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Guyana faces challenge of balancing economic growth and environmental preservation – Commonwealth SG: Stabroek News
With an estimated 10 billion barrels of recoverable oil, Guyana now faces the challenge of striking the right balance between environmental preservation and economic growth, according to Commonwealth Secretary-General (SG) Patricia Scotland. “…the lucrative mining of bauxite and gold as well as the recent discovery of oil, which has propelled the country (Guyana) to become one of the fastest growing economies on the planet, still presents a common dilemma for developing nations.
Reg. 10 to ‘explode’ with tens of millions in investment to come – GO-Invest Head – News Room Guyana
https://newsroom.gy/2022/01/20/reg-10-to-explode-with-tens-of-millions-in-investment-to-come-go-invest-head/
Omai makes major gold find in new Region 7 pit – Guyana Times
https://guyanatimesgy.com/omai-makes-major-gold-find-in-new-region-7-pit/
Brazil, Guyana and Suriname to take first steps towards energy alliance | Reuters
https://www.reuters.com/business/energy/brazil-guyana-suriname-take-first-steps-towards-energy-alliance-2022-01-20/
New South American Energy Alliance Could Be A Gamechanger For Oil Markets | OilPrice.com
https://oilprice.com/Energy/Energy-General/New-South-American-Energy-Alliance-Could-Be-A-Gamechanger-For-Oil-Markets.html
Suriname appoints new Ambassador to Guyana: Demerara Waves
Suriname has appointed a new Ambassador to Guyana and she is Ms. Liselle Blankendal who has been working at the Surinamese Embassy in Georgetown. She took the oath of office before President Chandrikapersad Santokhi on Tuesday. The Surinamese leader outlined the priorities for relations with Guyana. “The policy priorities with Guyana are contained in the founding document of the Strategic Dialogue and Cooperation platform. Suriname and Guyana must act together as future oil states to make the most of this resource and tap markets to increase their production levels,” he was quoted as saying.
‘Local Content, NRF Acts designed to empower Guyanese’ – Foreign Affairs Minister – Department of Public Information
https://dpi.gov.gy/local-content-nrf-acts-designed-to-empower-guyanese-foreign-affairs-minister/
Gov’t seeking parliamentary nomination for oil fund board member: News Room
Senior Minister in the Office of the President with responsibility for finance Dr. Ashni Singh has filed a motion asking the National Assembly to nominate one member for the Natural Resource Fund (NRF) Board of Directors. The nomination is provided for in the Natural Resource Fund Act 2021, which became law in December. The Board of Directors is a new governance mechanism introduced for the Fund by the PPP/C Government. It adds a layer of separation between political leaders and the Fund, where previously there was none. The Board will comprise three to five members; one Director shall be nominated by the National Assembly but not a Member of Parliament, and another from the private sector.
No say in spending: Kaieteur News (Editorial)
“Guyanese will have no say on how oil money will be sent -Patterson (KN January 13). We could have saved him the trouble, for that is precisely what we have been telling the world from day one. Guyanese having no say in spending is part of the devilish objectives of the scheming PPPC Government leaders, who study and plot, and come up with new ways on how to bleed Guyana dry and the many ways to steal the wealth of this country so as to bring it to the point of insolvency. Guyanese have to get one thing in their heads. The only time they have value, have any standing that calls for recognition by political leaders is during elections seasons.
Guyanese up ante against ‘oppressive’ Exxon contract: Kaieteur News
– Protesters demand change, call on leaders to fight for a better deal
A protester who took to the streets yesterday demanding changes in the oil contracts, which Guyana signed with some of the foreign oil companies was moved to tears as he called on the government and leaders of Guyana to secure more wealth for households so that their children can be properly fed.Rawle Austin, who hails from Section ‘C’ Sophia, Georgetown shared that he makes concrete blocks for a living and was robbed recently; hence, he is unable to provide for his family. The man said, “There is so much of poverty in Sophia right now and because of that people are coming out and violate people.
US helping build oil spill response capacity here: Stabroek News
The United States is helping to build Guyana’s oil spill response capacity and a virtual risk assessment workshop is set for this month. A release from the US Embassy here yesterday said that the United States Coast Guard (USCG) and the Guyana Civil Defence Commission (CDC), with support from the US Department of State’s Energy and Mineral Governance Program (EMGP), began a six-month series of joint activities designed to assist Georgetown in the development of a reliable national response system and to enhance the CDC’s maritime oil spill prevention, planning, and response capabilities.
Eco Atlantic grabs more shares in suspiciously awarded Canje Block: Kaieteur News
Eco (Atlantic) Oil & Gas Ltd., one of the smallest oil players in Guyana’s offshore basin, has moved to grab more shares in the highly prospective Canje Block. Yesterday, Eco disclosed that it moved to secure an additional 800,000 common shares in JHI Associates Inc. in return for 1,200,000 new common shares in Eco. The purchase of the 800,000 common shares in JHI is expected to be completed on January 21, 2022, increasing the total number of shares currently held by Eco in JHI to 5,800,000 shares. Eco also retains a warrant to subscribe for a further 9,155,471 new common shares in JHI at an exercise price of US$2.0 per share for a period of 18 months.
Guyana could earn around US$86M from ninth oil lift: Guyana Chronicle
–as oil prices reach highest level in seven years
WITH global oil prices now at the highest level in seven years, Guyana’s prospects of earning more money from its next oil lift is greater than ever before. At end of Tuesday, the cost for Brent – the benchmark Guyana uses to sell its crude – stood at approximately US$86 per barrel. Should this remain the case when the country sells its ninth one-million-barrels of oil in the coming weeks, the sale could rake in as much as US$86 million. This would mark a notable increase from the US$73.8 million received from the eighth oil lift in November. This brought Guyana’s total oil revenues to approximately US$607.8 million.
ExxonMobil contractor invites EoIs for locals to supply equipment for offshore operations: Kaieteur News
A French-American multinational firm, TechnipFMC which recently landed a multi-million dollar contract to supply the subsea equipment for ExxonMobil’s fourth project in the Stabroek Block at the Yellowtail Development area is inviting Expressions of Interests (EoIs) from local companies to supply materials for its planned operations, offshore Guyana. In an advertisement published on the Centre for Local Business Development-Guyana social media pages, it informed “For ongoing Projects in Guyana, TechnipFMC will be providing Enhanced Vertical Deepwater Trees (EVDTs), Tooling, Manifolds, Controls and Tie-in-Equipment”.
Gas-to-Power Project could change cement manufacturing economics for Guyana – Exxon: OilNOW
While there are currently no cement manufacturing operations in Guyana due to the high cost of energy and other barriers, the imminent Gas-to-Power Project could soon change the economics for the country in this regard. This is according to ExxonMobil’s Comprehensive Waste Management Plan (CWMP). That document outlines the brief efforts of some actors to have cement manufacturing in Guyana since all cement is imported in bulk, therefore, driving up costs in the construction industry.
Guyana-Suriname Upper Cretaceous play delivered the goods in 2021: OilNOW
Frontier exploration drilling fell to its lowest level since 2008 with only 15 frontier wells being completed and only one making a potentially modest sized commercial discovery according to a report released this week by energy market research and intelligence company Westwood Energy. The commercial success rate declined from an unusually high 41% in 2020 to 31% in 2021, but still higher than the 23% average in 2016-2018. “Emerging play exploration was dominated by the Upper Cretaceous play offshore Suriname-Guyana where four discoveries added an additional estimated ~1bnbnoe,” Westwood said.
Eco Atlantic makes strategic share purchase in Canje Block ahead of 12-well campaign: OilNOW
Eco (Atlantic) Oil & Gas Ltd. which holds a working interest in the Orinduik Block appears to be positioning itself for greater benefits with the recent purchase of additional shares in JHI Associates Inc. JHI is a private Canadian-based company that holds a 17.5% working interest in the Canje Block. ExxonMobil, operator of the Block, is poised to execute a massive 12-well campaign in the highly prospective concession. This is pending approval from the Environmental Protection Agency (EPA).
Oil continues rally as Brent hits $88: OilNOW
(Reuters) – Oil prices settled higher on Wednesday after a fire on a pipeline from Iraq to Turkey briefly stopped flows, increasing concerns about an already tight short-term supply outlook. Flows have resumed through the Kirkuk-Ceyhan pipeline that carries crude from northern Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries, to the Turkish port of Ceyhan for export. The explosion that set off the fire on the pipeline in the southeastern Turkish province was caused by a falling power pylon, not an attack, a senior security source said.
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