Guyana Oil and Gas News

Finding that Guyana lost out in an “unfairly exploitative” deal with the 2016 revision of its Production Sharing Agreement (PSA) with Exxon and its partners for the offshore Stabroek Block, international corruption watchdog Global Witness yesterday released the details of an investigation to support its call for government to push for a renegotiation, which it says should also be supported by Washington. 

Without imputing any wrongdoing on his part, United Kingdom-headquartered Global Witness yesterday released a report calling on the Guyana Government to investigate the role of the Minister of Natural Resources, Raphael Trotman in the negotiation of the much criticized 2016 Production Sharing Agreement (PSA) with an ExxonMobil subsidiary.

This Column regards the Bridging Deed conceived by some artful legal mind as going to the heart of the 2016 Petroleum Agreement – one of the first major economic acts of the Granger Administration.

Without imputing any wrongdoing on his part, Global Witness today called for the Guyana Government to investigate the role of the Minister of Natural Resources, Raphael Trotman in the negotiation of the much criticized 2016 Production Sharing Agreement (PSA) with ExxonMobil.

In its explosive report issued today entitled `Signed Away: How Exxon’s exploitative deal deprived Guyana of up to US$55 billion’, anti-corruption group Global Witness today called for the Guyana Government to renegotiate the controversial 2016 Production Sharing Agreement (PSA) with the US company.

(Jamaica Gleaner) NCB Financial Group Limited, NCBFG, is taking steps to enter Guyana, likely through its ­investment banking unit.

Guyana’s oil deal with Esso Exploration and Production Guyana Ltd, Hess Guyana Exploration Ltd and CNOOC Nexen Petroleum Guyana Ltd is riddled with illegalities including breaches of the Constitution and national laws governing the environment and petroleum. 

Opposition Leader Bharrat Jagdeo last week alleged that government has partnered with an oil and gas company to hire a firm to rebut a report which will soon be released by international extractive industries watchdog, Global Witness.

By Dr Jan Mangal It may seem to Guyanese that oil issues are coming to a head, that is, to some conclusion.

With international corruption watchdog Global Witness estimating a potential loss for Guyana of up to US$55 billion over the 40-year period of the licence for the offshore Stabroek Block, Change Guyana presidential candidate Robert Badal has said if he is elected to office he will set up a formal inquiry into the processes and negotiations surrounding oil and gas contracts.

The Guyana Revenue Authority (GRA) is actively participating in the ongoing audit of the US$460 million in pre-contract costs claimed by ExxonMobil and its co-venturers and is working to have a 24-hour presence on offshore oil operations and closed-circuit television access as it yesterday promised strict tax oversight of the petroleum sector.

HOUSTON,  (Reuters) – Exxon Mobil Corp today reported a 5.2% drop in fourth-quarter profit on weaknesses in chemicals and refining and flat oil and gas output, with asset sales helping to stem the decline.

Producing statistics and calculations to show that Guyana has an oil deal far below global standards and  will lose out on up to  US$55 Billion over the 40-year period of the licence for the Stabroek Block, international corruption watchdog Global Witness has written to ExxonMobil urging a  renegotiation.

Even as the company plugs most of its US$3 billion capital and exploratory expenditures into its Guyana operations, Stabroek Block partner Hess, yesterday brushed off concerns about a possible  renegotiation of the Production Sharing Agreement (PSA) that it has, along with ExxonMobil and CNOOC, with Guyana saying both government and opposition have signalled they will not renegotiate.

Though Guyana has begun production of oil,  the Environmental Protection Agency (EPA) still does not have the minimum resources needed to monitor the sector 24/7 and will have to rely on the operators to take them out to sea if required, Head of the Agency Dr.

ExxonMobil yesterday said it has increased its estimated recoverable resource base in Guyana to more than eight billion barrels of oil-equivalent (BOE) and made a further oil find northeast of the producing Liza field.

The petroleum sector is one of a number of areas that  India sees huge potential for cooperation with Guyana.

ExxonMobil today said it has increased its estimated recoverable resource base in Guyana to more than 8 billion oil-equivalent barrels and made a further oil find northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block.

The views expressed by the PPP/C’s presidential candidate Dr Irfaan Ali on how the party intends to deal with current oil & gas contracts should the party win the upcoming General and Regional Elections,  reflects the party’s position and should not be disputed, General Secretary Bharrat Jagdeo says.

Jan Mangal, former Petroleum Adviser to the President,  says ExxonMobil’s Payara oil well development should not be approved until it yields big changes to the much-criticised 2016 deal including a higher royalty rate than the current 2%.