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Economy

GDF needs patrol vessels, helicopters for oil sector

The Guyana Defence Force (GDF) is asking for money to buy helicopters and boats to meet the challenges of an oil and gas state, even as President David Granger says the country’s oil-rich maritime zone faces a serious threat. “As the force continues this transformative process, ocean patrol vessels for the coast guard are necessary, helicopters for the air corps ...

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Venezuela remains one of Guyana’s biggest rice buyers, despite no PetroCaribe deal

Venezuela is Guyana’s biggest rice market, accounting for 34 percent or 177,682 tonnes of all that grain exported to several Latin American countries the Guyana Rice Development Board (GRDB) said in a statement. This means that despite Venezuela stopping the rice for oil PetroCaribe agreement with Guyana in 2016, a number of private exporters are still selling rice to that ...

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No place for incompetent, corrupt ministers in law-abiding PPP gov’t -Irfaan Ali

People’s Progressive Party Civic (PPPC) presidential candidate, Irfaan Ali on Sunday night vowed that if he wins the general elections in March, he would not tolerate incompetent and corrupt ministers and that his administration would obey the laws and Guyana’s constitution. “I know that I will not be a president that surrounds himself by ministers who are incompetent and corrupt. ...

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GuySuCo calls for release of funds as production falls to 90,000 tonnes

The Guyana Sugar Corporation (GuySuCo) on Thursday called for the release of much needed funds to halt a further decline of the state-owned industry that produced a mere 90,246 tonnes of sugar last year due to mechanical problems, bad weather and strikes. “The industry will continue to face challenges to achieving reliability in the factories if operation capital investments continue ...

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Irfaan Ali not banking on oil money to restart economy

The opposition People’s Progressive Party (PPP)—citing a decline in consumer spending, high unemployment and increased government borrowing—says if it wins the March general elections, it will not depend on oil revenues alone, but rather, tap into multiple revenue streams to boost the economy. PPP presidential candidate Irfaan Ali said his administration’s strategy would not depend on oil and gas revenue, ...

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Poverty fight, oil industry governance feature in politicians’ New Year messages

Politicians in Guyana broke the New Year promising to use Guyana’s expectedoil wealth to fight poverty, while ensuring the emerging petroleum sector is properly governed. Incumbent President, David Granger assured that oil revenues, estimated to begin at US$300 million per year in 2020 from the Liza Phase 1 oil field, would be used to combat poverty among all Guyanese regardless ...

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Blackout-weary Bartica gets new power station; solar farm plans moving ahead

President David Granger Saturday morning commissioned a US$3.4 million power station at Dogg Point, Agatash in Bartica, Cuyuni-Mazaruni (Region 7), where he noted that it will bring unprecedented relief to residents who have experienced severe power outages over the years. The President in his address at a simple ceremony, said it is inconceivable that Guyana can be on a path ...

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Barbados company selected to sell gov’t’s first 3 million barrels of oil – Energy Dept

The Guyana government’s Department of Energy on Tuesday announced that the Barbados-headquartered Shell Western Supply and Trading (SWST) Limited has been selected to sell the country’s first three million barrels of oil for trial processing and removal of contaminants. “The DE looks forward to introducing this grade into the market in a stable and structured manner, and as a result ...

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ExxonMobil makes 15th oil discovery offshore Guyana at Mako-1 well

IRVING, Texas – ExxonMobil said today it made an oil discovery offshore Guyana at the Mako-1 well southeast of the Liza field, marking the 15th discovery on the Stabroek Block. The discovery adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block. Mako-1 encountered approximately 164 feet (50 meters) of a ...

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As oil production begins, Granger expects increased jobs, promises wise spending of oil money

President David Granger Friday night said he expected increased jobs and assured that oil revenues would be spent wisely, shortly after ExxonMobil announced that it earlier in the day began commercial oil production from the Liza field offshore Guyana. “The petroleum sector will stimulate increased employment and expand services,” he said in an address to the nation. He announced that ...

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