Guyana Oil and Gas News

Government is working to put in place all legislative and institutional frameworks necessary for the burgeoning oil and gas sector, according to Business Minister Gaskin, who has cautioned that it is the private sector which is at risk of being ill-prepared for the changing business climate.

Introduction In an advertisement appearing in the national media yesterday, the Ministry of Natural Resources, on its own behalf and that of the Government of Guyana, invited expressions of interest by Consultants desirous of providing services to the Project Execution Unit, presumably of the Ministry, to “conduct an audit of the Recoverable Contract Costs as called for in the signed Production Sharing Contract(s).”

Pledging unyielding protection of the environment, newly-appointed head of the Environmental Protection Agency (EPA) Dr Vincent Adams says that oversight of the oil and gas sector will be of a high quality and there will be no compromise with companies on environmental standards.

By Berry Dann, Julianna Dietz, and Sarah Ward The Ocean Foundation With 2020 and ‘first oil’ on the horizon the Stabroek Business seeks to provide readers with insights into aspects of the sector and its operations including issues relating to the processes and risks associated with the recovery process.

Introduction Following last week’s call for a Commission of Inquiry into the Petroleum Sector, more than a handful of individuals approached me enquiring whether the call was serious and what would be the expected outcome.

Local firms Guysons Oil and Gas Services and Guysons Engineering, were recognised yesterday for having internationally approved quality management systems in place, positioning the companies to be competitive in seeking to service the oil and gas sector.

Key stakeholders in Guy-ana’s nascent oil and gas sector are taking part in a capacity-building workshop aimed at improving industrial safety and environmental regulation.

As the country seeks to attract investment, Head of the Department of Energy Dr.

In the coming weeks, two Canadian experts will be assisting the Audit Office to build its capacity in preparation for the oil and gas industry, Auditor General Deodat Sharma says.

Introduction It was good to see Dr. Mark Bynoe, Director/Head of the Department of Energy in the Ministry of the Presidency speaking publicly on the petroleum sector.

The Private Sector Commission (PSC) is not against a Trinidad and Tobago business presence here but believes that before oil agreements are signed with other countries, Guyana should have an established local content policy, its executive members contend.

No verification of the US$4.4 billion development cost for ExxonMobil’s Liza Phase-1 project was done by the Guyana Government or its regulatory agencies as they relied on a technical examination of the plan, which had been submitted by the company and its affiliates before granting a historic production licence.

Policy Forum Guyana (PFG), a partner in the programme, Shared Resources Joint Solutions (SRJS) recently launched a series of meetings on the use of the expected oil windfall and heard that infrastructural development and environmental protection should be key funding priorities.

Introduction Today’s column considers the challenge of navigating external pressures on Guyana to pursue a spending path for its expected Government’s Take, which conforms with what economists term the “permanent income hypothesis (PIH) budget rules”.

Sexual misconduct: America and the Third World This humble column hereby lays claim to directing national attention – some two years ago – to the fact that the 2020 General Elections will attract some robust characteristics.

Introduction Amid all the noise about audits and Memorandum of Understanding, it is understandable and not at all surprising that a letter to the editor might have received less attention than it would have otherwise deserved.

Guyana and Trinidad and Tobago yesterday inked a long-awaited Memoran-dum of Understanding (MoU) on Energy Sector Cooperation with the leaders of both countries assuring that there is no need to fear any “takeover” of the energy sector by either side.

Although it has a working economic relationship with Venezuela, the government of Trinidad and Tobago fully supports Guyana in the border controversy with that country, Prime Minister of T&T Dr.

Guyana yesterday signed a historic first loan for US$20m with the Islamic Development Bank (IsDB) in Jeddah, Saudi Arabia and Finance Minister Winston Jordan played up the country’s prospects in light of the looming oil and gas economy.

The Co-operative Republic of Guyana and the Republic of Trinidad and Tobago (hereinafter referred to individually as “the Party” and collectively as “the Parties”); CONSIDERING the commitment of both governments to continue the development of cooperation mechanisms to foster the creation of an environment conducive to energy integration on the basis of the principles of reciprocity, solidarity and respect for sovereignty; RECOGNIZING that the development of the energy sector contributes significantly to the strengthening of economic and social development while improving the quality of life of the citizens of both Parties; The Parties have reached the following understanding: Article 1 Objective This Memorandum of Understanding on Energy Cooperation (hereinafter referred to as MOU) establishes the process through which the Parties agree to work with each other in the development of the energy and energy related sectors of the Parties with the aim of developing and promoting joint projects throughout the hydrocarbon value chain in accordance with the provisions hereof and without prejudice to their respective national legal systems.