Business

IRVING, Texas – ExxonMobil today said it started production at Guyana’s second offshore oil development on the Stabroek Block, Liza Phase 2, bringing total production capacity to more than 340,000 barrels per day in only seven years since the country’s first discovery. Production at the Liza Unity floating, production, storage and offloading (FPSO) vessel is expected to reach its target ...

United Kingdom (UK) High Commissioner to Guyana, Jane Miller on Wednesday said Guyana’s procurement system needed to be strengthened, amid observations that the National Procurement and Tender Administration Board (NPTAB) is made up largely of political appointees. “Something I have discussed with the Finance Minister and I know it’s an area of capability that they are still growing in this ...

The Guyana government has set aside GY$21 billion (estimated US$100.4 million) for matters related to the construction of the new Demerara Harbour Bridge including fair compensation to property owners in the  new path of the proposed thoroughfare and ensuring that the toll will not be expensive, Public Works  Minister Juan Edghill said on Tuesday. “We have to look at the ...

Vice President Bharrat Jagdeo has rejected claims of kickbacks to facilitate Chinese investors doing business in Guyana. In an interview with the United States-headquartered Vice News that was posted on his Facebook page, he admits that he helps people but he denies that he takes bribes. “I help people out but doesn’t mean for consideration. It does not mean for ...

Amid A Partnership for National Unity+Alliance For Change’s (APNU+AFC) Cathy Hughes’ concerns about the end of Guyana Telephone and Telegraph’s (GTT) monopoly, Prime Minister Mark Phillips said that utility company voluntarily gave up its market dominance status as part of the liberalisation process. Ms. Hughes, a former Minister of Public Telecommunications, said her administration had been “close to completing the ...

A river search was up to late Friday now underway for a man who disappeared during a boat mishap on the Essequibo River at 11 o’clock on Thursday night. Missing and feared dead is 54-year-old Lakeram Kuber, also known as Chico, of Belle Plaine, Wakenaam Island. Those who survived and swam to their home-island are well-known businessman, 58-year-old Feroze Amin ...

The construction of the first link of the Linden-Lethem highway has moved one step closer to commencement with the Caribbean Development Bank (CDB) clearing the way for negotiations to start with a Brazilian company, the Finance Ministry said late Thursday night. Finance Minister Dr Ashni Singh said the Barbados-headquartered CDB on Thursday issued its no objection for negotiations to commence ...

Public Works Minister Deodat Indar on Wednesday rejected claims by the opposition A Partnership for National Unity+Alliance For Change (APNU+AFC) that the 2022 national budget is for big business, saying that the aim is to generate revenue and create. He made known his position three days after opposition coalition frontbencher, Amanza Walton-Desir assailed the government for generously giving tax breaks ...

Opposition A Partnership for National Unity+Alliance For Change (APNU+AFC) frontbencher, Amanza Walton-Desir on Monday slammed the 2022 National Budget, saying that the tax breaks and relief measures would only favour large private sector businesses. “The truth is that by and large those measures are geared towards favouring big business,” she said, adding that the evidence shows that trickle-down economics to ...

After a more than 20-year search for oil offshore Guyana, the Canadian oil exploration company, CGX Energy, has finally found crude in commercial quantities, the company confirmed Monday night’ Drilling was being done by the semi-submersible drilling rig Maersk Discoverer. The joint venture partners had projected last month that the cost of drilling had been projected to rise as much ...