Guyana Oil and Gas News

The Federation of Independent Trade Unions of Guyana today flayed the government over the 2016 deal with an ExxonMobil subsidiary saying that recent revelations on it by the NGO Global Witness were disturbing and the buck stops at President David Granger.

A Cabinet-sanctioned review of the circumstances leading to the signing of a new Petroleum Agreement with ExxonMobil’s subsidiary Esso Exploration and Production Guyana Limited (EEPGL) in 2016 has concluded that the agreement was negotiated and executed in accordance with the law though a lot of pressure was placed on government for a speedy signing prior to the scale of the “world class” Liza-2 discovery becoming fully known and understood.

The Government of Guyana yesterday said it had entered a “fair” agreement with an ExxonMobil subsidiary for the country’s first oil block and it rejected a report by anti-corruption watchdog Global Witness (GW) which said that inept negotiation of the 2016 Production Sharing Agreement (PSA) could have cost the country as much as US$55b.

Director, Department of Energy, Dr Mark Bynoe on Monday congratulated 800 applicants registered in an inaugural Oil and Gas e-Learning training courses for capitalising on the opportunity to obtain training and certification in the petroleum sector.

The Government of Guyana today rejected a report by anti-corruption watchdog, Global Witness which said yesterday that inept negotiation of the 2016 Production Sharing Agreement (PSA) with an ExxonMobil subsidiary could have cost the country as much as US$55b.

Research company, Rystad Energy said today that Guyana’s oil production is projected to be 1.2 million barrels per day by 2030 and that total annual oil revenues could approach US$30 billion within 10 years.

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.