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 – January 13, 2022

CARICOM Private Sector body objects to Guyana’s Local Content law; Georgetown Chamber President says time to leave CARICOM Single Market – Demerara Waves Online News- Guyana

Regional private sector body says local content law appears to violate CARICOM treaty: Stabroek News

-to approach Guyana Gov’t

Contending that landmark Local Content legislation passed by Guyana for its oil and gas industry appears to violate the CARICOM founding treaty, a regional private sector body is preparing to raise this matter with the government here. In a move which will largely be seen to be driven by Trinidadian business  interests, sources told  Stabroek News that members of the CARICOM Private Sector Organisation (CPSO) were notified of the move, even as they were provided with copies of the entire law to peruse for themselves. CPSO also intends to approach CARICOM.

Whirlwind of condemnation from Guyana private sector over objections to local content law from regional group: OilNOW

Private sector representatives in Guyana are outraged over a leaked email from Chairman of the CARICOM Private Sector Organization (CPSO), Gervase Warner, who is quoted as stating that Guyana’s Local Content Law contains several provisions that are in contravention with the Treaty of Chaguaramas. Since this sentiment is shared by the Executive Committee, Warner said the CPSO will raise its concerns with the Guyana Government and then ultimately with CARICOM. Warner who is also an Executive Director of Massy Holdings and the President and Group CEO of the Massy Group, said Suresh Beharry, Chairman of Edward B. Beharry and Company Limited, will assist with the communications strategy to be ferried to the government.

Guyanese business community united in outrage at threat from regional conglomerate – News Room Guyana

Local content law is no roadblock for foreign companies – GCCI head  – News Room Guyana

Beharry sets the record straight, says fully supports Guyana’s Local Content law – News Room Guyana

Beharry Group’s Chairman distances himself from Caribbean Private Sector’s criticism of Guyana’s local content law: ready to facilitate talks with Guyana govt – Demerara Waves Online News- Guyana

Tucker laments double standard of ‘handpicked’ Caribbean private sector body – News Room Guyana

Local Content law does not violate CARICOM single market rules- Attorney Datadin – Demerara Waves Online News- Guyana

Gov’t will have access to US$607m from NRF this year: Stabroek News  

Government will have access to US$607m to spend this year from this country’s Natural Resource Fund (NRF) as it recently received US$74M on its last 1 million barrels of oil for 2021. The Bank of Guyana Report on the NRF for the month of December shows that the closing balance of the account was US$607,646,570. This newspaper understands that Guyana received US$74 per barrel of oil equivalent on its last lift. On December 30th 2021, President Irfaan Ali assented to the controversial Natural Resource Fund Bill, paving the way for the extraction of the entire  amount to be deposited in the  Consolidated Fund for budgetary use.

Guyanese will have no say in how oil money will be spent- Patterson: Kaieteur News

With the Head of State, Irfaan Ali, signaling his intention to “soon” appoint members to sit on the Natural Resource Fund (NRF) Board of Directors, which will oversee the revenues garnered from oil and gas, the political Opposition is registering its concern over the fact that the country will not have a say in how the oil money will be spent. In an invited comment, Shadow Oil and Gas Minister, David Patterson specifically pointed to the fact that the new law provides for the President to handpick members to sit on the Board, with no input from the Opposition, which also represents a large proportion of Guyana.

Local economy grew 18.5 per cent in 2021: Guyana Chronicle  

–ECLAC report shows, projects further 46 per cent growth for this year

–Dr. Singh says positive prospects no surprise but reflects confidence in Guyana, hard work by authorities

COMING out of a “rocky” period in 2020, Guyana managed to remain resilient against internal and external shocks in 2021, recording Gross Domestic Product (GDP) growth of 18.5 per cent, according to the Economic Commission for Latin America and the Caribbean (ECLAC) in its latest report titled, “Preliminary Overview of the Economies of Latin America and the Caribbean 2021.” According to the report, the Latin America and Caribbean Region will see its pace of growth decelerate in 2022 to 2.1 per cent after reaching 6.2 per cent, on average, last year.

Guyana now reclaiming cash crop markets lost under APNU/AFC: Guyana Times  

…former Govt failed to ensure exports adhered to standards

Guyana’s connection to a number of regional markets to which local farmers once exported crops other than rice and sugar were so badly maintained under the former Government that the current Government is now faced with the daunting task of resuscitating these markets. This is according to Agriculture Minister Zulfikar Mustapha, who made an appearance before Parliament’s Sectoral Committee on Economic Services on Wednesday. The committee, chaired by opposition Member of Parliament (MP) Shurwayne Holder, has not held meetings in months.

Pres. Ali promises fishermen $8M profits from fish cage, still in experimental stage: Kaieteur News

In response to low fish catches…

Acknowledging that there are credible reports and concerns about low fish catches plaguing the agriculture sector, President, Dr. Irfaan Ali said fishermen will be able to breathe a sigh of relief quite soon as his government has come up with an innovative solution. According to the Head of State, the government will be examining, in collaboration with fisher folk, the establishment of marine cages. Often referred to as “cage culture” this experimental method of aquaculture involves the confinement and production of fish inside some type of mesh in existing water resources such as ponds, rivers, estuaries, open ocean, etc.

Guyana’s urban, rural energy gap shrinking – IDB: Guyana Times  

Noting the importance of reliable energy to ensure economic growth, the Inter-American Development Bank (IDB) has taken note of Guyana’s efforts to close the energy gap between urban and rural communities, while also highlighting areas for more to be done. The IDB recently released its Caribbean Quarterly Economic Bulletin, which deals largely with digital infrastructure and development in the Caribbean. According to the IDB, infrastructure and energy challenges remain an obstacle to developing industries in Guyana.

Agri. officials in aggressive push to regain lost regional markets – News Room Guyana

Increasing electricity rates could return GPL to profitability, allow for wage hike – Union says – News Room Guyana

5 major waterfront projects granted approval in 2021: Guyana Times

…several more to get permission in 2022

Under the People’s Progressive Party (PPP) Government, as many as 15 major waterfront development projects that include shore base developments to service the oil and gas sector received no-objections from the Sea and River Defence Board. This was revealed when Public Works Minister Juan Edghill held a press conference at the Arthur Chung Conference Center (ACCC), in which a number of agency heads were featured. Responding to questions from this publication, Secretary of the Sea and River Defence Board (S&RDB), Jermaine Braithwaite, gave an update on shore base developments.

Capital Works: Guyana Chronicle (Editorial)

THE capital works component of the 2021 Budget Estimates has been successfully implemented. According to Public Works Minister Bishop Juan Edghill, roughly 85 per cent of the programme has been completed. This is indeed a commendable performance especially when seen against the devastating flood situation and the ongoing COVID-19 pandemic, the combined effect of which resulted in some amount of bottlenecks in the implementation processes. These capital works form part of a much larger Public Sector Investment Project (PSIP) which is a strategic investment plan of the Government of Guyana.

Oil prices expected to average $74 per barrel in 2022 – World Bank report: Stabroek News

…says Guyana largest contributor to Caribbean’s growth because of petroleum

A new report from the World Bank is projecting that based on the current trends and effects of the pandemic, global energy prices are expected to be significantly higher than last year. The Global Economic Prospects report indicated that energy prices surged in the second half of 2021 and are currently projected to be much higher in 2022 than previously expected. “Oil prices rose to an average of $69/bbl in 2021— an increase of 67% over 2020 and $7/bbl higher than previously expected as oil demand recovered, boosted by higher natural gas prices which encouraged the use of oil as a substitute.

Former Suriname Oil Boss urges Guyana to have to 24hour surveillance offshore: Kaieteur News

When it comes to the regulation of its petroleum industry, Suriname authorities ensured that the requisite monitoring systems as well as the human resources needed are always in place to keep a watchful eye of every move an oil company makes with their resources. In this way, Rudolf Elias, former Head of Staatsolie- Suriname’s National Oil Company (NOC) said the authorities of the Dutch speaking nation achieved two objectives. The first he said is that they ensured there is respect for the rules and regulations in place since “what gets regulated gets done.”

My colleagues and I support the move towards a proposed class action lawsuit against Exxon: Stabroek News (Letter to the Editor) by Jillian Adams

Reference is made to “Fishermen should take Exxon to court” by Dr. Vishnu Bisram for declining catches (Jan 12). It is not often that Dr. Bisram pronounces on Exxon, a shift away from his strong anti-Exxon position during the tenure of the coalition. He must be deeply troubled by the effects of Exxon’s operations on the fishing sector, and the injustice of the contract that led to his call for compensation. The public pays heed to his views; politicians and businesses also get worried when he writes against them. It is a legitimate concern of the fisher folks.

Public Interest Litigation: Appeal to lawyers to take up fishermen case against Exxon: Kaieteur News (Letter to the Editor) by Vishnu Bisram

When the interests of the public are impacted by unjust policies or actions of private entities, the people have a right to seek legal redress. The constitution grants the public this right thought it may not be expressly stated in constitutions. Lawyers went to courts to enforce this right in several countries establishing precedents that judges cite to make rulings. It is in this context that I suggest public interests litigation against Exxon. Public interests litigation empowers and protects the poor and downtrodden. Public interest litigation is judicial action for protection of public interests.

CNOOC excited about Liza Phase Two start-up; outlines 2022 business strategy: OilNOW

China National Offshore Oil Corporation (CNOOC) which has a 25 percent working interest in the Stabroek Block, outlined on Tuesday, key details of its 2022 business strategy. The company said that it has 13 new projects coming on stream that it is excited about. These include the Bozhong 29-6 oilfield development; the development of Kenli 6-1 oilfield Block 5-1, 5-2, 6-1; the Enping 15- 1/10-2/15-2/20-4 oilfields joint development and Shenfu South gas field in China; as well as the Liza Phase 2 Project in Guyana.

CNOOC raising oil, gas output by 6% this year: OilNOW

(S&P Global Platts) China’s offshore giant CNOOC targets to lift its oil and gas output by 6% on the year to 1.66 million boe/d in 2022, with most of its effort to go into boosting domestic production, CFO Xie Weizhi said in a press conference late Jan. 11. “The company’s 2022 production target is 600-610 million boe, compared to about 570 million boe estimated produced in 2021. Output from China will account for 69% of the total [global] production, up from 68% in 2021,” Xie said.

Exxon moving to sell off U.S. shale gas properties stretching across 27,000 acres: OilNOW

(Reuters) – Exxon Mobil on Tuesday launched the sale of shale gas properties stretching across 27,000 acres in the Appalachian basin of Ohio, the company confirmed, part of an ongoing divestiture of U.S. assets. The top U.S. oil producer is marketing 61 wells that last year produced around 81 million cubic feet per day equivalent (mmcfd) of natural gas, according to a marketing document viewed by Reuters. The sale includes another 274 wells operated by other companies.

Jamaica’s West Indies Petroleum – A potential game-changer


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