Oil & Gas

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, ...

Natural Resources Minister, Vickram Bharrat on Friday said entrepreneurs have found new ways to ‘smart’ the Local Content Act by having companies controlled on paper by Guyanese but the Local Content Secretariat has been uncovering those new schemes. He credited the Head of the Local Content Secretariat, Dr Martin Pertab and his team with “doing a wonderful job” in identifying ...

Guyana on Monday announced that two British companies have been contracted again to sell the country’s crude entitlement for the next 12 months, and the country is set to receive higher earnings from the deals. The Ministry of Natural Resources said the United Kingdom-based BB Energy Trading Limited would sell crude from floating production and storage offloading (FPSO) vessels Liza ...

Opposition Leader, Aubrey Norton on Thursday said if a coalition that includes his People’s National Congress Reform wins the 2025 general and regional elections, Guyanese would be handed “predictable” cash grants on specified periods that could be used as proof of earnings at commercial banks. Addressing the opening of the New Amsterdam Town Week in Berbice county, he promised cash ...

The Guyana government on Thursday announced that more cash grants would be handed out to Guyanese while investment in infrastructural development would continue, in stark contrast to President Irfaan Ali’s position against countrywide disbursements more than one year ago. “It’s a sustainable thing for us. We can do this periodically: give our people some money and still do the infrastructure,” ...

The Working People’s Alliance (WPA) on Monday, in a lukewarm welcome, deemed the government’s GY$200,000 cash grant to all Guyanese households as “election gimmickry” and said much more must be done for the poor and disadvantaged. WPA Co-leader, Dr David Hinds instead said government needed to pay more cash grants to counter the rising cost of living and at the ...

ExxonMobil Guyana’s President, Alistair Routledge on Wednesday almost totally ruled out any renegotiation of the Production Sharing Agreement (PSA) because it would adversely impact on the company’s planned US$55 billion investment in Guyana. “We have no interest to invoke that Article. As I say, we’ve made US$55 billion worth of commitment to the country. To go back and to undermine ...