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 9, 2021

Sponsors - 2nd Puerto Rico Grid Revitalization Forum


CDB President urges regional Governments to safeguard access to climate financing – Guyana Times
https://guyanatimesgy.com/cdb-president-urges-regional-governments-to-safeguard-access-to-climate-financing/
 
Vaccination and Vaccine Diplomacy in the Caribbean
https://theglobalamericans.org/2021/12/vaccine-diplomacy-in-the-caribbean/
file:///C:/Users/Owner/AppData/Local/Temp/Vaccines-and-Vaccine-Diplomacy-in-the-Caribbean-1.pdf
 
Int’l Anti-Corruption Day: US looking forward to Guyana’s transparent Natural Resource Fund legislation: Guyana Times  
As the People’s Progressive Party/Civic (PPP/C) Administration seeks to overhaul current Natural Resource Fund legislation that was implemented by its predecessor, the United States Government says it is looking forward to the new regulations. “We continue to look forward to the Government’s initiatives to combat corruption, including Natural Resource Fund legislation that offers both transparency and clear oversight, and to a meaningful and inclusive process of stakeholder engagement,” US Ambassador to Guyana, Sarah-Ann Lynch, said in a statement to mark today’s observance of International Anti-Corruption Day.  
 
Gas-to-shore energy project: Guyana’s natural gas capacity will exceed local energy demand – President Ali: Guyana Times  
…energy surplus would allow for expansion of industrial development
President Dr Irfaan Ali is confident that when Guyana begins producing energy from natural gas, it would be in a capacity that would exceed local demand for energy and lead to an expansion in the manufacturing sector. During his address to the Harvard Microeconomics workshop on Monday, President Ali noted that with the US$900 million gas-to-shore pipelines coming on stream, Guyana’s energy capacity is likely to exceed energy demand. “We’ve launched our gas-to-energy project.
 
Major oil companies showing interest in Guyana’s only unlicensed deep-water block: Kaieteur News
—-Min. Bharrat says govt. committed to transparent bidding process
Natural Resources Minister, Vickram Bharrat has confirmed with Kaieteur News yesterday that major oil companies have indeed expressed “great interest” in Block C, Guyana’s only unlicensed deep-water block, which borders the Kaieteur and Canje blocks. He noted as well that one company is so interested that it has offered to do a seismic survey of the block “at no cost to Guyana.” The official was keen to note however that all interested parties will have to be patient until next year when Guyana is expected to launch its first bid round.
 
Gas-to-Shore Project to further impact fisheries sector: Kiaeteur News
—-civil society representative
The Gas-to-Shore Project in its current design will further impact the fisheries sector negatively, which is already suffering from a decline in catch, Civil Society observer, John Palmer has said. Palmer, a forester who works on quality assurance schemes and audits in the United States, shared his views on the proposed Gas-to-Shore (GTS) Project during a Moray House Trust virtual meeting that looked at the possible risks and benefits of the project last Saturday. Palmer said that based on the plans he has seen, the pipelines to transport the gas will not be laid with any foundations, which can cause potential harm to marine species.
  
PPP/C must try meaningful consultations: Kaieteur News (Letter to the Editor) by Sean Ori
The PPP/C needs to reassess its paternalistic approach to development. The Government approach (as in the case of gas-to-shore pipeline project, Amaila Falls Hydroelectric Project, ExxonMobil/Guyana oil contract) is more along the line of “We have decided that this is right for Guyanese, so we are going to do it regardless of what everyone thinks”. When, in fact, the approach that the PPP/C Government needs to take is more MEANINGFUL CONSULTATIONS with Civil Society. The projects (MAY) be great for Guyanese, but unless there are more meaningful consultations, we will never get optimal return for Guyanese. This Government needs to start working in the best interest of Guyanese, and not only in the best interest of investors like ExxonMobil.
  
Exxon VP says another 10 billion barrels could be found in Guyana oil province: OilNOW
Since 2015, ExxonMobil has found an average of 1.7 billion barrels of oil per year offshore Guyana and recently increased its estimate of the discovered resources at the prolific Stabroek Block to 10 billion barrels of oil equivalent. A senior Vice President at the company said this week these volumes can easily double offshore the new oil producing South American nation. “We discovered over 10 billion oil equivalent barrels in six short years,” Mike Cousins, Senior Vice President, Exploration & New Ventures, told participants at the 23rd World Petroleum Congress. “This kind of result has been unprecedented for some time. In the whole Guyana basin, which goes down to Suriname, we would suggest that the industry will easily see double that amount.”
  
‘Guyana is best growth opportunity seen in Latin America in past 30 years’ – Energy group: OilNOW
With discovered oil resources of over ten billion barrels, low breakeven costs of $25-$35, and a light sweet crude, low in sulfur that emits fewer greenhouse gasses, Managing Director of Americas Market Intelligence John Price, says Guyana is the best growth opportunity seen in Latin America in the last 30 years. These remarks were made on Wednesday when the Latin American strategic market research firm held a webinar on identifying opportunities and advancing low carbon strategies in Guyana and Suriname’s petroleum sectors.
 
Stabroek partners find oil at Pinktail offshore Guyana | Offshore
https://www.offshore-mag.com/drilling-completion/article/14210053/stabroek-partners-find-oil-at-pinktail-offshore-guyana
 
Ghana signs strategic partnership Agreement with Guyana | News Ghana
https://newsghana.com.gh/ghana-signs-strategic-partnership-agreement-with-guyana/
 
Guyana’s lone Energy Chamber signs MoU with Ghana Petroleum Commission: OilNOW
The Guyana Oil and Gas Energy Chamber (GOGEC) signed a Memorandum of Understanding with the Petroleum Commission of Ghana on Tuesday in Georgetown. GOGEC’s President, Manniram Prashad, and CEO of the Commission, Egbert Faibille Jnr., inked the pact. The agreement will provide a framework for cooperation between the Agency and the Association and facilitate collaboration that will lead to an exchange of information and sharing of resources between the two entities. The MoU is subject to modification as the parties see fit, in order to simplify and/or further define the procedures it contains.
 
Guyana Energy Chamber inks agreement with Ghana Petroleum Commission: Guyana Chronicle  
THE Guyana Oil and Gas Energy Chamber (GOGEC), on Tuesday, signed a Memorandum of Understanding (MoU) with the Petroleum Commission of Ghana to initiate co-operation in the area of oil and gas. “The objective of this MoU is to provide a framework for co-operation, between the agency and the association, to facilitate a collaboration that will lead to an exchange of information and sharing of resources between the agency and association within the oil and gas sector,” the MoU states.
 
Guyana champions low carbon strategy at World Petroleum Congress: News Room
Guyana’s extended Low Carbon Development Strategy (LCDS) 2030 was put on display at 23rd World Petroleum Congress as a signal to the world that the small South American nation will be leading at the front to advocate for Climate Change actions. This according to Minister within the Ministry of Public Works, Deodat Indar is to give the world a chance to stabilize global temperatures. The Minister is currently representing Guyana at the Congress running up from December 5 to December 9.
 
Local content legislation will guarantee high-quality Guyanese jobs- Natural Resources Minister – Demerara Waves
https://demerarawaves.com/2021/12/09/local-content-legislation-will-guarantee-high-quality-guyanese-jobs-natural-resources-minister/
 
NCN: GOV’T SETTING UP REGULATORY FRAMEWORK
– To ensure accountability in oil & gas sector
Government is working on a reform agenda for the regulatory framework of the petroleum sector. This is meant to ensure transparency and accountability as its guiding principles. President Irfaan Ali made the comment during his address to the Harvard Business School’s virtual event on the microeconomics of competitiveness.
 
Evening News – 4:43: Guyana’s natural gas capacity will exceed local energy demands – Ali
 
Guyana and South Korea to strengthen bilateral ties | INews Guyana
https://www.inewsguyana.com/guyana-and-south-korea-to-strengthen-bilateral-ties/
 
Govt aims to make Guyana an eco-destination powerhouse—President Ali | INews Guyana
https://www.inewsguyana.com/govt-aims-to-make-guyana-an-eco-destination-powerhouse-president-ali/
 
Crude oil on track for four straight days of gains: OilNOW
(S&P Global Platts) Crude oil futures continued to climb in mid-morning trade in Asia Dec. 9, on track for a fourth straight day of gains, as risk sentiment remained buoyant amid further positive developments around the omicron variant of the coronavirus despite a lower-than-expected fall seen in US crude oil stocks. At 10:03 am Singapore time (0203 GMT), the ICE February Brent futures contract was up 21 cents/b (0.28%) from the previous close at $76.03/b, while the NYMEX January light sweet crude contract rose 28 cents/b (0.39%) at $72.64/b.
 
Biden signs Executive Order to use full scale of procurement power to achieve climate change goals by 2030: OilNOW
President of the United States of America (USA), Joe Biden on Wednesday signed an Executive Order that directs the federal government to use the full scale of its procurement power to achieve a suite of key climate change goals. According to the White House, the five ambitious goals to be achieved are as follows: 100 percent carbon pollution-free electricity (CFE) by 2030, at least half of which will be locally supplied clean energy to meet 24/7 demand; 100 percent zero-emission vehicle (ZEV) acquisitions by 2035, including 100 percent zero-emission light-duty vehicle acquisitions by 2027; Net-zero emissions from federal procurement no later than 2050, including a Buy Clean policy to promote use of construction materials with lower embodied emissions.

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