Economy

As Guyana forges ahead with its plan for a ‘green’ state, the Government, through the Office of Climate Change (OCC), has partnered with the United Nations Development Programme (UNDP) and the Global Environment Facility (GEF) to implement a project titled the “Mainstreaming Low Emissions Technologies to build Guyana’s Green Economy,” through US$1.7 million in financing from the GEF. The grant ...

Guyana’s preparations for the start of commercial oil production and lifting is moving apace and these include having a third party aboard the floating production, storage and offloading (FPSO) vessel overseeing the movement of oil, Head of the Ministry of the Presidency’s Department of Energy, Dr. Mark Bynoe said Wednesday. “It is the government’s desire to be pursuing a third-party ...

Region 8 (Potaro-Siparuni) now has its own lapidary to produce attractive value-added gems giving residents of Monkey Mountain and its environs another opportunity to earn much-needed cash. The GYD$16 million facility, which was funded by the Government of Guyana and constructed by the residents, includes a 30 feet by 20 feet concrete building, the purchasing of modern technical lapidary equipment ...

The start of commercial oil production offshore Guyana in December depends on weather conditions, the ExxonMobil’s Vice President and Secretary, Neil Hansen said on Friday. “The target for achieving first oil is December, dependent on favourable weather conditions,” he told a webcast on ExxonMobil’s third-quarter 2019 financial and operating results. “This will place start-up within five years of initial discovery, ...

The newly-formed Change Guyana (CG) political party on Tuesday vowed to renegotiate all existing contracts with oil companies to get higher royalties and suspend the award of new concessions pending those talks. Addressing CG’s launch at the Pegasus Hotel, prime ministerial candidate, Nigel Hinds made known his party’s position on the issue at a time when there is lingering debate ...

Efforts are continuing to revive agriculture in Buxton, with the clearance of at least 180 acres of land aback the village and the improvement of drainage, officials said Sunday. An update on the project was provided at the first Economic Development and Health Seminar that was organized by the Buxton-Friendship Museum, Archives and Culture Centre and the Young Visionaries. Village ...

Trinidad and Tobago’s former Energy Minister, Kevin Ramnarine agrees that Guyana’s business community should demand that foreign oil and gas industry companies buy more goods and services locally, but at the same time he sees a role for partnerships between Guyanese and Trinidadian companies. Speaking with local media representatives on Thursday via Skype, Ramnarine said if international oil companies are ...

Former Guyana government minister, Robert Persaud on Tuesday called for the 15-nation Caribbean Community (Caricom) Single Market and Economy (CSME) to be revisited. “The time has come for us to revisit the Treaty of Chaguaramas. The time has come for us to redefine what do we want, mean of want out of Caricom and, Guyana, we must start that conversation ...

The townships of Bartica and Mahdia in Region 8 and Lethem, Region 9 will benefit from an overall of 3.15-megawatt solar-powered mini-grids system totalling $1.7 billion (US$8.6 million). The project is being funded by the Inter-American Development Bank (IDB) and the Guyana Energy Agency (GEA). The 1.5-megawatt solar photovoltaic power plant at Bartica will benefit 15,000 residents in Bartica, while ...

Head of Petroleum at the Georgetown Chamber of Commerce and Industry, Attorney-at-Law Charles Ramson is flaying President David Granger for being virtually silent on key issues in the oil and gas sector. Mr Ramson, who holds a master of science in Oil and Gas Enterprise Management from the United Kingdom’s University of Abeerdeen, describes the establishment of the Department of ...