the exception of Mr. Glenn Lall and Mr. Christopher Ram, those voices are hypocritical, obnoxious and unpatriotic… I don’t have a problem with persons who condemn the EXXON oil contract. My problem is that Guyana does not deserve to have hypocrites lambasting the oil contract because EXXON and the Government are not going to listen to such people who they feel have nothing redeemable about them.

Sanctity of contract: Guyana Times (Letter to the Editor) by D. Sookdeo

As I understand it, for a contract to be legally enforceable it must satisfy the six elements of (a) offer (b) acceptance (c) consideration (d) intentions (e) legality and (f) capacity. As a layman, I would not delve into the implication of each element except to say that once the contract fulfils these requirements, even if it is lopsided in favour of one party, it cannot be changed without the consent of the other. In other words, a unilateral change will make the contact void.

Leaked Study Shows Exxon, Partners Overspent by $138 Billion: Village Voice News

By Kevin Crowley- An internal analysis performed by Exxon in 2020 suggested mismanagement by operators and poor planning were behind cost overruns. Oil and natural gas projects that Exxon Mobil Corp. invested in between 1998 and 2017 ended up costing $138 billion more than early-stage estimates, potentially due to mismanagement by operators and poor planning, according to an internal analysis seen by Bloomberg.

A fistful of protests, as Guyana continues to rubber-stamp ExxonMobil drilling permits | IEEFA

https://ieefa.org/resources/fistful-protests-guyana-continues-rubber-stamp-exxonmobil-drilling-permits

T&T announces plans to review fiscal regime, make investments more favourable to oil companies: OilNOW

Trinidad and Tobago’s National Budget, which was presented on Monday by Minister of Finance, Colm Imbert, contained new measures to help revive the country’s oil and gas sector. An impending major development is a review of T&T’s fiscal regime to garner more oil investment. Calls had mounted – especially from T&T’s Energy Chamber – for the government to review the energy taxation regime so that the country can remain competitive, especially with growing competition from Guyana and Suriname.

BpTT gets green light for massive Cypre gas development project: OilNOW

Bp Trinidad and Tobago (bpTT) disclosed on Friday that it has received the blessings of the Trinidadian government to proceed with the development of its Cypre offshore gas project. This decision, it said, followed recent meetings between Trinidad and Tobago’s Prime Minister, Dr Keith Rowley; bp Chief Executive Officer (CEO) Bernard Looney; and incoming President for bpTT, David Campbell. Those talks focused on accelerating the project’s sanction.

Guyana Venezuela Discusses Integration Of Immigrants | MENAFN.COM

https://menafn.com/1104935745/Guyana-Venezuela-Discusses-Integration-Of-Immigrants

Guyana News Updates, September 26, 2022

Guyana News Updates – September 26, 2022

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

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

President to check status on first audit of oil and gas sector: Stabroek News  

President Irfaan Ali has promised to check on the status of Guyana’s first audit of the oil and gas sector which was conducted by the United Kingdom-based HIS Markit on the US$460 million pre-contract costs. “I have to follow up where this is and will definitely communicate,” Ali responded when asked for an update on the report that has been completed more than a year ago. In the face of concerns that his administration has only paid lip service to transparency in its stewardship of the oil and gas sector, Ali had in August of this year, said that government is building a dedicated website to publish all available information.

Govt. says no slowing down of gas-to-shore project: Kaieteur News

– Minister Vickram Bharrat assures landowners concerns will be addressed

Even as landowners in Region Three fume over the presence of a natural gas pipeline on their properties- causing disruption and fear- the Minister of Natural Resources, Vickram Bharrat is confident that Government’s plans to develop the Gas-to-Energy (GTE) project will not be deterred by concerned citizens. At the sidelines of a meeting, hosted on Friday at the West Demerara Secondary School where landowners that will be affected by the pipeline were engaged, Minister Bharrat told this publication that he does not foresee any hiccups along the land acquisition process.

With return of coal-fired power, natural gas more important now than ever: OilNOW  

Russia’s war on Ukraine has forced the return of coal-fired power projects, enabling European countries to weather the energy storm as the Putin-led administration chokes its natural gas supply. And with winter on the way, this seems like the most viable option. This return to coal-fired power, however, underscores the vital importance of natural gas in the global energy transition. It is filling the role as a bridge fuel to allow for renewable energy sources to come into play.

Government to compensate property owners who will be displaced by Gas-to-Energy project – Attorney General: OilNOW

A government delegation led by Guyana’s Attorney General, Mohabir Anil Nandlall, on Friday met with residents of several Region Three communities through which the upcoming Gas-to-Energy infrastructure will be built. These communities include Nouvelle Flanders and Wales, the legal affairs Minister said on Facebook. The meeting, which was held at the West Demerara Secondary School, explored the matter of compensation for those proprietors who will be displaced by the project.

Govt in talks with residents to acquire properties to facilitate laying of gas-to-shore pipeline – Guyana Times

Dredging of Guyana’s main river port for creation of two-way channel to begin soon, official says: OilNOW

As oil and gas activities ramp up offshore Guyana, so does marine traffic traversing the country’s main channel – the Demerara River – and the government is working to ensure it can facilitate the rapid change. At present, the Demerara channel can only facilitate marine traffic in one direction at any given time; plans are now advancing to ensure it can facilitate two. According to Guyana’s Minister of Public Works, Juan Edghill, the first step is already completed – wreckage removal.

Guyana business group lobbying for law that would recognise contracts as collateral for loans: OilNOW

President of the Georgetown Chamber of Commerce and Industry (GCCI), Timothy Tucker said the organisation is lobbying the Guyana government to pursue the type of legislative changes that would allow new companies to use their contracts as a means of securing loans. Given discussions that were had, Tucker said the administration has signalled its interest to get the proverbial ball rolling on this matter.

Should Guyana apply a windfall tax like the UK did? (Part 1): Guyana Chronicle  

— If not, why not?

The fiscal regime applied to the oil and gas sector in the United Kingdom prior to the introduction of the windfall tax (energy profits levy) in May 2022, comprised of three elements, namely (1) ring fence corporation tax (RFCT), (2) petroleum revenue tax (PRT), and (3) supplementary charge (SC). It is normal practice universally for petroleum producing countries to design a separate fiscal regime specifically for the oil and gas industry that is usually different from the mainstream fiscal regime applied to companies operating in other sectors.

Auditor General mum on requested withdrawal of “clean audit” declaration for NRF: Stabroek News  

In addition to staying silent on withdrawing statements on the “clean audit” declaration he made about the National Resource Fund (NRF), the Auditor General has also not clarified a number of issues relating to the 2012 Kares contract for building the $661 million Kato School, Former Auditor General, Anand Goolsarran says… The group stated that the taxes paid by the Natural Resources Minister were not properly accounted for in the financial statements. It referred to Article 15(4) of the 2016 Petroleum Agreement that requires ‘the appropriate portion of the Government’s share of Profit Oil.

Addendum to oil agreementStabroek News (Editorial)

While more voices are needed, the yeoman’s work being done by members of civil society in relation to the travesties in the oil and gas sector must be strongly applauded. The most recent example of this was the unearthing by commentator Christopher Ram of a 26th of April 2019 addendum to the abominable June 27th 2016 Production Sharing Agreement (PSA). That addendum made it explicit that the paltry 2% royalty provided for to the State could not be reclaimed from Guyana’s share of profit oil by ExxonMobil and its partners.

Financial reporting and audit of the Natural Resource FundStabroek News (Columnist) Accountability Watch by Anand Goolsarran

Guyana’s President Dr. Irfaan Ali told the 77th session of the United Nations General Assembly currently under way that fossil fuels are a necessary means of energy while the world transitions to more sustainable means; and the fossil fuel industry should not be penalized or treated unfairly as the world moves away from that sector… In Guyana, one recalls a top government official urging ExxonMobil and other companies operating in the oil and gas industry to explore and extract as much crude oil as possible in the shortest period of time before the deadline set by the Paris Accord on Climate Change reaches for switching to renewable sources of energy.

Putting oil and gas employees on contract allowing employers to ditch responsibilities – GAWU: Kaieteur News

With very little representation of oil and gas workers in the sector, labour rights stakeholders continue to highlight the woes of local employees, with specific reference now being made toward petroleum staffers being placed on contracts, and how employers are able to circumvent their responsibility them. In an invited comment the Guyana Agricultural and General Workers Union (GAWU) expressed their concern over the current approach to petroleum workers, who in many instances, have pointed out cases of mistreatment and non -compliance with labour laws by their employers.

Local Content Law…Police can be called in to probe false declarations by oil companies – AG: Kaieteur News

Attorney General and Legal Affairs Minister, Anil Nandlall, S.C has defended Guyana’s Local Content Legislation, insisting that crimes related to the Act can be probed by the Guyana Police Force (GPF). Nandlall in an exclusive interview with this publication was at the time responding to an article published by this newspaper on Friday where a New-York based Attorney-at-Law, Dr. Vivian Williams, pointed out some of the loopholes he believes can hinder its effectiveness.

MARAD working with Chile to improve security at ports – News Room Guyana

Guyana now one step closer in securing a CLE Law School | INews Guyana

Micro, small & medium businesses to benefit from forum on exportation to US market – Guyana Times

Catfish exports to US: “The ball is still in Guyana’s court”- American Ambassador

Guyana News Updates, September 23-25, 2022

Experts Explore Guyana’s Emergence As An Oil Producer

Guyana requires a narrative that goes beyond the legal one, and it must be continuously repeated at every possible opportunity. The Venezuela-Essequibo controversy is an overriding Guyanese foreign policy imperative. Guyana cannot afford to lower its diplomatic guard while they wait for Venezuela’s next move. …, “In this age of social media, we need all Guyanese, not just government officials and diplomats, but also journalists, members of civil society, and members of our diaspora to be advocates of our united national narrative.”

Forum on Effective Strategies For Exporting to the US Market to be held in Guyana

September 26, 2022

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

Developing Caribbean Renewable Energy Opportunities To Maximize Local Solutions – New Energy Events

Mapping CARICOM’s path towards a sustainable energy future | Loop Caribbean News

https://caribbean.loopnews.com/content/mapping-caricoms-path-towards-sustainable-energy-future

Part Two: Mapping CARICOM’s Path Towards A Sustainable Energy Future | Loop Caribbean News

https://caribbean.loopnews.com/content/part-two-mapping-caricoms-path-towards-sustainable-energy-future

Pres Ali, UN Secretary General discuss food and energy security, international financing system – Guyana Times

https://guyanatimesgy.com/pres-ali-un-secretary-general-discuss-food-energy-security-international-financing-system/

PM defends Govt’s unblemished track record of creating opportunities for all Guyanese – Guyana Times

https://guyanatimesgy.com/pm-defends-govts-unblemished-track-record-of-creating-opportunities-for-all-guyanese/

Multi-billion-dollar oil earnings seen as key to revolutionising Guyana’s agriculture | OilNOW

Business scholars say oil can fuel sugarcane ethanol production in new hotspot | OilNOW

Govt invites bids to market Guyana’s share of profit oil – Guyana Times

https://guyanatimesgy.com/govt-invites-bids-to-market-guyanas-share-of-profit-oil/

New Crude Marketing Contract to carry one year timeline – Govt.: Kaieteur News

The Ministry of Natural Resources disclosed that its contract for the marketing of crude from the Liza Destiny and Liza Unity vessels is expected to last one year. It made this disclosure to members of the media yesterday. The government agency said interested bidders desirous of obtaining Requests for Proposals (RFP) should make contact with the Permanent Secretary, Ministry of Natural Resources.

Over 100 miles offshore, Exxon is prepping for Guyana’s 3rd oil project: OilNOW

Development operations are in high gear at the Payara field, located just over 103 nautical miles offshore Guyana, South America’s up and coming second biggest producer. This marks ExxonMobil’s third project at the massive Stabroek Block where nearly 11 billion barrels of oil equivalent have been found since 2015. OilNOW understands the ongoing development operations cover an area of 137.89 square nautical miles (472.95 square kilometers).

Guyana’s next crude marketer to take over in last quarter of this year: OilNOW

Guyana’s Ministry of Natural Resources said Thursday that the next contractor to market its entitlement of crude from the ExxonMobil-operated Stabroek Block will be taking over in the fourth quarter of 2022 for a period of one year. The marketers’ responsibilities will include making appropriate transportation arrangements and providing support to Guyana in all operating and back-office responsibilities related to managing crude sales while facilitating timely and cost-efficient crude oil operations.

Exxon ‘iffy’ about bidding for new oil blocks: Kaieteur News

– waiting on economic terms to decide on participation

There have been different views about the participation of oil giant, ExxonMobil in the country’s first offshore bid round set for the end of this year, but it appears that the company too is undecided as to whether it will seek more oil blocks during the competitive bid exercise. In fact, information from international media, Reuters is that the oil company will not be making a decision on its participation until it sees the fiscal terms attached. A comment from an Exxon insiders said that the company “is uncertain whether it will bid for new offshore areas Guyana wants to explore.”

Glenn Lall has great difficulty understanding basic business terms: Guyana Chronicle (Letter to the Editor) by Joel Bhagwandin

KAIETEUR News publisher, Glenn Lall, has launched a vicious attack on the Vice-President following his appearance on his radio programme where the Vice-President availed himself to be interviewed by Glenn Lall. The Vice-President exposed a barrage of falsehoods published in his newspaper on oil-and- gas-related matters and also offered very detailed explanations and clarity on the questions raised, as well as the rationale for some of the government’s decisions on a number of issues.

Local Content Law does not give Guyana robust investigative powers over oil companies – Attorney-at-Law, Dr. Williams: Kaieteur News

Following his review of Guyana’s Local Content Legislation, New-York based Attorney-at-Law Dr. Vivian Williams said its framers must be commended for capturing the spirit of nationalism in the document. He firmly believes that it adds tremendous value to Guyanese citizenship. Unfortunately, he posited that there are certain legal loopholes which can hinder its effectiveness. Specifically, the lawyer contended that the law does not give the Local Content Secretariat the overarching powers it needs for proper enforcement to avoid abuses and ensure maximum benefits are achieved.

246 businesses already armed with Local Content certificates | OilNOW

New Crude Marketing Contract to carry one year timeline – Govt.: Kaieteur News

The Ministry of Natural Resources disclosed that its contract for the marketing of crude from the Liza Destiny and Liza Unity vessels is expected to last one year. It made this disclosure to members of the media yesterday. The government agency said interested bidders desirous of obtaining Requests for Proposals (RFP) should make contact with the Permanent Secretary, Ministry of Natural Resources.

Dr. Vincent Adams invites Jagdeo to discuss oil: Kaieteur News (Editorial)

It comes down to who knows and who doesn’t know what is really going on in this nation’s trillion-dollar oil sector.  We speak about the ins and outs, and the intricacies that are part of the global oil industry.  We also highlight the sophistications and trickeries that oil companies employ in extracting the most from poor, uncomprehending, Third World countries suddenly overwhelmed by huge oil discoveries.  This is where Guyana is, and where Guyanese-born Dr. Vincent Adams could have much value.

Guyana President takes defence diplomacy to the UN in border case with Venezuela: OilNOW

Guyana is taking out all the stops in its effort to protect its territorial integrity from the threat of Venezuela. Even though it believes in the integrity of a judicial settlement in the border controversy against Venezuela, it sees defence diplomacy as critical. President Dr. Mohamed Irfaan Ali told world leaders during his United Nations General Assembly address that Guyana remains true to peaceful processes for the resolution of the matter over the Essequibo region.

Time running out for T&T to attract more upstream investment | OilNOW

Trinidad presses dual gas supply from Venezuela | OilNOW

Trinidad Urgently Needs Fiscal Reforms to Encourage Oil Investments | Hart Energy

https://www.hartenergy.com/exclusives/trinidad-urgently-needs-fiscal-reforms-encourage-oil-investments-202204

NGC, bpTT sign new gas supply contract – Trinidad Express

https://trinidadexpress-tto.newsmemory.com/?publink=042aa1906_1348620

…Green light for offshore Cypre project – Trinidad Express

https://trinidadexpress-tto.newsmemory.com/?publink=142aa1906_1348620

Guyana News Updates, September 22, 2022

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

Mapping CARICOM’s path towards a sustainable energy future | Loop Caribbean News

https://caribbean.loopnews.com/content/mapping-caricoms-path-towards-sustainable-energy-future

President Ali pushes ‘One Guyana’ initiative, vision for development – Caribbean Life

Guyana launches tender for new agent to sell its crude exports | Reuters

https://www.reuters.com/business/energy/guyana-government-launches-tender-choosing-oil-marketing-agent-2022-09-22/

Guyana advocates at UN for increased carbon credits prices on global market: Guyana Times 

…as President Ali urges world not to shut out new oil producers from affordable financing

One of 18 leaders to address the 6th plenary meeting of the United Nations General Assembly (UNGA) on Wednesday afternoon was President Dr Irfaan Ali, who used the opportunity to advocate for increased prices for carbon credits on the global market, and for continued access to affordable financing for new entrants to oil production. According to President Ali, financing for climate adaptation and mitigation are still lagging.

As Russia deliveries dwindle Germany has looked to Guyana, other locations for rare imports: OilNOW

As oil and gas deliveries from Russia dwindle in wake of the war in Ukraine, Germany, Europe’s biggest oil consumer, has been scrambling to find new sources of energy which has seen rare imports in recent months from countries such as Guyana. In addition to boosting seaborne crude imports from existing suppliers Norway and the US, German refiners have turned to crudes from Canada, Algeria, Saudi Arabia, Cameroon and Libya in recent months as supplies of piped medium sour Russian oil dwindle, according to vessel analytics provider Kpler.

Guyana local content regulator mulling guidelines to end ‘fronting’ in joint ventures: OilNOW

The Local Content Secretariat (LCS) is seeking to draft guidelines that will signal clearly, how joint venture partnerships will be deemed genuine. Noting this recently was the President of the Georgetown Chamber of Commerce and Industry (GCCI), Timothy Tucker. Director of the Local Content Secretariat, Martin Pertab, confirmed that the agency is examining the issue closely. He indicated that the Secretariat is examining its options and the legal implications.

Though Guyana has long way to go, Jagdeo satisfied with progress on oil sector governance: OilNOW

Guyana’s Vice President Dr. Bharrat Jagdeo says the country has improvements to make in its natural resource governance structure, but that he is generally satisfied with the efforts made thus far by the government. Jagdeo, who is the government’s chief policymaker on oil and gas matters, said government recognises the need for a steep learning curve. Government is also cognisant that “there are a number of policy-making issues that will haunt us until we have a settled regime,” Dr. Jagdeo said. “Because we are new to this business.”

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.

EPA’s poor response to oil spill exposes Guyana’s unpreparedness – former Executive DirectorKaieteur News

Almost two weeks after American oil major, ExxonMobil reported a ‘one barrel’ spill at the Liza Two operation in the Stabroek Block, the Environmental Protection Agency (EPA) has not come out to tell the nation whether its investigation has confirmed the minor spillage as reported by the company. To this end, the former EPA head, Dr. Vincent Adams says this occurrence shows how grossly underprepared Guyana is for petroleum production even as it embarks on an ambitious campaign to speed up these operations.

President Ali must decide on meeting with Opposition to clean Voters List – AG NandlallKaieteur News

President Irfaan Ali will be the one to determine whether the Government meets with the Parliamentary Opposition to decide on mechanisms needed to address the ‘bloated’ voters list says Attorney General and Minister of Legal Affairs, Anil Nandlall. President Ali is currently in New York attending the 77th United Nations General Assembly (UNGA) underway in the US Capital. The A Partnership for National Unity (APNU) and the Alliance for Change (AFC) have both registered an interest in meeting with Government to find a way to clean the ‘bloated voters’ list ahead of any election.

Alexander knocks ‘corrupt process’ to appoint new GECOM ACEOKaieteur News

The Guyana Elections Commission (GECOM) at its Statutory meeting held on Tuesday appointed Mrs. Beverley Critchlow as Assistant Chief Election Officer (ACEO) – a decision dubbed as contrived by Opposition nominated Commissioner, Vincent Alexander. In a Press Statement GECOM said Critchlow’s appointment emanated from a transparent process that involved all of the members of the Commission- one in which all Commissioners were availed of the opportunity to interview all of the shortlisted candidates and, thereafter, indicate their respective choice to fill the position.

Maersk Drilling awarded one-well extension for Suriname campaign: OilNOW

TotalEnergies E&P Suriname, Suriname Branch has exercised an option to add the drilling of one additional well in Block 58 offshore Suriname to the work scope of the drillship Maersk Valiant. The contract extension is expected to commence in January 2023, in direct continuation of the rig’s current work scope, with an estimated duration of 100 days. 180 million barrels of oil in place at new Suriname well, APA confirms

Venezuela border controversy: Guyana will not be swayed from ICJ resolution – Ali tells world leaders

President Ali reaffirms commitment to judicial settlement in Guyana-Venezuela border controversy – News Room Guyana

MoU signed for landmark Nigeria-Morocco gas pipeline set to cross 13 African countries: OilNOW

The Nigeria-Morocco Gas Pipeline (NMGP) has “taken off”, the Nigerian National Petroleum Company (NNPC) said last week. A memorandum of understanding (MoU) was signed between NNPC, Morocco’s National Office for Hydrocarbons & Mines (ONHYM), and the Economic Community of West African States (ECOWAS), in the Moroccan capital of Rabat on September 15.