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Oil & Gas

APNU+AFC gov’t, ExxonMobil had no agreement for Guyana to pay for new headquarters -Mahipaul

Opposition A Partnership for National Unity+Alliance For Change (APNU+AFC) parliamentarian Ganesh Mahipaul on Friday said his then governing coalition and ExxonMobil never agreed that the US$160 million that would be spent on building a new headquarters building at Ogle, East Coast Demerara would be recovered from oil revenues. “I’m guided that there were discussions and there was no agreement with ...

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OPINION: COP27 – a crime against humanity, a leadership vice

by GHK Lall I would sum up COP27 in two words. Promises, promises, promises. And dud, dud, dud. Most of those 200 plus should have done the world a favor, and stayed home. Nothing material comes out of these talkfests, so why have them? I give Gaston Browne of Antigua and Barbuda, and Barbados’s Mia Mottley a pass for sheer ...

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British parliamentarian turns down appointment to Guyana’s wealth fund board

United Kingdom parliamentarian David Lammy has turned down his selection to sit on Guyana’s Natural Resource Fund (NRF) Board, government here announced on Tuesday. Mr Lammy has been replaced by Guyanese economics professor, Compton Bourne who is a former President of the Caribbean Development Bank (CDB). President Irfaan Ali did not give specific reasons for Mr Lammy’s decision to bow ...

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Guyana’s oil will be in long-term demand, despite transition to clean energy

Guyana’s low carbon dioxide emission crude oil and break-even price of an average of U$28 per barrel have positioned the country’s reserves for a good market, even with a projected global demand of up to 50 million barrels per day by 2050 due to the shift to cleaner energy such as renewables, according to the Norway-headquartered Rystad Energy. Rystad Energy’s ...

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US to assess Guyana’s hydropower potential

President Irfaan Ali on Thursday said the United States (US) would be assisting Guyana in jointly assessing its hydro-electricity generation capacity. He told the opening of a Latin America and Caribbean meeting of the International Solar Alliance (ISA) that is one of the outcomes of his recent one-week visit to Washington DC where he held talks with the US Department ...

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Oil spill insurance pegged at US$600 million “per event” – Jagdeo

The ExxonMobil-controlled consortium that is exploring and producing crude oil in the offshore Stabroek Block has agreed to take out a US$600 million insurance “per event” to cater for any oil spill clean-up, even as talks continue for a US$2 billion parent company guarantee, Vice President Bharrat Jagdeo said Wednesday. He told a news conference that consortium named Esso Exploration ...

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CGX to give up more of its concessions for auction

Vice President Bharrat Jagdeo on Wednesday indicated that the government has asked CGX Energy to relinquish parts of its offshore concessions so that they could be added to a list of areas to be auctioned later this year. He made it clear that CGX Energy, which is in a joint venture with fellow Canadian company Frontera, would be giving up ...

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Local Content law does not violate CARICOM single market rules- Attorney Datadin

Governing People’s Progressive Party (PPP) parliamentarian and Attorney-at-Law, Sanjeev Datadin on Thursday night dismissed concerns by the Caribbean Private Sector Organisation (CPSO) that Guyana’s Local Content law seemed to violate regional free trade rules. Mr. Datadin said the Local Content Act does not prohibit nationals from sister CARICOM member-nations from working in Guyana’s oil and gas sector but merely concretises ...

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Jagdeo, Norton at odds on reduced Natural Resource Fund oversight committee

Vice President Bharrat Jagdeo and Leader of the People’s National Congress Reform (PNCR), Aubrey Norton are odds over the proposed drastic reduction of a parliamentary oversight committee of Guyana’s oil earnings. Mr. Norton said the 22-member broad-based Public Accountability and Oversight Committee provided for in the existing Natural Resource Fund Act represents many interests  to ensure that the oil revenues ...

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Liza 1 oil output to increase after installation of new flash gas compressor- Hess

The ExxonMobil-led consortium is expected to increase its production from the Liza-1 well after a new flash-gas compressor system is installed during the last quarter of this year, even as the co-venturers prepare to drill more exploration wells in the coming months, Hess Corporation announced on Wednesday. Hess, which  has a 30 percent stake in the Esso Exploration and Production ...

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