Guyana Oil and Gas News

Tapping into the emerging oil and gas sector, gold magnate Nazar ‘Shell’ Mohamed has made a  big investment in a storage facility at Mc Doom on the East Bank of Demerara which is expected to serve ExxonMobil’s current offshore works.

The Georgetown Chamber of Commerce  and Industry (GGCI) will be looking carefully at the Green Paper on the proposed Sovereign Wealth Fund (SWF)  as it has found a lot of “leakages from the start to end”, its President Deodat Indar says.

In the wake of the stark duplicity and opaqueness that has characterised the APNU+AFC government’s handling of the nascent oil and gas sector, the public has been awaiting a clear sign from the administration that transparency and full engagement with all stakeholders will be its mantra.

ExxonMobil says it will be cooperating with the Guyana Revenue Authority (GRA) in the ongoing audit of its US$460 million pre-contract and cost recovery charges even as the company projects that the Liza-1 oil well development alone will cost approximately US$4.4 billion.

The signing of the Memorandum of Understanding (MoU) on Energy Sector Cooperation between the governments of Guyana and Trinidad and Tobago, paving the way for cooperation in oil and gas between the two states, will proceed as planned next week, despite a call by the city chamber of commerce for it to be put on hold.

Former presidential advisor Jan Mangal has warned that while cash payouts from oil revenue may have an important role to play in the future, at this point it could be a distraction from the larger goal of clawing back wealth.

Leader of the Opposition Bharrat Jagdeo yesterday said the MoU for technical cooperation between Guyana and Trinidad and Tobago should be made public.

Dear Editor, How could we have billions of barrels of oil in 2018 and not be able to pay our teachers a living wage?

What now appears to be the certainty of an economically transformative oil and gas industry has significantly altered international perceptions of Guyana as a prospective haven for investment and underscored the Guyana Office for Investment’s (GO-Invest) enhanced role in facilitating that external investment interest, the agency has said.

Introduction The 2016 Petroleum Agreement has been a source of grief, anger, disbelief and shock to the average Guyanese whether living inside or outside Guyana.

Lamenting the delay in local content legislation that would give  businesses here first consideration in providing services and goods for the growing oil and gas industry, the Georgetown Chamber of Commerce and Industry (GCCI) has sent its own draft to the government.

Trinidad and Tobago’s Prime Minister Dr Keith Rowley is due in Guyana next Wednesday to sign a Memorandum of Understanding (MOU) for a technical co-operation agreement on oil and gas.

A second study into the feasibility of the construction of an oil refinery in Guyana should be done when more operators are working in the industry, President of the Georgetown Chamber of Commerce and Industry (GCCI) Deodat Indar says.

Trinidad Opposition Leader Kamla Persad Bissessar has raised the prospect of Guyana oil being used to rescue the beleaguered Petrotrin refinery but Prime Minister Keith Rowley last evening said the aged facility had no reasonable prospect.

(TRINIDAD NEWSDAY) Before the Prime Minister addresses the nation this evening and confirms Government’s decision to shut down the refinery of state-owned Petrotrin, the Opposition Leader is urging him to reconsider.

A long-delayed Memorandum of Understanding (MoU) between Guyana and Trinidad on energy cooperation is expected to be signed in the coming weeks, according to Trinidad and Tobago’s Minister of Energy, Franklin Khan.

Last Sunday, it was reported that a mother from Enmore on the East Coast had chased her three-year old son around the yard of their home and subsequently stabbed him several times.

I hope the Green Paper on the proposed Sovereign Wealth Fund (SWF) is a work in progress.

Introduction: “Oil for Cash” This week’s column addresses the development challenge posed by implementation lags.

Dear Editor, I have been reading in the news media about the audit of ExxonMobil’s US$460 million/$900 million pre-contract costs.