Business

Change Guyana (CG) political party on Tuesday made a number of promises to ensure a “fair share ” of the country’s oil and gas resources are provided to ordinary Guyanese, while at the same time taking back all idle oil blocks and holding annual auctions with significant signing bonuses. “All blocks for which investors’ commitments have not been delivered to ...

Reproduced from World Oil HOUSTON – Apache and Total announced a significant oil discovery at the Maka Central-1 well drilled offshore Suriname on Block 58. The well was drilled using the drillship Noble Sam Croft with Apache as operator holding a 50% working interest and Total holding a 50% working interest. Maka Central-1 successfully tested for the presence of hydrocarbons ...

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 ...

Reproduced from the BBC News Oil prices have risen sharply after the killing of a top Iranian general in Iraq. Analysts warned the action could escalate tensions in the region and affect global oil production. The price of Brent crude jumped by more than 4% to hit $69.50 a barrel at one point, the highest since mid-September. It came after General ...

The Guyana Telephone and Telegraph Company (GTT) on Friday said it has begun increasing its submarine fibre-optic capacity across the Demerara River with the replacement of its cable. “The replacement cable will give added future capacity to services since it consists of 24 strands, as compared to the damaged cable, which had 12 strands,” the company said in a statement. ...

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 ...

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, ...

The United Kingdom-headquartered Tullow Oil on Thursday announced that it discovered oil at the Carapa-1 well with very low sulphur content, unlike its previous discovery that was heavy. The Irish publication, Independent, reported that rig site testing has indicated that the oil has a sulphur content of less than 1pc. Mark MacFarlane, chief operating officer at Tullow Oil, said: “The ...

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 ...

Junior and senior employees of the Guyana Power and Light Inc. (GPL) would be getting an 8.5 percent increase in salaries retroactive to January 2019, based on an accord signed between the union and management. “The agreement follows negotiations that commenced in early December between GPL’s management and NAACIE (National Association of Agricultural, Commercial and Industrial Employees). Negotiations concluded amicably ...