Business

Guyana and Barbados have agreed to intensify meaningful cooperation in the areas of gold jewellery, tourism marketing, hospitality training and agriculture, President Irfaan Ali announced on Friday. He said the two sister Caribbean Community (CARICOM)-member nations have agreed to establish a “gold market hub” for the sale of jewellery mainly to tourists. “Barbados is a major cruise destination and we ...

President Irfaan Ali on Thursday made it clear that Guyana was tapping into the multi-trillion dollar oil and gas sector to invest in the social sectors, technology, infrastructure while eventually hoping to rake in billions of  dollars annually from the sale of carbon credits. The document states that the Emission Reductions Purchase Agreements (ERPAs) for the sale of carbon credit ...

The Secretary to the Local Government Commission (LGC), Nickalai Pryce was Thursday sent on administrative leave to pave the way for an investigation into alleged misconduct, but he has already denied the allegation. LGC Chairman, Julius Faerber said the investigation would be conducted by the Commissioners to determine if there is sufficient evidence to send the matter for further action. “It’s ...

ExxonMobil, the operator in Guyana’s prolific Stabroek Block, will be exploring for oil at a new prospect named Fangtooth not far from the Liza well, co-venturer, Hess said on Wednesday. “The Stena Drillmax left the Stabroek Block following the completion of the Whiptail-1  well and will return in the fourth quarter to drill the Fangtooth prospect,” Hess said in an ...

Environmental and human rights activist, Guyanese Janet Bulkan on Tuesday asked the Inter-American Commission on Human Rights (IACHR) to order the halt of oil and gas exploration because fossil fuels were damaging the environment and causing a loss of livelihoods. “We respectfully ask you, Commissioners, to call upon Caribbean States to stop activities that aggravate the climate crisis such as ...

ExxonMobil is hopeful that the flash-gas compressor aboard the new oil production vessel, Liza Unity, would not be plagued by problems similar to those aboard the Liza Destiny that had affected production and incurred a hefty environmental fine, a company official said Tuesday. “We recognise the challenges that we had with the Liza Destiny start-up and the flash-gas compressor. We ...

The United Arab Emirates said it is eyeing Guyana to set up a  deepwater port to serve as a hub for the oil and gas sector in this country and neighbouring Brazil, a decision that has prompted  President Irfaan Ali to offer incentives to the company named Abu Dhabi Ports. “Thank you for that trust. We are serious about Guyana, ...

The engine of a cargo ship, owned by a Vincentian company, was early Tuesday morning badly damaged by fire while it was moored at wharf in Guyana, the local fire service said. “The cause of the fire was determined as overheating of a generator in the fore peak of the ship which resulted in arcing and sparking. The generator was ...

A US$5 million investment deal for the construction of an environmentally friendly slab factory in Guyana to serve the needs of the oil and gas sector was inked Tuesday, marking the first ever manufacturing joint venture and investment deal between companies in Guyana and the United Arab Emirates (UAE),  a Guyanese merchant bank announced. Smart City Clearing Company Ltd; the ...

Vice President Bharrat Jagdeo has said that Guyana would eventually have to import labour to construct major infrastructure projects onshore that are increasingly being required to support heightened oil production offshore this South American nation. Speaking on Asaase Radio during his just-concluded visit to Ghana, West Africa, he said that Guyana needs at least US$40 billion in infrastructural investment in  ...