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Oil & Gas

UK increases lending window to Guyana govt, private sector

Businesses in Guyana would now be able to access a maximum of GB£2.1 billion through UK Export Finance (UKEF), the United Kingdom’s credit agency, than those available from local commercial banks but none of the money can be used in the oil sector, the UK’s Minister for the Americas, David Rutley announced on Tuesday. Chairman of Guyana’s Private Sector Commission ...

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Guyana eyes becoming major regional natural gas supplier

Guyana plans to export its excess natural gas to Brazil and several Caribbean countries and eventually fuel a bauxite smelter and gold refinery,  President Irfaan Ali announced on Monday. “Based on pure interest by investors, we are already seeing the second phase of gas coming in will already have to support a second power plant,” he told the government-backed Guyana ...

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US prepares to reimpose ban on Venezuela’s oil and gas, gold

The United States (US) on Tuesday announced it would reimpose sanctions on Venezuela’s oil and gas sector, effectively blocking trade in those hydrocarbons  because the Nicolas Maduro administration has arrested members of the “democratic opposition” and has barred candidates from running in upcoming presidential elections. Venezuela, in response, said the US action amounted to a deliberate attempt to hit the ...

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APNU+AFC wants constitutional protection of ‘oil money’ for future generations

A Partnership for National Unity+Alliance For Change (APNU+AFC) parliamentarian, Volda Lawrence on Friday  recommended that there be a constitutionally entrenched amount of Guyana’s oil revenues that must be saved for future generations in the Natural Resources Fund (NRF). “This House must now consider a minimum percentage value in the NRF that must remain as inter-generational savings and this must be ...

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Guyana asks for proposals to build “open-access” natural gas facility

The Guyana government is calling for private sector investors to propose how they can construct  a centralised gas connection, storage and transport facility for all natural gas accessed and produced by all oil companies operating in Guyana. In its Request for Proposals, the Ministry of Natural Resources, as the procuring entity, asked businesses to say how they would design, finance, ...

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Guyana saves US$800 million from oil earnings since production began

Guyana has saved just over US$800 million from more than US$3 billion in oil revenues since production began in 2020, even as the country is set to sell 27 entitled lifts this year now that production has begun at the Payara project, officials said. After government’s total withdrawals of US$1.002 billion in 2023 from the Natural Resource Fund (NRF) based ...

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Patterson continues to deal with oil and gas

Opposition Leader Aubrey Norton said Alliance For Change’s (AFC) David Patterson would continue be the opposition coalition’s spokesman on oil and gas. Mr Norton on Thursday told a news conference that Mr Holder, an engineer, would be Shadow Minister of Natural Resources which includes  oil and gas, but Patterson would continue to speak on the subject in the National Assembly. ...

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India to sign MoU with Guyana to buy crude oil for 5 years

India’s Cabinet on Friday approved signing of a 5-year memorandum of understanding with Guyana for cooperation in the hydrocarbon sector including sourcing of crude oil, the Business Standard reported. “The proposed MoU covers the complete value chain of the hydrocarbon sector, including sourcing of crude oil from Guyana, participation of Indian companies in exploration and production (E&P) sector of Guyana, ...

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Guyana to lobby UK insurance company to reduce risk analysis

President Irfaan Ali on Tuesday announced that Guyana has requested the United Kingdom (UK) government to consider mounting a joint lobby to Lloyd’s of London insurance company to reduce its risk assessment of this country’s maritime space due to the border controversy with Venezuela. “Together, we will have to speak to Lloyd’s so that they can understand the nuances, the ...

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US$214 million ExxonMobil’s disputed cost: Bharrat sticks by Gossai ‘I will not discredit him’

Natural Resources Minister Vickram Bharrat on Tuesday said his ministry’s Senior Petroleum Coordinator, Gopnauth ‘Bobby’ Gossai-who was punished for unauthorised negotiation of the reduction US$214 million from ExxonMobil’s cost bank to US$3 million- did so due to inexperience. “I will not attempt to discredit any of my staff; if it was fatal but it was not,” he told a news ...

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