Business

The Guyana government intends to spend GY$43.3 billion on the construction of the gas to energy power plant, natural gas liquids plant and the transmission lines, Prime Minister Mark Phillips said Monday. During consideration of the estimates of the 2023 National Budget, Mr Phillips, in response to APNU+AFC parliamentarian Ganesh Mahipaul’s request for a breakdown, said GY$33.672 billion would be ...

The 2016 Production Sharing Agreement (PSA) between the Guyana government and the ExxonMobil subsidiary, Esso Exploration and Production Guyana Limited (EEPGL),  prevents government from asking for renegotiation of that accord without the company’s agreement, and although the company has the right to request renegotiation, it does not specify what should be the subject of those talks, according to two Guyanese ...

Guyana could acquire and certify two India-made planes for the Guyana Defence Force (GDF) without jeopardising this country’s safety rating by the International Civil Aviation Organisation (ICAO), according to the Director-General of the Guyana Civil Aviation Organisation (ICAO), Retired Colonel Egbert Field. “Rating would not be affected,” he said. With President Irfaan Ali already eyeing the purchase of two Dornier-modelled ...

Opposition Leader Aubrey Norton on Friday recommended a “raft of measures” to ease the impact of high cost of living, on the final day of debate on the 2023 National Budget, but Finance Minister Ashni Singh cautioned against rapid wage and salary increases. They included vouchers for those in public transportation so that they can access lower gasoline prices, waiver ...

President Irfaan Ali on Thursday urged Caribbean financial institutions to partner with the rest of the world in mobilising the US$10 billion that the Caribbean Development Bank (CDB) estimates is required to address the region needs. “We know that this cannot be done from the savings in the region and, therefore, the challenge will have to involve partnership with others ...

Ten years after A Partnership for National Unity (APNU) and the Alliance For Change (AFC) first refused to unconditionally support the construction of the 165 megawatt Amaila Falls Hydroelectricity Power (AFHP) plant, that coalition said foreign consultants had advised the then People’s Progressive Party Civic administration against that that project. Opposition Shadow Public Works and Energy Minister David Patterson told ...

Hess, the 30 percent joint venture partner in the Stabroek Block, on Wednesday announced that there has  been a “significant new oil discovery” at Fangtooth SE-1, one year after the original Fangtooth-1 discovery. The company said the Fangtooth SE-1 well encountered approximately 200 feet of oil bearing sandstone reservoirs, adding to the Stabroek Block’s gross discovered recoverable resource estimate of ...

The Guyana government was Tuesday advised to strike a balance between the development of infrastructure and Guyanese. Opposition A Partnership for National Unity+Alliance For Change (APNU+AFC) parliamentarian, Tabitha Sarabo-Halley asked what the Guyana government was doing to ensure that Guyanese, who need jobs, are in a position to be employed “before you actually bring persons from outside for those jobs.” ...

Trinidad and Tobago’s Prime Minister Dr Keith Rowley has announced that his country can resume exploration of Venezuela’s gas field after the United States agreed to waive existing sanctions that affected the deal, the Trinidad and Tobago Newsday newspaper reported on Tuesday. He said the waiver was granted on Tuesday to allow the country to proceed with the development of ...

Hess Corporation on Tuesday announced a 2023 Exploration & Production capital and exploratory budget of $3.7 billion, of which more than 80% will be allocated to Guyana and the Bakken. Net production is forecast to average between 355,000 and 365,000 barrels of oil equivalent per day in 2023. Bakken net production is forecast to average between 165,000 and 170,000 barrels ...