Business

Canadian joint venture oil companies, CGX Energy and Frontera Energy, on Monday said they have pushed back drilling an exploratory Wei-Wei well in the Corentyne Block until next January when a rig is scheduled to become available. “As part of its preparations, the Joint Venture has agreed with the Government of Guyana that the Wei-1 well will be spudded no ...

Firefighters were Monday night trying to confirm whether a huge fire at a bond at Le Ressouvenir, East Coast Demerara was caused by welding near flammable items. The storage bond was owned by Z Mohammed and Sons Hardware Store. “Unconfirmed reports suggest that welding was being done in the bond, which housed various flammable chemicals and other materials (oils, thinners, ...

The Guyana Competition and Consumer Affairs Commission (GCCAC) is being challenged to go after rogue businesses rather than only focusing largely on consumer protection, according to the Chairman of the Trade and Investment Committee of Guyana’s Private Sector Commission (PSC) Ramesh Dookhoo. “I heard very little of competition activities by the CCAC. There are a lot of rogue businesses out ...

The opposition Alliance For Change has accused the Irfaan Ali-led administration of refusing to summon meetings of parliamentary sectoral committee on natural resources to subject ministers and officials to scrutiny. “We wanted to get the natural resources parliamentary sectoral committee to start functioning. What we understand is that the PPP does not want that parliamentary sector committee to function because ...

Guyana has selected the United Kingdom-based BP International out of a total of 14 companies  to market the country’s share of crude oil from the Liza 1 and Liza 11 offshore fields, the Ministry of Natural Resources announced Thursday night. Under the Production Sharing Agreement, Guyana is entitled to 50 percent of the profit oil share- that is 12.5 percent ...

Finance Minister Dr. Ashni Singh on Tuesday lauded the New Building Society (NBS) for taking the bold step of leading the way in being the first financial institution to implement the use of Mobile Money Guyana (MMG) for mortgage payments. The Minister was at the time speaking at the launch ceremony held at the NBS Head Office on Avenue of ...

The University of Guyana (UG), in collaboration with Banks DIH Ltd., has been making progress in baking bread with 25 percent less wheaten flour,  according to Head of UG’s Institute of Research, Innovation and Entrepreneurship Patsy Francis. She said tests were carried out using cassava flour and sweet potato flour and so far there is a preference for the latter. ...

The World Bank Group has announced the three-year debarment with conditional release of an individual consultant in connection with a corrupt practice as part of the Petroleum Governance and Management Project in Guyana. The debarment makes Mr. Carlos Barberán Diez, a Spanish national, and his controlled affiliates, AC Oil & Gas SL and AC Oil & Gas Emirates LLC, ineligible ...

Minister of Natural Resources Vickram Bharrat on Thursday signaled strongly that government might amend Guyana’s Local Content Act to halt the participation of persons who opportunistically obtain Guyanese citizenship to cash in on opportunities in the country’s rapidly emerging oil and gas sector to the disadvantage of those who have been living and working here for decades. “It is only ...

United Kingdom Trade Commissioner for Latin America and the Caribbean , Jonathan Knotts on Wednesday said that a working group would be established with Guyana to work on a range of projects within strict deadlines, even as he said his country was keen on delivering high quality work rather than negotiating cheaper prices. “We have agreed to establish a joint ...