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The Santiago Principles and the NRF Act 2021: Stabroek News (Columnist) Accountability Watch by Anand Goolsarran
On New Year’s Day, the authoritarian government of the oil-rich nation of Kazakhstan removed the subsidy on fuel prices, sparking countrywide protests not only because of the resulting higher gas prices but also over issues relating to inequality, poverty and corruption… Two Wednesdays ago, the National Assembly passed the Natural Resource Fund (NRF) Bill 2021 without debate, after a chaotic scene erupted in the Assembly as Opposition Members of Parliament vehemently opposed the Bill being considered. The following day, the President assented to the Bill while the Minister of Finance signed the commencement Order the next day to bring the Act into operation.
FPSO earmarked for Yellowtail project to set records for SBM: Guyana Times
– largest FPSO built by company; has capacity of 2 million barrels
The Floating Production Storage and Offloading (FPSO) vessel being built by SBM Offshore for the Yellowtail development offshore Guyana will set records, since it will be the biggest FPSO ever built by the company. This observation was made by Norwegian consultancy company Rystad Energy, in a statement that also made note of the fact that Guyana will be among several countries that will have projects and FPSOs coming online this year.
Pres Ali, Jagdeo directed Stabroek Block partners to accelerate oil development -Hess Boss says: Kaieteur News
Hess Corporation’s Chief Executive Officer (CEO), John Hess recently noted that the Guyana Government, particularly President Irfaan Ali and Vice President Bharrat Jagdeo, have given clear instructions for oil development at the Stabroek Block to be accelerated. During a recent Goldman Sachs Conference, Hess said both Dr. Ali and Jagdeo are very pro-business while adding that their belief is that Guyana has a right to develop its resources. “They have been very clear that they want to accelerate oil development and both publicly stated, especially Jagdeo, at the United Nations in September, that Guyana has a right to develop resources but both said Guyana will do it in an environmentally-responsible manner,” expressed the Chief Executive Officer.
Oil monies will be used to lay foundation for developmental explosion – Nandlall: Guyana Times
With the Natural Resource Fund legislation now in place, and the way paved for the Guyana Government to access its oil revenues, it is expected that these monies will be used to propel Guyana’s developmental agenda. This is according to Attorney General and Legal Affairs Minister, Anil Nandlall, during his programme – Issues in the News – last week. He said that 2022 is a landmark year in Guyana’s development trajectory and will see rolling out of some of the largest transformational projects ever executed in Guyana.
‘Door opens for misuse of oil money’: Kaieteur News
-Article 13 says, following rushed passage of controversial NRF Bill
In registering its disappointment over the ‘rushed’ passage of the Natural Resource Fund (NRF) Bill, and now legislation, local democratic watchdogs, Article 13, has warned that the ‘undue haste’ opens the door for misuse of the oil funds. On Sunday, in a statement to the media, the civil society group, which comprises of prominent, outspoken Guyanese such as Chartered Accountant and Attorney at law Christopher Ram, telecommunications expert Yog Mahadeo and Jonathan Yearwood among others said, not only does the rushed Act opens the door for misuse, but it also disregards the Santiago Principles, which speaks to transparency.
A glimpse at how oil powers operate: Kaieteur News (Editorial)
A few months ago, in one of our front-page comments, we identified four things that multinational companies do in host countries to ensure that they have a lock on the commodity that is plentiful there. Because there is great demand for that commodity, with enormous profits to be reaped, these powerful multinationals which include the big oil companies, have perfected a certain strategy that guarantees they walk away with the fruits of fabulous treasures in poor, unsophisticated Third World countries. As we revisit what we had shared as our front-page comment, we ask Guyanese to think for themselves.
Op: Ed Guyana’s success with Local Content Law will only be as good as its capacity for enforcement: Kaieteur News by Kiana Wilburg
Kaieteur News has been at the forefront of several major local content awareness initiatives for seven years. Our most recent demonstration in this regard was the dedication of a page daily towards featuring provisions of the Local Content Law. To recap, this newspaper highlighted that the legislation cordons off 40 categories of participation down from the previously criticised 153 for maximum local participation; strips oil companies of the power to procure goods and services as they please; removes loopholes for shell companies and crooks to disguise as legitimate companies with the creation of a Local Content Register; mandates that bidders with the highest local content targets should win; and requires oil companies to report local content use by value and not volume.
End this corporate welfare of VAT waivers and exemptions for these oil companies: Stabroek News (Letter to the Editor) by Dr. Jerry Jailall
My friend Suresh said, “There are not enough ‘cuss words’ to describe the treasonous oil contract signed by the PNC” and which the PPP vowed they would not renegotiate. The Exxon Head had said that at election time, both parties promised they would not renegotiate the contract. That puts the oil companies, PNC and PPP on the same side versus the people of Guyana. When I saw the news of that poor man’s house at Bonasika that collapsed and killed his wife and child, I was quite upset, as most of you were.
Exxon’s strategy of testing deeper targets at Stabroek Block delivering big results: OilNOW
The recent discoveries announced by ExxonMobil off the Guyana coast confirm the significant resource potential that exist at deeper targets on the 6.6 million acres Stabroek Block. The Fangtooth and Lau Lau wells delivered a cumulative 479 feet of high-quality hydrocarbons and are seen as highly significant discoveries. “What really excites me about this accomplishment is the support it provides for our strategy to test deeper targets – an approach that will open up the possibility for further exploration of the block’s potential,” said Mike Cousins, ExxonMobil Senior Vice President of Exploration and New Ventures. “
Oil prices not likely to rise above $100/bbl this year for any sustained period – WoodMac: OilNOW
U.K. based consultancy group Wood Mackenzie says it is unlikely that oil prices will rise above $100 a barrel (bbl) for any sustained period in this year. “Under the careful stewardship of OPEC+, the market is back in balance again in 2022 on our forecasts,” said Simon Flowers, Chairman, Chief Analyst and author of The Edge. Flowers said demand increases by 4.5 million b/d back to pre-pandemic levels of 100 million b/d by Q3, whereas supply rises by 4.8 million b/d, around half from OPEC+.
U.S. responding to soaring natural gas prices with major supply ramp up: OilNOW
“We have furnished the British great material support and we will furnish far more in the future. There will be no ‘bottlenecks’ in our determination to aid Great Britain.” President Franklin D. Roosevelt’s resounding commitment in 1940 to supply Britain with military equipment has been on people’s minds again recently, as other shipments from the US have been helping relieve a different kind of crisis in Europe.
Brazil looking to tap oil at same geologic trend delivering big discoveries in Guyana: OilNOW
Brazil’s state-run oil company Petrobras will begin exploration this year at a resource-rich region along the country’s northern coast that falls in the same geologic trend containing the massive offshore discoveries made in neighboring Guyana. According to Petrobras reservoir executive manager Tiago Homem, the company plans to invest $2 billion in exploration at the Equatorial Margin through 2026. Petrobras is foreseeing an overall investment of $2.5 billion in seismic activities in the same period, according to a Reuters report.
Oil & gas, bauxite mining high on Guyana/Brazil cooperation agenda – News Room Guyana
https://newsroom.gy/2022/01/10/oil-gas-bauxite-mining-high-on-guyana-brazil-cooperation-agenda/
We want to have Brazil as a very strong strategic partner -President Ali – Department of Public Information
https://dpi.gov.gy/we-want-to-have-brazil-as-a-very-strong-strategic-partner-president-ali/
CNOOC’s Bohai is now the largest oil field in China: OilNOW
(Reuters) – China’s offshore oilfield cluster Bohai, run by state-run CNOOC Ltd., has become the country’s largest crude oil producer with output hitting 30.132 million tonnes (602,640 barrels per day) in 2021, state news agency Xinhua reported. Bohai field, off north China, overtook the country’s flagship onshore producer Daqing, in northeast China, which pumped 30 million tonnes last year as reported by state media a week earlier.
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