05/12  closing prices/ revised 05/16/2022 11:38 GMT  | 05/12   OPEC Basket $112.37  +3.34| 05/13    Mexico Basket (MME)  $106.36  +4.22| 03/31 ▲  Venezuela Basket $88.12  (Estimated OPEC) | 05/13   Brent July BRN00 $111.55  +4.10| 05/13 WTI  Texas Intermediate Jun CL00  $110.49  +4.36 | 05/13   Natural Gas May NGM22  $7.663  -0.076| 05/13 Gasoline Jun RBM22    $3.9578  +0.1661 |  05/13 Heating Oil  Jun  HOK22   $ 3.9212  -0.0051 |  06/13  Active U.S. Rig Count (Oil & Gas)  714  +9 | 05/16   USD/MXN Mexican Peso  $20.1013  Live data | 05/16  EUR/USD $1.0430  Live data | 05/16  USD/Bs. (Bolivar)  $4.77050000  |  –        05/12  closing prices/ revised 05/16/2022 11:38 GMT  | 05/12   OPEC Basket $112.37  +3.34| 05/13    Mexico Basket (MME)  $106.36  +4.22| 03/31 ▲  Venezuela Basket $88.12  (Estimated OPEC) | 05/13   Brent July BRN00 $111.55  +4.10| 05/13 WTI  Texas Intermediate Jun CL00  $110.49  +4.36 | 05/13   Natural Gas May NGM22  $7.663  -0.076| 05/13 Gasoline Jun RBM22    $3.9578  +0.1661 |  05/13 Heating Oil  Jun  HOK22   $ 3.9212  -0.0051 |  06/13  Active U.S. Rig Count (Oil & Gas)  714  +9 | 05/16   USD/MXN Mexican Peso  $20.1013  Live data | 05/16  EUR/USD $1.0430  Live data | 05/16  USD/Bs. (Bolivar)  $4.77050000  |  –        05/12  closing prices/ revised 05/16/2022 11:38 GMT  | 05/12   OPEC Basket $112.37  +3.34| 05/13    Mexico Basket (MME)  $106.36  +4.22| 03/31 ▲  Venezuela Basket $88.12  (Estimated OPEC) | 05/13   Brent July BRN00 $111.55  +4.10| 05/13 WTI  Texas Intermediate Jun CL00  $110.49  +4.36 | 05/13   Natural Gas May NGM22  $7.663  -0.076| 05/13 Gasoline Jun RBM22    $3.9578  +0.1661 |  05/13 Heating Oil  Jun  HOK22   $ 3.9212  -0.0051 |  06/13  Active U.S. Rig Count (Oil & Gas)  714  +9 | 05/16   USD/MXN Mexican Peso  $20.1013  Live data | 05/16  EUR/USD $1.0430  Live data | 05/16  USD/Bs. (Bolivar)  $4.77050000  |  –       

Guyana News Updates – December 29, 2021

OIL Money Legislation Passes Amid Opposition Disruption | Guyanese Online

Amendments to Natural Resource Fund Act passed – News Room Guyana

New Natural Resource Fund Bill more transparent than APNU/AFC’s – Ali: Guyana Times

…says 2019 version unconstitutional, illegitimate

President Dr Irfaan Ali said that the decision to scrap the Natural Resource Fund Act it found when it entered office and replace it with one of its own, was to add more transparency and legitimacy which will hold the Government more accountable. He has made it pellucid that the new Natural Resource Fund Bill is a more transparent and legitimate one than the 2019 version it had inherited, which was severely deficient.

New oil law is to ‘legalise corrupt transactions’: Kaieteur News

– Glenn Lall urges massive support at protest today

Kaieteur News publisher and advocate of better oil deal for Guyana, Glenn Lall, is convinced that the Government’s rush to pass the new National Resource Fund (NRF) bill has nothing to do with the wellbeing of the country or its citizens but has everything to do with legalising their corrupt transactions. Lall shared his thoughts on the NRF bill which is slated to be repealed today during a discussion which was aired via Mark Benschop’s 107.1FM Radio Station. The discussion comes hours ahead of the protest exercise which is slated to take place from 10:00 am today at the Arthur Chung Conference Centre, Liliendaal.

Shuman opposes new oil fund law: Kaieteur News

– calls for wide consultations; says citizens must have a say on how oil money is spent

Deputy Speaker of the National Assembly and Leader of the Liberty and Justice Party, Lenox Shuman is of the view that all Guyanese must be consulted on how the revenue garnered from oil and gas production should be spent. In an invited comment on Tuesday, Shuman told this newspaper that not only must Guyanese be consulted, but the proposed legislation should also be withdrawn due to its flaws.

Key stakeholders, not bodies without supporters, should be leading advocacy, lobbying efforts – Jagdeo:  News Room

The proposed amendments to the Natural Resources Fund (NRF) Act has stirred some debate in certain sections of the media and frequent commentators, but Vice President Dr. Bharrat Jagdeo says the key stakeholders, and not organisations without known supporters or members, should lead these advocacy and lobby efforts. And, at a recent private sector breakfast hosted at State House, Dr. Jagdeo called on the private sector to become more vocal about their position on government-led developmental efforts – like the menu of legislation to govern the nascent oil and gas sector.

GCCI pleased with NRF amendments but wants more time to provide input – News Room Guyana

Guyana Oil and Gas Energy Chamber backs Natural Resource Fund Bill – News Room Guyana

Private Sector supports passage of Natural Resource Fund Bill – News Room Guyana

New Natural Resource Fund Bill more transparent than APNU/AFC’s – Ali – Guyana Times

ACDA calls for wide public consultation, referendum on NRF: Kaieteur News

The African Cultural & Development Association (ACDA) has condemned the haste, in which the Irfaan Ali-led Government is moving to Parliament to remove the safeguards from the Natural Resource Fund Bill 2019 and calls for this move to be halted. “These safeguards have been put in place to ensure that the revenues from Guyana’s oil resources are managed transparently and with input from Civil Society. The proposed changes are a most egregious act against all the people of Guyana and their generations to come,” the association said in a statement Tuesday night.

Govt. Bill recognizes Granger’s Oil Fund lawfully in place: Kaieteur News

…even as Pres. Ali, Jagdeo disingenuously calls account ‘illegitimate’

The proposed Natural Resources Fund (NRF) Bill of 2021—scheduled for debate and possibly approval in the National Assembly—is not an amendment to the existing legislation, but is in fact a Bill that proposes to replace an Act already in place.As such, it would mean that despite the Peoples Progressive Party Civics’ (PPP/C), public postulation on the illegitimacy of the legislation, particularly articulated by Vice President, Bharrat Jagdeo, its own Bill recognises the legitimacy of the David Granger administration’s NRF Act as an existing law.

Civil Society groups call on Government to defer controversial Natural Resources Fund Bill: News Source

There is a call by a number of civil society organisations for the government to pull the brakes on the parliamentary vote on the Natural Resources Fund Bill. In a joint statement, the Guyana Trades Union Congress, the Article 13 Group, and Transparency Institute Guyana are all calling on the Government to delay tomorrow’s 2nd reading and vote on the recently introduced Natural Resources Fund Bill. 

Oil money must not be wasted on PPP pet projects: Kaieteur News

– Gaskin cites gas-to-shore, Amaila Falls as examples

As Government draws nearer to accessing the finances in the Natural Resources Fund (NRF) – the revenues garnered from oil and gas production, Economist Ramon Gaskin has warned that the finances must not be misused to fund projects such as the much touted Gas To Shore Project and the Amaila Falls Hydropower initiative. In a recent interview, the Economist told Kaieteur News that the Government is planning to create a system where the politicians will make the decisions on how to spend the oil money.

Diversifying process, mechanisms initiated: Guyana Times (Editorial)

The Dutch Disease, according to the International Monetary Fund (IMF), refers to the harmful consequences emanating from the sudden increase of a nation’s income, more so its currency. It was coined by The Economist magazine following their analysis of the effects that the natural gas discoveries had on the Netherlands. The Dutch Disease can be occasioned by an increase in a tradable natural resource, eg oil, which can lead to the appreciation of a country’s real exchange rate. This would lead to an increase in the local currency, consequently making the country’s exports in other industries more expensive, while imports become cheaper.

The Marriott Hotel was saved by the oil industry: Kaieteur News (Columnist) Peeping Tom

Vice President, Bharrat Jagdeo would like us to believe that the controversies surrounding the financing and construction of the Marriott Hotel have evaporated simply because it is now established that the hotel is fully owned by the government. This is far from so. The construction of the Marriott Hotel continues to be mired in controversy. While it is true that the hotel is now fully owned by the government, this was not always the original plan.

Local Content Bill is a living document – Natural Resources Minister tells National Assembly – Department of Public Information

Local Content Law: Nandlall says Opposition objections ‘myopic’ and ‘unwarranted nitpicking’ – News Room Guyana

Opposition highlights loopholes for corrupt practices in new Local Content Legislation: Kaieteur News

– submits amendments ahead of House sitting

The APNU+AFC submitted yesterday to the Clerk of the National Assembly, Mr. Sherlock Isaacs, several amendments it believes should be made to the Local Content Bill 2021 which is expected to be debated today. The Opposition said it believes several clauses, if left unchecked, could result in opportunities for rampant corrupt practices. Below is a chart containing their proposed amendments to the existing legislation and an explanatory note justifying same.

Stable rules needed to facilitate large-scale investments: Guyana Chronicle  

–says ExxonMobil President

AS Guyana inches closer to realising its potential as a global powerhouse, the country will need to institute stable rules that facilitate large-scale investments, President of ExxonMobil Guyana, Alistair Routledge, has said. At a recent gala hosted by the Georgetown Chamber of Commerce and Industry (GCCI), Routledge said that the role of the government is critical, and that a dynamic private sector requires an enabling regulatory and fiscal environment. His comments come even as the government prepares to defend two critical pieces of legislation in the National Assembly today: the landmark Local Content Policy and the 2021 Natural Resources Fund (NRF) Bill.

Ali says Audit Office will scrutinise oil spending: Kaieteur News

…as Govt. gears to relax rules for accessing account

Senior Minister within the Office of the President, with responsibility for Finance, Dr. Ashni Singh, will today present to the National Assembly, the Natural Resources Fund Bill 2021, which for all intents and purposes, relaxes the rules for ‘green economy’ spending by the administration. This, as Vice President, Bharrat Jagdeo has upped the ante in his defense and advocacy of among other spending, the proposed Gas-to-Shore Project, in the process blasting those in the developed world for already failing to meet international commitments.

Glaring truths about local EPA: Kaieteur News (Editorial)

Guyana’s Environmental Protection Agency (EPA) holds a position that is not too different from that of the Guyana Police Force (GPF)… To begin with, Exxon and its management have not been trustworthy and credible in their dealings with Guyana’s representatives. It is our belief that Exxon has compromised Guyana’s Governments and leaders in both the previous Coalition Government and today’s PPP Government. In fact, it is our sense that this weakening had started as far back as late last century (1990s). All of this has accrued to our national shame and financial pain.

President has zero control over oil money: Guyana Times (Letter to the Editor) by I Mike

I think Mr Artur Deakin, AMI’s Co-Director of Energy Practice, has erred, as per the article entitled “New law to give Pres. Ali dangerous control over oil money”, which was carried in December 25, 2021 edition of a daily newspaper. The article seems to connote that “[Mr] Arthur Deakin is of the firm conviction that the PPP/C Government’s Natural Resource Fund Bill 2021 gives a worrying degree of power to the President”. Further, Mr Deakin is even quoted as saying that “[t]he proposed Natural Resource Fund legislation is concerning. Although the original law gave too much power to the Minister of Finance, the new law simply transfers those powers to the President.”

Guyana has earned close to one million U.S. dollars per day in oil revenue: OilNOW

Twenty-four months have gone by since ExxonMobil began producing oil at the prolific Stabroek Block offshore Guyana. The government has exported approximately nine million barrels of Liza Crude over this period – four in 2020 and five this year – representing its 50 percent share of profit oil. As of October 31, Guyana’s Natural Resources Fund (NRF) stood at US$534 million. The government exported its final one-million-barrel oil cargo for 2021 in November. With the final lift for this year completed, Guyana will have over US$600 million (GY$124 billion) in oil revenue for the nine million barrels exported to date.

Board overlooking oil fund protects country from whims of lone official, says Ali in public message: OilNOW

Guyana’s President, Dr. Irfaan Ali on Tuesday put forward an impassioned case in support of the Natural Resources Fund (NRF) Bill 2021 which his administration laid in Parliament this month, saying key provisions in the document takes away extraordinary powers that were vested in the minister of finance and instead passes most of this onto a board. Referring to the NRF framework that was developed by the previous administration, Mr. Ali said not only did they not have a board, but they also vested all the power that would have been in a board to one individual—the minister of finance.

Board of Directors for oil fund part of int’l standards – Pres. AliNews Room

The newly-proposed Board of Directors to manage Guyana’s Natural Resources Fund (NRF) is not only geared at stripping the overpowering ministerial influence in the current law but it is also part of international standards for good governance. This was the view of President Dr. Irfaan Ali during a virtual address on Tuesday, where he spoke about the proposed amendments to the Natural Resources Fund (NRF) Act. The President highlighted that the governance structure of the existing Act is severely deficient since it has no governing body.

Civil Society groups, PNCR, ANUG worried about planned withdrawal of oil revenues – Demerara Waves Online News- Guyana

CARICOM Treaty will not hinder promotion of Guyanese interests in oil sector – Attorney General – Department of Public Information

‘Explosion of business’ possible with Berbice deep water port – CGX – News Room Guyana

Products from new Suriname seismic campaign to be available from April 2022: OilNOW

The first products from a multi-client seismic campaign offshore Suriname will be made available from April 2022. The 3D survey which got underway in November is adjacent to the prolific Block 58 and will cover the up-dip portions of the same Upper Cretaceous channel systems which have been proven to be successful. Phase 1 includes 11,100 square kilometers of new 3D seismic data acquisition and 3,000 square kilometers of 3D seismic data reprocessing. The acquisition will be undertaken by the BGP Prospector.

Mexico will stop exporting crude to U.S. by 2023: OilNOW

(S&P Global Platts) Mexico’s Pemex plans to reduce crude oil exports to the US to 435,000 b/d in 2022 and to stop it completely in 2023 as the state-run company increases its refining capacity to meet domestic fuel demand, CEO Octavio Romero Oropeza said Dec. 28. As Mexico completes the acquisition of the Deer Park refinery in January 2022, the country will increase the amount of crude it processes to 1.5 million b/d leaving less crude to export, Romero Oropeza said during the daily conference delivered by President Andres Manuel Lopez Obrador.

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