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Finance Minister wary of losing revenue if gasoline price is lowered

Finance Minister, Winston Jordan says he is wary of losing revenue, including much needed foreign exchange, if government gives into calls for fuel prices to lowered. Government’s Department of Public Information (DPI) quoted Jordan as saying that government is considering “creative solutions” to avoid adverse impacts on Guyana’s balance of payments. Among his concerns are the impact that lowering the ...

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Solar power, small hydroelectricity stations useless for industrialisation; Amaila; other mega hydro-power plants needed to push traditional sectors instead of rely on oil

Guyana’s Private Sector Commission (PSC) on Thursday said it was engaging government on its Green State Development Strategy (GSDS), but at the same time poured cold water on government preference for solar energy and small hydro stations because they would be unable to  supply cheap energy for manufacturing. The umbrella business organisation stressed that large-scale hydro power plants were key ...

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ECO (Atlantic) processing data on Orinduik Block located nearby Exxon’s Longtail well

Eco (Atlantic) Oil & Gas Limited (LON:ECO, TSX-V:EOG) has noted Exxon Mobil Corp’s (NYSE:XOM) eighth discovery offshore Guyana as it provided an update on its own operations in the region. The AIM-listed oil and gas producer said Exxon’s Longtail-1 well, located at the Stabroek Block which is adjacent to Eco’s own Orinduik Block, had encountered around 78 meters of high-quality oil-bearing sandstone ...

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PAHO experts inspecting GGMC for mercury

Experts from the Pan American Health Organisation (PAHO) have begun inspecting the headquarters of the Guyana Geology and Mines Commission and Guyana Gold Board for traces of mercury that have sickened several employees in recent months. GGMC Commissioner, Newell Dennisson confirmed that the inspectors began work on Wednesday and continued on Thursday. “Their work started upon their arrival yesterday (Wednesday) ...

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Police called in over US$18 million signing bonus

Well-known political activist and commentator, Ramon Gaskin has called in the Guyana Police Force to probe the whereabouts of the interest earned on the US$18 million ExxonMobil signing bonus. Gaskin said he wrote Police Commissioner David Ramnarine on June 11, 2018 requesting a probe because he calculated that Guyana should have earned US$270,000 interest per annum on the signing bonus. ...

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GWI’s rate increase to aid in upgrade of infrastructure, services- Managing Director

Managing Director of Guyana Water Incorporated (GWI), Dr. Richard Van West-Charles says the  new fixed charge that consumers will have to pay will be spent improving the company’s aged distribution network system. This follows an announcement by the Public Utilities Commission (PUC) that it has approved increases in rates and tariffs for GWI. Dr. Van West-Charles explained that since 2013, ...

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Eighth oil discovery offshore Guyana…Longtail is it!!

Hess Corporation (NYSE: HES) today announced an eighth oil discovery offshore Guyana at the Longtail-1 exploration well, creating the potential for additional resource development in the southeast area of the Stabroek Block. The well encountered approximately 256 feet (78 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,057 feet (5,504 meters) depth in 6,365 feet (1,940 ...

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Barrick pulls out of Guyana gold project

(From Mining Journal) Alicanto Minerals will go it alone at the Arakaka gold project in Guyana after Barrick Gold withdrew from a joint venture. Barrick had spent US$7.1 million on exploration at the project, just shy of the $8 million it was required to spend to earn 65% under a March 2016 earn-in agreement. Alicanto will retain 100% of the ...

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