More benefits will be reaped from the booming oil and gas sector as the Gas-to-Energy Project is well underway at Wales, West Bank Demerara. This project is in keeping with the government’s commitment of ensuring that electricity costs are cut by 50 per cent in the near future. The administration’s manifesto promise featured a dedication to embracing innovative renewable energy technologies and providing incentives to reduce dependency on fossil fuels.
Cabinet has granted its approval for the auctioning of 14 oil blocks offshore Guyana, Vice President, Dr Bharrat Jagdeo announced on Thursday during a press conference at Office of the President. The auction was initially slated for the end of September, however, the vice president noted that extensive preparatory work had to be completed. Government hired IHS Market as the lead consultant for this process.
Guyana’s Vice President, Dr. Bharrat Jagdeo on Thursday, 3rd of November, 2022, announced new fiscal terms as part of an updated model Production Sharing Agreement being introduced in the new oil producing South American country, Guyana.
A recent survey carried out by the Guyana, South America publication shows that about 90% of about 200 Guyanese surveyed are sorely disappointed in the results of oil exploration in Guyana since it began in 2015, and starting exporting first oil in late 2019.
We have noted with considerable concern, a statement made by the Chairman of Ramps Logistics Guyana, Mr. Shaun Rampersaud, published in the Stabroek News on 23rd October, 2022, with regard to the Guyanese Private Sector on the subject of our country’s Local Content Policy which has no basis in fact nor reality, which, to say the least, is totally misguided and completely out of place.
ExxonMobil today announced two discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, adding to its extensive portfolio of development opportunities. ExxonMobil has made more than 30 discoveries on the block since 2015, and it has ramped up offshore development and production at a pace that far exceeds the industry average.
Trouble in the motherland? Guyana’s former colonizer seems to be wrestling with economic turmoil, and a recent report from a popular UK newspaper suggests that the economic nosedive is affecting education in England. According to a report by the Guardian, nine out of ten schools in England will have run of money by the next school year as they struggle with rising energy costs and salaries.
DHL is a worldwide shipping and logistics company which delivers packages with speed and efficiency. However, when it comes to Guyana, the general incompetence and airheadedness existing across the country takes over – making it difficult for people to do business with Guyana in general, and serving as a strong deterrent to progress in the country. This incompetence is replicated in various sectors across the country keeping Guyana in the stone ages while other countries keep advancing at the speed of light.
To put this into perspective. If an ordinary citizen has GY$210,000.00 in the bank, that money is now worth just US$1000.00. If the Guyana dollar is reevaluated, for example, to 4 Guyana dollars to 1 US dollar, that GY$210,000.00 will be instantly transformed to US$52,500.00.
Guyana and its Western neighbor, Venezuela, are projected to be the two countries with the fastest economic growths for the year 2022, but Guyana is far ahead of Venezuela in this respect.
A US Firm is in the process of setting up a US$200 million oil refinery which will double as a Petrochemical Manufacturing Complex in Guyana, South America. It will be located on 492 acres of waterfront land at Plantation York. The project is currently awaiting the greenlight from Guyana’s Environmental Protection Agency.
Vice Chairman of GUYSUCO, Mr. Anthony Viera, has resigned allegedly because of clashes with the CEO, Sasenarine Singh. The most recent and pronounced disagreement was over the purchase of tractors for the company. Mr. Viera says that he believes that Mr. Singh is not competent enough for the position he holds. This is his story.
So far, Guyana has earned more than 800 million United States dollars from oil revenues since the start of oil extraction in December 2019. But things are about to get better. Guyana is projected to break the 1 billion US dollars mark in oil revenues by the end of December, 2022. And barring the unforeseen, it’s uphill from there.
Reminiscent of the dark days of the Burnham dictatorship era, the streets of Guyana are once again seeing Guyanese lining up for foodstuff – this time, only sugar – but it’s still defined as “food shortage.” It is not clear what exactly is causing the shortage of sugar as the CEO of GUYSUCO boasts that GUYSUCO is exceeding its sugar production projects, but sugar shortage has become an all too real thing in Guyana.
Following public outcry over the scarcity and exorbitant prices of sugar across Guyana, the President of Guyana, Dr. Irfaan Ali, has stepped up to the plate and helped to regulate the price and distribution of sugar across the country.
During a recent State House event, President Ali boasted about the immense benefits that the Government’s Gas to Energy Project will bring to the citizens of Guyana, South America. The President explained how the Gas to Energy Project will reduce cost of living for citizens of Guyana, saving them collectively an estimated GY$27 billion which can be used for other commodities or savings.
Not too long ago, Guyana, with its miniscule population, was cheering its massive oil discoveries which to date have amounted to more than 11 billion oil equivalent barrels. Guyana, right after the Middle Eastern Oil Giant Kuwait, now boasts the second highest proven oil reserves per capita. But recent discoveries in the tiny Dutch speaking country of Suriname may see it leaving Guyana trailing behind in its dust.
Underpayment, exploitation, and mistreatment of working class citizens serve as a deterrent for Guyanese citizens needing to enter the workforce. It may discourage young people from seeking employment and push them into a life of crime. It may also push talented persons to seek employment abroad – further contributing to the ongoing brain drain from which Guyana has suffered for decades.
The proven oil reserve “per capita” is calculated as the number of barrels of proven oil reserves divided by the population of the country. The proven oil reserves per capita is a theoretical indicator of how many barrels of oil we can allocate to each citizen. In other, words, if we share out all the oil in reserve to the citizens equally, how many barrels will each get?
EXXONMOBIL announced yesterday, 26th of April, 2022, that it has once again struck gold offshore Guyana. Three new discoveries Guyana have driven the Stabroek resource estimate to 11 billion barrels. This brings the total number of discoveries offshore Guyana in 2022 to 5.