Guyana Oil and Gas News

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.

 Trinidad and Tobago’s Opposition Leader Kamla Persad-Bissessar on Thursday said that while Guyana should work towards ensuring its “energy security and energy independence,” its citizens should not abandon the country’s agricultural and other industrial prospects as the emerging oil and gas sector here is developed.

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.

Op­po­si­tion Leader Kam­la Per­sad-Bisses­sar will speak to the Guyanese pri­vate sec­tor on lessons Trinidad and To­ba­go has learned on man­ag­ing oil and gas rev­enues when she at­tends a func­tion in Guyana today.

Caribbean Surgery Inc. (CSI) has partnered with a Canadian-based company – Safework Solutions – to launch the Caribbean Safework Solutions Inc.

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.

The doors of oil services company G-Boats’ local office were officially opened last evening with a heavy emphasis on supporting local content through the employment of Guyanese.

Having realized nine oil finds offshore Guyana since 2015, oil and gas people.com

The local ExxonMobil subsidiary and its partners Hess Guyana Exploration Ltd (Hess) and CNOOC Nexen Petroleum Guyana Ltd (Nexen) have been added as parties in the challenge filed by Ramon Gaskin to the grant of a petroleum production licence to the latter two companies.

Introduction During the recently-concluded United Nations General Assembly in New York, USA, the Guyana Delegation led by Foreign Minister Carl Greenidge facilitated a meeting between the Governor of the Bank of Guyana and representatives of Merrill Lynch, the investment arm of the Bank of America Corporation which had expressed an interest in Guyana’s proposed Sovereign Wealth Fund.

Anti-corruption watchdog, the Transparency Institute of Guyana Inc (TIGI) says ministers of government should give more than oral assurances to issues of conflict of interest and the Integrity Commission should lead the way in having sound policies to address the issue.

A government ad seeking consultancy services for auditing cost recovery expenses submitted by ExxonMobil has been criticised as “shoddy” and concern expressed that the “deficient” scope of the audit could see Guyana losing millions of dollars.

With its tax affairs here coming under increasing scrutiny, ExxonMobil’s subsidiary here, EEPGL has advertised for a tax adviser.

Introduction Today’s column is numbered 16 in the sequence devoted to evaluating the “top-10 development challenges” that I predict spending Guyana’s Government Take from the coming petroleum sector  has to navigate.

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.

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.

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.