Barbados Signs Cooperation Agreements With Guyana and Suriname

Jul 06, 2022 by admin in  Uncategorized

Wednesday 06, july 2022

The Barbados Ministry of Foreign Affairs and Foreign Trade has announced that Barbados has signed new agreements with two CARICOM neighbors. According to the Ministry, the new agreement provides for enhanced cooperation between the governments and the exploitation of opportunities in several areas of economic activity for their people.

The Agreement for a Strategic Dialogue and Cooperation Platform between Barbados and Suriname was signed by Prime Minister Mia Amor Mottley and President of Suriname Chandrikapersad Santokhi at the Presidential Palace in Paramaribo on Monday night, while the Barbados/Guyana agreement was signed during a break from talks at the 43rd Regular Meeting CARICOM Heads of Government this morning.

This new agreement adds to the agreements previously signed by Barbados, Guyana and Suriname earlier in 2022.

The agreements cover a wide array of cooperation among the three nations.

Responding to the assurance from the Surinamese president that he would hold his ministers and officers to a standard that would ensure the people of the two countries receive maximum benefit from the agreement, Prime Minister Mottley said, “The truth is that we have seen already, substantive engagement between our private sectors. We’ve seen substantive engagement with ordinary people in sports and in other areas. And we are also seeing a very strong and continuous relationship with the government and people of Suriname, because we believe that we have an obligation to work with people in our neighborhood. And you are one of those who, for every reason, it is only language and history that have separated us thus far. And we have come to this point over the last few years to say that that should no longer be a barrier.”

She added, “Suriname is a major player in fisheries. Suriname is the location of CAHFSA, which is responsible for the regulation of sanitary and phytosanitary measures within our community. And if we want to expand our trade in food, if we want to have food security, CAHFSA is going to play a critical role in allowing us to be able to do so.”


Mar 10, 2023

GEORGETOWN, GUYANA, THURSDAY, MARCH 9, 2023: The International Energy Conference and Expo Guyana 2023 is pleased to sponsor the third annual Guyana Women and Girls’ Summit 2023. The event is being organized by the Women’s Chamber of Commerce and Industry Guyana with the event being hosted on Thursday, March 9, 2023, at the Guyana Marriott Hotel, Georgetown, Guyana from 09:00 hrs to 13:30 hrs.

Kurt Baboolall, Chief Executive Officer of the International Energy Conference and Expo Guyana 2023 said, “This year, we are happy to support the Women and Girls’ Summit because it fits with our mission to establish a culture of learning and skill building. Let’s not just honour women and girls one day a year; instead, we should make a sustained endeavour on the part of the government and all societal groups. To ensure that women and girls in our society have access to the same chances as men, we must close any gaps and work for a better future for women and girls.”

The Guyana Women and Girls’ Summit 2023’s main objective is to bring together vulnerable groups of girls aged 14-18, women in entrepreneurship, women in executive leadership, women in the workforce, and women in policy development into a common environment to explore ideas and possibilities for the furtherance of the growth and advancement of our girls and women in all spheres of societal contribution.

At the recently concluded International Energy Conference and Expo Guyana 2023, a panel discussion was held for ‘Women in Energy’ where discussions were had on how women are changing the landscape of how the energy sector is viewed and how their contributions have so far shaped the development of Guyana’s oil and gas industry.

The Women’s Chamber of Commerce and Industry expressed the view that they are elated to welcome the International Energy Conference and Expo Guyana to its lineup of sponsors as they believe this forges a partnership that will create more opportunities for its members to participate in the Oil, Gas, and Energy Sector.

The International Energy Conference and Expo Guyana 2023 lauds the efforts by the  Women’s Chamber of Commerce and Industry Guyana and looks forward to participating in future events to be held by the organization.

Crude ramp-up to reflect 57.8% economic growth in Guyana

Jul 11, 2022

Monday 11, july 2022

Non energy sectors also expected to grow

Guyana has been producing crude since 2019 and since then the country has been one of the top performing economies in Latin America.

When production began, Exxon had one floating production (FPSO) unit in place, Liza Destiny. This had production capacity of 120,000 barrels of oil per day. Since then, Exxon has added on a second FPSO, the Liza Unity which has the capacity of 220,000 barrels per day. The Finance Minister Dr Ashni Singh, has indicated that production is now above 300,000 barrels per day.

Dr Singh estimated that the growth rate of the economy is now expected to be 57.8%. This is a revised estimate up from 47.5% which was made at the beginning of 2022.

Guyana’s production will continue to increase as additional FPSOs are brought into production. SBM is currently constructing the third vessel, Liza Prosperity which will also have a production capacity of 220,000 barrels per day when it comes into service in 2024.

The Minister made these remarks while addressing a visiting delegation from Saudi Arabia. The 65-member Saudi delegation of the private and public sector was led by Deputy Minister for Investors Outreach, Badr Al Badr.

Dr. Singh also indicated that there was positive growth in non-energy sectors and expected that growth in those areas would be 7.7% up from last year’s 4.6%.

He added, “Our government, even in our earliest days of oil production, we have placed the highest level of importance on a strong non-oil economy. Our policies are focused on developing the traditional pillars of our economy and catalysing a rapidly growing, and highly competitive non-oil economy.”

Petrobras buys Guyana crude for refining

Jun 29, 2022

Wednesday 29, june 2022

Guyana’s market reach expands with its first sale of crude to Petrobras, Brazil’s state oil company.

According to Reuters, Petrobras has secured its first cargo of Guyanese crude, with the intention of refining it domestically.

Guyana has been ramping up production, with the start of a second floating production facility in February. It now has the potential to sell two light and sweet oil grades with plans to pump up to 360,000 barrels per day (BPD) this year.

At present, the two operations FPSOs are the Liza Destiny and Liza Unity. The Destiny has a production capacity of 120,000 BPD and the Unity can produce up to 220,000 BPD. Both FPSOs were built by SBM.

According to a Reuters article, the 1-million-barrel cargo of crude loaded last week from the Liza Destiny and departed for Petrobras onboard the Bahamas-flagged tanker Cascade Spirit. The vessel plans to discharge in Brazil at month’s end, according to Refinitiv Eikon data, which did not identify an arrival port.
Natural Resources Minister Vickram Bharrat indicated that there had been two crude lifts from the Liza Unity and Liza Destiny FPSO vessels in the Stabroek block that have been recorded for the month of June, each a million barrels.

He added that the next lifts would be in July and August.

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