Business

ExxonMobil and its partners, CNOCC/Nexen and Hess Corp, on Tuesday announced a GYD$20 billion development plan titled  “The Greater Guyana Initiative”, saying that the money would not  have to be recovered. “I want to be clear that these initiative will be fully funded by the Stabroek Block co-venturers and will not be part of the cost recovery process,” said President ...

The United States-headquartered Eastern Airlines has suspended its service  to Guyana immediately and has promised to pay back passengers for booked flights and debts owed to other entities. “We are in the process of reviewing all liabilities and ensuring all our obligations have been met in Guyana. Refunds for all impacted passengers are being processed,” the carrier told the Director-General ...

Vice President Bharrat Jagdeo said government decided to shift the proposed gas to shore project from Region Four (Demerara-Mahaica) to Wales in Region Three (West Demerara-Essequibo Islands which is less populated and has a larger swathe of land suitable for the gas plant and associated industries. Early calculations show that when the estimated US$500 million to US$800 million pipeline- depending ...

Finance Minister Dr. Ashni Singh Monday night announced that Friday, February 12 will be Budget Day 2021. He made the announcement following last weekend’s consultation with the private sector, trade union movement and other stakehokders. “We received a lot of very good suggestions  from those who were gathered; many of those who were gathered,” he said about the ongoing consultative ...

  Guyana’s oil production from the Liza One well has dropped by about 5,000 barrels per day, a top sector official said Sunday. Natural Resources Minister, Vickram Bharrat says the production has not dropped much and that ExxonMobil was trying to find the “right balance” between flaring excess gas and maximising production. Mr. Bharrat’s disclosure of an actual figure has ...

Attorney General Anil Nandlall says Guyana Shorebase Inc. paid US$18 million for the plot of land at Houston, East Bank Demerara. He says the transported land was bought in 2019 for US$18 million is equivalent to almost GYD$4 billion. Mr. Nandlall’s disclosure in court papers was made to compare the price of GYD$200 million (US$921,658) that he says BK Marine ...

Guyana’s oil production has been dropped and the quantity of gas being flared has been reduced due to a faulty gas compressor that has been removed to be taken to Germany for repairs, the company said Friday. “We have lowered production levels on the Liza Destiny since the compressor failed and continue to seek ways to reduce flaring. We are ...

The Inter-American Development Bank’s private sector arm, IDB Invest, will be kneading US$4 million into Fernandes Guyana Enterprise (FGE), a subsidiary of the Suriname-headquartered Fernandes Group as the company eyes increased spending and more customers with different tastes. “This will lead to higher and more efficient local production of bread products, which are an essential part of the Guyanese diet, ...

Guyana has granted permission to Taiwan to open an office in Georgetown to facilitate trade and investment, but government has assured that the South American nation’s One China Policy remains intact, Permanent Secretary of the Ministry of Foreign Affairs Ambassador Elisabeth Harper said Wednesday night. “Guyana has not recognised Taiwan as a State. We continue to accept the One China ...

A  supervisor of Edward B. Beharry died yesterday after he was struck by pressurised air from a pressure tank, and the Ministry of Labour has since been informed, the company said. Police say 32-year old Mark Gomes of Long Pond, Sister’s Village, West Bank Demerara was struck to his face and tossed to the ground shortly before 6 PM yesterday. ...