Oil & Gas

Guyana on Thursday said there was no room for negotiations with Canadian co-venturers, Frontera and CGX Energy, over the Corentyne block because the licence has expired. Vice President Bharrat Jagdeo told a press conference that nothing requires government to formally inform the CVs that their licence to the 6,200 square kilometer Corentyne block has expired. He made known government’s position ...

A Guyanese start-up airline, Jet Global Services (Guyana) Inc., has clinched a deal with Bulgaria-headquartered GullivAir and the Switzerland-based LunaJets to offer Guyanese and oil sector workers another option to connect to neighbouring Brazil, the Caribbean and North America. “As Guyana becomes a significant player in the global oil market, the demand for a reliable, affordable international airline has never ...

Opposition-nominated member of the Investment Committee of the Natural Resources Fund (NRF), Dr Terrence Campbell on Sunday said he would be formally asking the Board to explain why transfers of oil revenues to the Consolidated Fund are done without specific information from government about how the monies would be spent. “It’s not off the table,” when asked whether legal action ...

The Alliance For Change (AFC) would be writing the Board of the Natural Resources Fund (NRF) to get answers about government’s failure to say specifically how oil revenues would be spent by the government, party leader Nigel Hughes said Sunday. “The Citizens of Guyana demand to know how their patrimony is being managed and disposed of,” he said. No date ...

A member of the Natural Resources Fund (NRF) Investment Committee believes that government should list how it intends to spend oil revenues before the money can be transferred to the consolidated fund, but Vice President Bharrat Jagdeo on Thursday resisted the idea and said accountability rests with the National Assembly. “What sense does it make?…So next year, should we start ...

The Board of the United States’ Export-Import (EXIM) Bank has approved a just over US$500 million loan for the gas-to-energy project at Wales, West Bank Demerara, with final approval expected at the end of a 30-day notification to the US Congress, Vice President Bharrat Jagdeo said Thursday. Originally, Guyana had applied for US$660 million to help finance the construction of ...

Reproduced from Starnieuws Every Surinamese will receive a share in royalties of US$750 with an interest of 7% per year, President Chan Santokhi announced on Monday at a reception. The positive impact of the final decision of Total Energies has had an enormous positive impact. “We must now translate that positive impact into opportunities for our own people. There are ...

India continues to be interested in a long-term agreement to buy Guyana’s crude oil of 2 million barrels per lift, but Natural Resources Minister Vickram Bharrat said government was sticking to its position that sales must be done competitively. Mr Bharrat also said ExxonMobil, the operator in the Stabroek Block, would have to be consulted about arrangements to accommodate Very ...

SBM Offshore, which has been contracted to build an offshore oil production ship, would be using Guyanese workers to fabricate parts for the vessel and shipping them to Singapore for installation, a senior company official said. Country General Manager of SBM Offshore (Guyana), Martin Cheong told Demerara Waves Online News that while the company would not be making money from ...

Guyana would soon be amending the Income Tax Act to block oil sector companies from evading income tax payments by rotating foreign workers, Vice President Bharrat Jagdeo said Wednesday. “They’re rotating them for six months and then sending them back so they’re bypassing their eligibility for taxation,” he told a news conference. Mr Jagdeo said in a number of instances, ...