Economy

Finance Minister, Winston Jordan on Wednesday projected a 4.5 percent growth in Guyana’s economy for this year, five straight years of continuous growth compared to the Bharrat Jagdeo-led administration. Speaking at the presentation of the 2019 mid-year report, he said this year’s growth rate has been revised again. Originally, the projection was 4.6 percent but that was adjusted downward to ...

Former Foreign Minister Carl Greenidge has confirmed that the Guyana government does not favour direct cash transfers into the hands of ordinary Guyanese on the grounds that it will encourage unemployment, a position that was roundly rejected by Chairman of the Buxton First of August Movement (FAM-Buxton), Professor David Hinds. “I don’t know that one can give a definitive answer ...

Director of the Department of Energy, Dr. Mark Bynoe, Monday morning, announced that the UK-based Tullow Oil Plc wholly owned subsidiary Tullow Guyana B.V. discovered oil in commercial quantities. The oil was found in the Jethro-1 exploration well, drilled in the Orinduik Block offshore Guyana. The Jethro-1 well was drilled by the Stena Forth drillship to a total depth of ...

The Caribbean Court of Justice (CCJ) on Tuesday delivered a judgement which upholds the classification decision of the CARICOM Council for Trade and Economic Development (COTED) on cement, known as Rock Hard Cement, imported and/or distributed within CARICOM by Rock Hard Cement (Rock Hard Distributors Limited) and, Mootilal Ramhit and Sons Contracting Limited. These proceedings in the CCJ’s Original Jurisdiction ...

Attorney General, Basil Williams on Monday sought to downplay the fallout from the now eight-month old no-confidence motion on Guyana’s business climate, even as two prominent opposition-aligned lawyers forecast a rough period. Speaking during a panel discussion organised by the American Chamber of Commerce Guyana (AMCHAM-G) on the topic “The implication of the CCJ (Caribbean Court if Justice) Consequential Orders ...

ExxonMobil Guyana has provided some GYD$15 million to Specialists in Sustained Youth Development and Research (SSYDR Inc.), a not-for-profit organization, to roll out a job readiness programme in several communities across the country. Employment Attack 102, is a summer camp geared at preparing young persons including early school leavers for the job market. Speaking at a press conference at the ...

Hess Corporation, a partner with ExxonMobil Guyana, on Wednesday upped the amount of hydrocarbon discovered offshore this northeastern South American country to 6 billion barrels of oil equivalent (BOE). “In Guyana, we have just increased the estimate of gross discovered recoverable resources for the Stabroek Block to more than 6 billion barrels of oil equivalent and continue to see multi-billion ...

The Guyana Civil Aviation Authority (GCAA) says it got technical help from its Ghanaian counterpart aviation body to certify the helicopter deck aboard the floating production storage and offloading (FPSO) vessel, Liza Destiny, that is on its way to Guyanese waters to prepare for commercial oil production. “The inspection was conducted in collaboration with the Ghana Civil Aviation Authority (Ghana ...

Reproduced from Energy Voice By Allister Thomas Guyana’s plans to raise oil and gas royalties may “diminish attractiveness” to future investors, according to new analysis. Earlier this month the South American nation announced its intention to raise the government’s take in future oil licences. Analyst firm GlobalData said the country could raise royalties from the current 2% to 5%, but ...

The Guyana Manufacturing and Services Association Limited (GMSA) on Monday rejected calls by a Belizean producer of Plantation white, or mill white, sugar to impose a Caribbean-wide 40 percent tax on extra-regionally refined sugar, saying that Plantation white sugar will result in poor quality products and in some cases injury to consumers. “If manufacturers were to use plantation white instead ...