Guyana Oil and Gas News

All the latest news and commentary on the new Guyana Oil and Gas sector. Topics include exploration, drilling, policy, impact and more.

Guyana’s wealth fund should not be seen as cash cow

-Persad-Bissessar warns

A sovereign wealth fund should only be used for rainy day planning and not to be used to supplement recurring expenditure as was done recently in Trinidad and Tobago says T&T’s former prime minister and Leader of the Opposition, Kamla Persad-Bissessar.     

‘You don’t want to end up in a different kind of slavery’

-Persad-Bissessar says proper legal framework for oil and gas crucial

Proper legislative framework to cover the oil and gas sector is essential to ensure that multinationals contribute adequately to the development of Guyana even as they invest and benefit by finding and producing oil, Trinidad and Tobago’s Leader of the Opposition Kamla Persad-Bissessar says.

New oil deals not likely before 2020 –Bynoe

Despite “significant interest” in Guyana’s remaining deep water oil blocks, the Department of Energy (DoE) has no immediate plans to grant any concessions until it completes an oil and gas model contract for future Production Sharing Agreements (PSAs), which could take just over a year.

Secrecy over oil production costs not good for transparency

- Ram

While government has said that it anticipates receiving about US$300 million in 2020, when ExxonMobil is expected to begin oil production offshore, the company says it cannot disclose its estimated production and commodity costs per barrel or how many days of the year it will be pumping oil.

ExxonMobil hunting next Guyana ‘find’ in Africa

Having realized nine oil finds offshore Guyana since 2015, oil and gas reported on Wednesday that the global oil giant ExxonMobil is eyeing western and southern Africa as potential locations for a comparable oil bonanza.  

Guyana, Canadian province signing oil and gas pact

-during visit by large trade mission

The Guyana government and the Canadian province of Newfoundland and Labrador will be signing a technical cooperation agreement on oil and gas in the coming week, when Georgetown will also be hosting a visit by a 50-odd member trade mission from the territory seeking partnerships with local companies to tap the sector.

Canadian province to sign oil and gas MOU with Guyana

The High Commission of Canada and the Province of Newfoundland and Labrador are working with the Government of Guyana through GOINVEST to bring a Canadian oil and gas trade mission of approximately 50 persons from the province’s offshore oil and gas industry here from October 15th – 18th, 2018.

Gaskin urges private sector to ‘shape up’ for oil sector

-cautions against being unprepared

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.

The saga of the audit creates more confusion

Every Man, Woman and Child Must Become Oil-Minded (Part 61)

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).” It also requires the successful person or Firm to provide on-the-job training to the staff of the Guyana Revenue Authority (GRA) and the Office of the Auditor General (OAG) on cost recovery auditing, “with a particular focus on value for money.” The advertisement sets out the scope of the consultancy to include: 1. 

EPA head vows ‘no compromise’ oil and gas oversight

-oil and gas ESIAs to be reviewed

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.