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ExxonMobil makes 13th oil discovery offshore Guyana

IRVING, Texas–(BUSINESS WIRE)–ExxonMobil said Thursday it made a new oil discovery offshore Guyana at the Yellowtail-1 well, marking the 13th discovery on the Stabroek Block. The discovery adds to the previously announced estimated recoverable resource of approximately 5.5 billion oil-equivalent barrels on the Stabroek Block. Yellowtail-1 is the fifth discovery in the Turbot area, which ExxonMobil expects to become a major ...

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Guyana seeks Islamic bank funding for technical-vocational training for oil sector jobs

Guyana has asked the Islamic Development Bank (IsDB) to finance the training of local persons for the emerging oil and gas sector, even as top officials said foreigners would have to be employed if there are insufficient Guyanese to fill vacancies. “A reverse linkage programme in technical and vocational training with emphasis on addressing the critical needs of our emerging ...

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Dirty cash being laundered through money transfer agencies

Director of the Financial Intelligence Unit (FIU) of Guyana, Matthew Langevine says there are increasing suspicious reports of money launderers and drug traffickers piping their dirty monies through money transfer agencies. The FIU head said it has also been discovered that individuals involved in predicate offences tied to drug and human trafficking and money laundering are utilising the services of ...

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Oil and gas sector can boost agriculture; fishing will face greatest competition – FAO

The Food and Agriculture Organisation (FAO) does not believe that Guyana’s emerging oil and gas sector will pose a risk to the country’s valuable agricultural sector once systems are put in place to ensure the two sectors co-exist. The FAO’s Assistant Director-General for Latin America and the Caribbean, Dr. Julio Berdegué told a news briefing in Guyana that climate change ...

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Eco (Atlantic) Oil & Gas raises US$17m in anticipation of expanded drilling offshore Guyana

Reproduced from ProActive Investors Eco (Atlantic) Oil & Gas Ltd has raised US$17 milion of new funds to cover its participation in a possible expansion to the exploration drilling campaign offshore Guyana. It is selling 16.1 million shares to new and existing investors at a price of 80 pence per share, only a small discount to Wednesday’s closing price of ...

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World Bank approves US$20m for Guyana to cope with oil and gas risks

Guyana is to receive a US$20 million World Bank loan for its Petroleum Resources Governance and Management Project to prepare the country to deal with several oil and gas risks. The loan was approved on Friday, March 29. “This Project will enhance the transparency, governance, legal, regulatory and institutional frameworks for the oil and gas sector in Guyana,” the Finance ...

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Guyana part of regional study on substituting refined sugar with “plantation white”

Guyana is among four sugar-producing Caribbean Community (CARICOM) member nations that will be the focus of a regional study on the prospects of substituting imported refined sugar with plantation white, the Caribbean Development Bank (CDB) said Tuesday. The Barbados-headquartered financial institution says it is collaborating with CARICOM to gather evidence to decide on the future of sugar in the regional ...

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Private sector, Granger at odds over impact of political uncertainty on businesses

Guyana’s private sector and President David Granger on Wednesday disagreed over the impact of the unsettled no-confidence motion on the business environment. “I do not know how valid that perception is but, as far as I’m concerned, the government has done nothing to engender any disorder or any despair in the business community so I don’t want to say whether ...

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GTT sets up oil and gas “big data” unit

The Guyana Telephone and Telegraph Company (GTT) has established an oil and gas unit that is serving oil companies in the secure transmission of data through its submarine fibre optic cable, the company’s Chief Executive Officer Justin Nedd said. “I can tell you we have an oil and gas unit that deals with the folks onshore,” he told a midday ...

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Political uncertainty still major bugbear – city’s Chamber of Commerce

The Georgetown Chamber of Commerce and Industry (GCCI) on Monday said Guyana was still gripped in political uncertainty over whether the Caribbean Court of Justice (CCJ) might rule that the no-confidence motion was validly passed and elections should have been held already. “What happens if the argument that the no-confidence motion was validly passed is upheld and you pass the ...

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