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GUYANA: OIL: The Natural Resource Fund Act: ZOOM Panel Discussion
January 29, 2022 – Moray House Trust | Guyanese Online
Oil Dorado? Guyana’s Black Gold | Live Book Launch
YouTube Tuesday February 1, 2022
Guyana Energy Conference and Expo 2022
February 15-18, 2022
- 150 companies, four heads of state confirmed for February energy conference | OilNow
BOOK: From Rags to Riches: Is Guyana Ready for the Oil Bonanza? – by Terence M Yhip | Guyanese Online
Persaud, Guyana and inattention | Commentary | Jamaica Gleaner
Guyanese American Chamber of Commerce Elects New Chairman, Eldon Bremner
BUDGET 2022: Gov’t focusing on ‘pressing developmental needs’, minimal borrowing: News Room
The 2022 National Budget will allow the government to invest in crucial or priority developmental needs while keeping Guyana’s debt to a minimum, according to the Finance Minister Dr. Ashni Singh. This budget will be presented to the National Assembly on Wednesday, after several months of rigorous planning. While remaining tight-lipped on the major projects included in the budget, the Finance Minister assured Guyanese that the budget will be “transformational”, alluding to major investments in infrastructure, geared at modernising the “face of the country”.
Guyana actively pursuing Net Zero emissions by 2050 through transformative energy plans – Ali: Guyana Times
…urges regional leaders to rectify disparities, address emissions
President Dr Irfaan Ali has shared that Guyana is poised to lead the Net Zero by 2050 Agenda, through its robust plans for energy security and renewable generation, while continuously recording increased economic prosperity. The United Nations Global Roadmap sets out the target that the world must achieve net zero emissions by 2050. It involves balancing the amount of greenhouse gas produced and the amount removed from the atmosphere.
US in programme to boost port security, container control here: Stabroek News
The United States, through the Department of State’s office of International Narcotics and Law Enforcement (INL), kicked off a six-month programme yesterday to strengthen Guyanese port security and container control. A release from the US Embassy yesterday said that the United Nations Office of Drugs and Crime’s (UNODC) Container Control Program, in partnership with the World Customs Organization, is implementing the programme. It is aimed at weakening transnational criminal organizations and deterring the trafficking of illicit goods.
Several major initiatives to be unveiled in “transformative” Budget -says Finance Minister: News Source
Finance Minister, Dr. Ashni Singh has indicated that the 2022 National Budget will be historic and transformational. The National Budget is set to be presented in the National Assembly on Wednesday, and already the Finance Minister is boasting of what the budget sets out to achieve. While not going into specifics, Dr. Singh disclosed on a state-tv programme that several major projects are catered for in the budget. “Budget 2022 is going to step up the pace with respect to rolling out this government’s agenda for transformation so you are going to see a number of major initiatives will be initiated in 2022,” the Finance Minister said during an interview last night.
Clarifying a mistake in column on NRF Acts: Stabroek News (Letter to the Editor) by Tarron Khemraj
I write this brief note to clarify a mistake I made in my column “Notes on the withdrawal rules of the 2019 and 2021 NRF Acts” (SN: Jan 24, 2022). The mistake pertains to my misinterpretation of a specific phrase in the NRF Act of 2021. What I did not contemplate was “For any fiscal year” in the first schedule (page 32), which spells out how monies will be withdrawn on an annual basis. This means that in each year after the 2022 Budget, the government can withdraw at least US$500 million in each fiscal year.
Fishermen say Exxon’s operation forcing them out of fishing zone: Kaieteur News
– company denies allegations
Already facing a crisis because of dwindling fish stock in Guyana’s waters, local fishermen are now reportedly being “chased” out of their fishing zones as a result of ExxonMobil’s ongoing operation. One of them, Toney Persaud, was willing to share his story with Kaieteur News yesterday. Persaud said he has been fishing unbothered for some 20 years in an area located some 14 to 17 miles off Liliendaal, Greater Georgetown. However, he claimed that his livelihood is now being forcefully taken away after three supply vessels contracted by American oil giant, ExxonMobil, ordered fishermen to stop fishing there.
Portion of Guyana’s Natural Gas to be exported – Pres. Ali confirms: Kaieteur News
Given the significant volume of natural gas discovered in the Stabroek Block and the quantity that would be piped to shore via the US$900M gas-to-shore project, many industry experts had warned that Guyana would have to explore the exportation of gas since domestic demand would be utterly overwhelmed.Based on recent statements by President, Irfaan Ali, it appears Guyana is gearing to enter the gas export market. During his keynote address to over 300 participants at the Caribbean Sustainable Energy Conference 2022 on Monday, Ali noted that if nations are to pool their collective efforts and achieve the imperative goal of net zero carbon emissions by 2050, then the transition to cleaner energy sources is critical.
A seat at the table: Kaieteur News (Editorial)
“Guyana should have a seat at the table in all future oil contracts -Former Suriname Oil Boss” (KN January 11)… Let us start from the beginning. Those same leaders who disagree with us so furiously because of our continuous oil coverage, most of which expose their shortcomings, have said that we have a long way to go to obtain required technical skills and appreciation for what goes into the skillful management of an oil sector, which includes oil block auctions. This is particularly relevant to Guyana, which is starting out with its oil from a hole due to the crippling disadvantages of the stranglehold that ExxonMobil has over us.
The environmental permit was not modified to allow for flaring: Stabroek News (Letter to the Editor) by Thomas B Singh (PhD), Director, University of Guyana GREEN
Reference is made to the report in SN of January 23, 2022, of a court case filed “against Guyana’s Environmental Protection Agency (EPA) to put a stop to flaring of gas offshore by ExxonMobil.” The University of Guyana GREEN Institute (UGGI) and I, in particular, are concerned about one specific implication of the text of your report, which apparently was based on a press release. According to your report, the litigants are challenging the EPA’s “decision to modify Esso’s permit to allow flaring,” contending that that decision was “irrational and unlawful … [and in breach of the EPA Act Cap 20:05 by purporting to allow Esso to flare in return for paying a fee.”
Arguing the Local Content Policy will recoup losses from the Stabroek Block is not grounded in reality and logic: Stabroek News (Letter to the Editor) by Darshanand Khusial On behalf of OGGN (www.oggn.org)
In a press release this past Saturday, the government admitted that the Stabroek Block contract is lopsided. The Department of Public Information article further states, “…with the passage of the local content legislation, Vice President, Dr. Bharrat Jagdeo, said the law now recoups the benefits lost from the Exxon deal.” It is astounding that the government believes the local content policy can claw-back anywhere close to the US$91 billion that we are losing on this contract. The press release further states that in a year, Guyana could supply US$400 million to US$600 million in goods and services.
Audit of Exxon’s post-2017 costs in Guyana will move forward – oil minister: OilNOW
Minister of Natural Resources Vickram Bharrat has confirmed that the Government of Guyana is continuing its search for auditors to examine ExxonMobil’s 2018-2020 costs. In his written responses to questions relating to the audit, Mr. Bharrat told the National Assembly on Monday the government has not discontinued the tender process for this project. This was a direct response to a question posed by former Minister of Public Works and now Opposition Member of Parliament David Patterson who questioned whether the procurement process had been suspended.
Audit of Exxon’s US$460M pre-contract costs still to be completed – Bharrat: Stabroek News
Reacting to the disclosure by Minister of Natural Resources Vickram Bharrat that the audit of ExxonMobil’s US$460 million in pre-contract costs remains incomplete, APNU+AFC Member of Parliament David Patterson called it “unacceptable,” while questioning government’s approach. In December Patterson sought answers through questions in the National Assembly on the status of the audits, which have been ongoing for several years. Bharrat, in written responses laid in Parliament yesterday, stated that the Irfaan Ali-led administration remains committed to seeing the process through.
Wireline sales in Guyana help boost Halliburton’s Q4 revenue: OilNOW
Halliburton announced on Monday that its total revenue for the fourth quarter of 2021 was $4.3 billion compared to revenue of $3.9 billion in the third quarter of the year. The company said in its drilling and evaluation division, revenue was US$1.9 billion—an increase of 11 percent—while operating income was US$269 million or a 45 percent increase, fueled in part by its operations in the new oil producing country of Guyana where it is providing oilfield services to U.S. oil major ExxonMobil. TechnipFMC, Halliburton providing fiber optic solution for Exxon’s Payara Development
Exxon next month to begin pumping from 2nd Guyana oil platform – source | Reuters
Hess to focus on deepwater oil projects offshore Guyana | Offshore
Oil and gas sector key to Guyana’s transformation – President Ali – Department of Public Information
Mega projects will be completed under PPP/C Govt’s first term – PM assures – Department of Public Information
Latest Corruption Perceptions report gives highest Caribbean ranking to Barbados – Caribbean News
Guyana drops two points on Transparency International’s ranking – Stabroek News
Brazil, Guyana and Suriname to take first steps towards energy alliance | Reuters
South American oil nations sign MoU to explore development of energy corridor: OilNOW
Guyana’s President Dr. Mohamed Irfaan Ali said on Monday the South American country along with Brazil and Suriname will explore the development of an energy corridor linking the oil producing nations. He said that Guyana is also committed to the wider goal of energy security for the countries of the northern cone of South America: Brazil, Suriname and French Guiana. “Just last Thursday, I, met with the presidents of Brazil and Suriname, and we agreed through a Memorandum of Understanding to explore the development of an energy corridor linking our respective states.”
Brazil, Guyana, Suriname sign MoU to explore energy corridor: Kaieteur News
President, Irfaan Ali disclosed yesterday that Guyana, Brazil and Suriname—countries of the Northern Cone of South America— have officially signed a Memorandum of Understanding (MoU) to explore the development of an energy corridor linking the respective states. He said this occurred during his visit to Suriname last week. In his keynote address to over 300 participants at the Caribbean Sustainable Energy Conference 2022, the Head of State said this move is in keeping with Guyana’s wider goal of energy security.
More jobs, social services promised with new Tristar Energy Park: News Room
Tristar Inc., a company owned by Guyanese national Krishna Persaud, is in the process of acquiring an additional 300 acres of private lands on the West Bank of Demerara (WBD) to create a new West Bank Energy Park. This park would enable the company to quickly scale up operations at its West Demerara shorebase. In a press release issued on Monday, the company said that the park is expected to create hundreds of jobs and also provide crucial social services through a training institute, a day care centre, a health centre and sporting complex.
Peru calls bid round as crude output dwindles: OilNOW
(S&P Global Platts) Peru’s government plans to call for bids in June for up to seven crude oil producing blocks on its northern coast as production dwindles. The blocks in the Talara Basin, both onshore and offshore, lie in mature fields whose contracts are close to expiration, oil contracting agency Perupetro said in a Jan. 21 email to S&P Global Platts. The Talara Basin has been operating for over a century, with most blocks in the area producing less than 500 b/d.
Elevated geopolitical risks in Europe, Middle East pushing oil prices up: OilNOW
(Reuters) – Oil prices rose on Monday on worries about supply disruption amid concerns about Russia-Ukraine discord and rising tensions in the Middle East, which could make an already tight market even tighter. Brent crude rose 31 cents, or 0.4%, to $88.20 a barrel by 1009 GMT. U.S. West Texas Intermediate (WTI) crude gained 21 cents, or 0.3%, to $85.35. “Oil prices are profiting from supply risks and geopolitical tensions,” said Commerzbank analyst Carsten Fritsch.
