Business

Guyana has selected the United Kingdom-based BP International out of a total of 14 companies  to market the country’s share of crude oil from the Liza 1 and Liza 11 offshore fields, the Ministry of Natural Resources announced Thursday night. Under the Production Sharing Agreement, Guyana is entitled to 50 percent of the profit oil share- that is 12.5 percent ...

Finance Minister Dr. Ashni Singh on Tuesday lauded the New Building Society (NBS) for taking the bold step of leading the way in being the first financial institution to implement the use of Mobile Money Guyana (MMG) for mortgage payments. The Minister was at the time speaking at the launch ceremony held at the NBS Head Office on Avenue of ...

The University of Guyana (UG), in collaboration with Banks DIH Ltd., has been making progress in baking bread with 25 percent less wheaten flour,  according to Head of UG’s Institute of Research, Innovation and Entrepreneurship Patsy Francis. She said tests were carried out using cassava flour and sweet potato flour and so far there is a preference for the latter. ...

The World Bank Group has announced the three-year debarment with conditional release of an individual consultant in connection with a corrupt practice as part of the Petroleum Governance and Management Project in Guyana. The debarment makes Mr. Carlos Barberán Diez, a Spanish national, and his controlled affiliates, AC Oil & Gas SL and AC Oil & Gas Emirates LLC, ineligible ...

Minister of Natural Resources Vickram Bharrat on Thursday signaled strongly that government might amend Guyana’s Local Content Act to halt the participation of persons who opportunistically obtain Guyanese citizenship to cash in on opportunities in the country’s rapidly emerging oil and gas sector to the disadvantage of those who have been living and working here for decades. “It is only ...

United Kingdom Trade Commissioner for Latin America and the Caribbean , Jonathan Knotts on Wednesday said that a working group would be established with Guyana to work on a range of projects within strict deadlines, even as he said his country was keen on delivering high quality work rather than negotiating cheaper prices. “We have agreed to establish a joint ...

President Irfaan Ali on Wednesday said  Guyana could offer the United Kingdom (UK) energy security by guaranteeing hydrocarbon supplies to its former colonial power which does not have a reserve. Speaking during the working session of a meeting with a United Kingdom trade delegation and Trade Commissioner for Latin America and the Caribbean at UK Department for International Trade, Jonathan ...

President Irfaan Ali on Tuesday night announced that government would be pumping an undisclosed amount of the oil money into business initiatives by Guyanese here and overseas. “I’m working to see how we can create a business model in which every Guyanese here and in diaspora can have an opportunity to invest in an investment vehicle that attaches them to ...

Finance Minister Dr. Ashni Singh said the revenues being accrued from the oil and gas sector are still relatively modest, particularly considering the country’s developmental needs. Speaking during the programme ‘Narrative’, Minister Singh said while the petroleum sector continues to grow and generate economic opportunities, the non-oil sectors must be developed to create a sustainable source of wealth. “We have ...

The Guyana government on Monday said it might appeal a High Court decision that led to the issuance of a Local Content Certificate to the Guyana-registered RAMPS Logistics Inc. whose parent company is based in Trinidad. “There are strong concerns by the Ministry of Natural Resources as to the eligibility of this particular application for local content certification. And as ...