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Guyana News Updates – January 21-23, 2022
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
`Most top heavy bureaucracy for any sovereign wealth fund I have seen’: Stabroek News
-expert on NRF Act
The administrative power of Guyana’s government over the Natural Resource Fund is concerning and is one of the most “top heavy” bureaucratic systems anywhere in the world , Natural Resource Fund Expert and Economist Andrew Bauer says. And while he believes that there are noteworthy elements of the current Act over the repealed one, he believes that the lack of consensus by the PPP/C in the formulation of the Bill is a missed opportunity to correct a wrong incurred by the APNU+AFC government. Thus, both parties have failed the nation, setting the tone for future problems. Bauer visited Guyana in 2018 and spoke on Sovereign Wealth Funds.
Pres. Ali’s unbridled discretion to appoint Board for oil money detrimental: Kaieteur News
– Private Sector having nominee also concerning –Goolsarran
Like many other industry stakeholders who have examined the PPP/C’s rushed Natural Resource Fund (NRF) Legislation, Chartered Accountant and former Auditor General, Anand Goolsarran finds the document with several concerning features and provisions. In a detailed and ongoing examination of the law that was taken to Parliament on December 16, 2021 and passed less than two weeks later, Goolsarran wrote that he finds troubling, the provisions governing the appointment of a Board of Directors for the NRF.
Budget 2022: Major focus on infrastructure, tax reductions, welfare of Guyanese -Dr. Jagdeo – Department of Public Information
Oil funds to help finance Budget 2022 – Vice President – Department of Public Information
‘Budget 2022 will be historic, transformational’-Finance Minister – Department of Public Information
Guyana to make first drawdown from oil fund for 2022 budget | OilNow
Guyana’s agri sector can generate revenues similar to oil industry – Mustapha: Guyana Times
Guyana could earn as much money from agriculture as it would from its oil and gas resources, Agriculture Minister Zulfikar Mustapha has said. He was at the time addressing farmers along the East Bank Berbice, Region Six (East Berbice-Corentyne) corridor where he pointed out that while much is being said about the revenue that Guyana has been receiving from oil, the Agriculture Ministry is seeking to make agriculture one of the main pillars of Guyana’s economy. Several initiatives are being implemented to ensure the country earns more from agriculture.
Infrastructure, ICT among sectors for major investments in budget, Jagdeo says – Stabroek News
Political mistrust and the Natural Resource Fund Act: Stabroek News
The recent passage in the National Assembly of Guyana’s Natural Resource Fund Act, 2021, which now paves the way for the political administration to make withdrawals from funds accumulated so far from the sale of oil has been, unsurprisingly, swiftly followed by an announcement by Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh, that Guyana is likely to have to move in short order to access funds from that source to finance what is being termed as the pressing development needs of the country.
ExxonMobil clients among 12 companies bidding to review Yellowtail Field Development Plan: Kaieteur News
Twelve companies, inclusive of two well established clients of Stabroek Block Operator, ExxonMobil, have submitted bids to the National Procurement and Tender Administration Board (NPTAB) for the review and evaluation of the Field Development Plan for Exxon’s fourth project –Yellowtail. The companies and their bids are as follows: Infinity Services in collaboration with XWells Mexico – US$617,500; Orwell Offshore-US$617,650; MSI International-US$817,761; Endeavour Management –US$598,934; Future Energy Partners Limited US$901,482; IHS Global Inc.-US$1,493,502; Bayphase-US$423,360; RPS Energy Consultants Ltd. –US$494,000; Sunstone Energy Advisory Service –US$785,040; Sproule –US$661,440; and StratOil Energy Services –US$324,080.
ExxonMobil begins exploration drilling on new well offshore Guyana – Guyana Times
U.S. Geological Survey may have grossly underestimated massive Guyana-Suriname basin potential
OilNow update January 22, 2022
Attack on Guyana Local Content Act: GOGEC asks Caricom to suspend its recognition of CPSO: Guyana Times
…as delegation meets with SG to seek redress
The Guyana Oil and Gas Energy Chamber (GOGEC) is pushing for the Caribbean Community (Caricom) to suspend its recognition of the Caribbean Private Sector Organisation (CPSO), meeting with the Secretary General of Caricom, Carla Barnett, to voice its concerns. The meeting was held at the Caricom Secretariat on Thursday. In an interview with this publication following the meeting, GOGEC President Manniram Prashad, a former Commerce Minister of Guyana, explained that questions remain over the establishment of CPSO and until they are answered, the organisation should not be recognised by Caricom.
Local Content, NRF Acts designed to empower Guyanese: Guyana Chronicle
–Foreign Affairs Minister tells Linden residents
MINISTER of Foreign Affairs and International Cooperation, Hugh Todd, has said that both the Local Content and Natural Resource Fund (NRF) legislation were enacted to empower Guyanese by creating widespread opportunities. The importance of those acts was shared with residents of Linden on Wednesday, when the minister and a team visited the town. “We want you to benefit from the oil and gas sector. It’s your oil. We are just here to ensure that you get the best out of it. When you look at the Local Content Act and the Natural Resources Act, both are written in simple language, nothing complex.
Local Content Law seeks to recoup losses from lopsided Exxon deal -VP Jagdeo – Department of Public Information
‘Now is a great opportunity – Trinidad Guardian
Noble: Reading between the lines; how leaked CPSO email could trigger Guyana’s Caricom exit – Wired868
Outrage by Guyanese businesses stems from mistreatment by T&T – CPSO Chairman – Guyana Times
T&T firms to lose Guyana oil contract
Every Man, Woman and Child Must Become Oil-Minded (Part 96) – January 21, 2022: Stabroek News (Columnist) The road to first oil by Christopher Ram
Legal action challenging 2016 petroleum agreement
Businessman and Newspaper Publisher Mr. Glenn Lall has filed an action in the Guyana High Court challenging key provisions of the 2016 Petroleum Agreement between the Government of Guyana and Esso Exploration and Production Guyana Limited, CNOOC Petroleum Guyana Limited and HESS Guyana Exploration Limited. Mr. Lall, who has waged a crusade against the Agreement, and more recently has been campaigning for an increase from 2% to 50% in the royalty paid on production, is asking the Court to declare a number of the provisions of Article 15 (the Taxation Article), including the following, to be unlawful, null, void and of no legal effect: * Those granting tax concessions to Affiliated Companies of Esso, Hess and CNOOC.
Will these pillars support Guyana’s oil industry? | OilNow
Exxon looking to hit pay at Patwa-1: OilNOW
Patwa-1 is the latest prospect to be targeted by ExxonMobil at the Stabroek Block offshore Guyana where over 10 billion barrels of oil equivalent resources have already been found. OilNOW understands the Noble Sam Croft will be engaged in drilling activities at the well which is situated approximately 113.4 nautical miles (210 kilometers) offshore covering an area of 0.29 square nautical miles (1 square kilometer). Exploration activities have also been ongoing at Barreleye-1 situated approximately 90.87 nautical miles (167.98 kilometers) offshore at the Stabroek Block, covering an area of 0.29 square nautical miles.
EPA amends Liza Phase Two Permit to include US$45 flaring payment: OilNOW
With the Liza Phase Two Project scheduled for start-up this quarter, Guyana’s Environmental Protection Agency (EPA) has found it prudent to make some critical modifications to the permit issued to Operator, ExxonMobil. In the permit modified and signed on January 17, 2022, ExxonMobil’s affiliate, Esso Exploration and Production Guyana Limited (EEPGL) is required to pay US$45 per tonne of Carbon Dioxide equivalents (CO2e) emitted as a result of flaring in excess of the periods of flaring expressly stipulated in the permit.
US Geological Survey may still be underestimating potential of Stabroek Block – Norway Group – Guyana Times
Brazil, Guyana, Suriname postpone joint energy plan | Argus Media
Brazil, Suriname to cooperate on local content, renewable energy opportunities: OilNOW
The historic meeting on Thursday between Heads of State for South America’s oil and gas producers, specifically President of the Republic of Suriname, H.E. Chandrikapersad Santokhi and President of the Federative Republic of Brazil, H.E. Jair Messias Bolsonaro, has resulted in an agreement for analysis and cooperation on several matters, including opportunities in energy and oil and gas. In a joint declaration, the Presidents of the Republic of Suriname and the Federative Republic of Brazil said they have agreed to analyze the possibilities of cooperation related to the construction of technical and institutional capacity, the development of local content and renewable energies, as well as the provision of possible services related to the energy sector to Brazil, thereby responding to the needs of the states of the Northern Region of the country.
Tristar to acquire additional 300 acres of land for major shorebase project in Guyana: OilNOW
Guyanese company Tristar is in the process of acquiring an additional 300 acres of land in Versailles, West Bank Demerara. OilNOW understands the 300 acres will support the operations of the West Demerara Shorebase project with options for storage and logistics. The company said the acquisition further demonstrates its commitment to local content, the development of the West Bank of Demerara and the creation of sustainable jobs for Guyanese nationals.
Govt receives pre-qualification bids for gas-to-energy project – Department of Public Information
Gas-to-Power Project could change cement manufacturing economics for Guyana – Exxon | OilNow
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