International Energy Sector Outlook
Keynote Address: Amy Myers Jaffe, Director of the Energy, Climate Justice, and Sustainability Lab and Research Professor at New York University’s School of Professional Studies
Keynote Address: Amy Myers Jaffe, Director of the Energy, Climate Justice, and Sustainability Lab and Research Professor at New York University’s School of Professional Studies
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National Energy is a wholly owned subsidiary of The National Gas Company of Trinidad and Tobago Limited (NGC) and, for more than 40 years, has been committed to the development of infrastructure to support the energy industry, while providing quality service in the area of natural gas-based development. The Company’s mandate is: “The conceptualisation, promotion, development and facilitation of sustainable energy-based and downstream industries locally and internationally.” Additionally, in keeping with its mandate, National Energy provides energy services in the areas of: Project development, Project appraisal and evaluation, Facilitation of negotiations and discussions between investors and state agencies, Feasibility studies, Provision of site and related infrastructure, Provision of marine services and vessels, Development and operation of industrial estates and ports.
Learn more: https://nationalenergy.tt/
Established on 23rd June- 1966, Marics and Company Limited became the sole distributor for Honda products in Guyana. In 2011, Marics experienced new owners, with a new management team, who restructured the original business model to better suit our customers and the company.
Today, we supply a diverse line of eco-friendly Power Products, vehicles, ATVs and motorcycles. We also stock a large inventory of spares and promote reliable after sales services.
At Marics, we believe in offering exceptional customer service and value our customer’s feedback which will aid in further building and promoting the Honda brand. We are optimistic that the Honda brand will continue to succeed in our local market due to its durability, innovation and technological achievements.
Honda… “The Power of Dreams”.
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Services: A plethora of companies coming together to offer a wide range of services. Some of the services offered are air transportation (Helicopters), Construction (civil works), WIFI voice and data services, fire-fighting equipment, smart cities and environmental impact assessment, social impact assessment, environmental management plan, environmental permit procedures, annual reports, air quality testing, noise level monitoring, water quality monitoring among others. We are here to serve and provide high-quality services for our clients!
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WCCG advocates for and actively works to create equal and fair business opportunities by fostering an environment that nurtures the growth of women-owned businesses in Guyana. We propel and support business success for our members through network building, collaboration, sensitization, educational resources, and advocacy in various areas.
The Women’s Chamber of Commerce of Guyana assists its members (women business owners) meet international standards and become certified to benefit equitably from procurement opportunities from major purchasing entities and certified minority and women suppliers. The Women’s Chamber membership includes women that reflect diversity in both ethnicity, industry and business stages.
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VSH United (Guyana) Inc was established on May 2015 in Georgetown, Guyana. Specialises in safety products, logistic services, real estate. They are also the sole distributors for Ansell and HexAmour.
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Panthera Solutions Inc. is positioned to provide world-class solutions to both onshore and offshore oil & gas industries. The company is owned and operated by 2020 FMCG Inc., a majority-owned Guyanese partnership between Farfan & Mendes and Canadian-owned Crosbie.
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Laser Services of Guyana offers a unique mobile laser ablation service. We are certified by American Petroleum Institute (pending) and the Laser Institute of America. Our service trucks are on the road throughout Guyana. All of which are fully equipped with the latest laser cleaning technology. Laser ablation is a relatively new non-contact surface cleaning technology, which mainly uses laser beam to act on the surface of the workpiece, so that the surface stains, oxides or coatings can be evaporated and gasified or thermally expanded in an instant, so as to achieve the effect of surface cleaning and purification. Our Environmentally friendly service will not leave harmful chemical, mechanical or thermal strain on the substrate. Further chemical cleaning materials are not required, and any waste can be easily removed via a vacuum. Many sectors, like oil and gas, aerospace and general industry can benefit from our eco-friendly service.
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Our country is largely part of Amazon rain forest, a natural habitat under constant threat of environmental damage. With a rapidly growing urban and rural population, and major expansion of the economy in mining, wood logging, eco tourism and other industries in our interior, the need has arisen for modern construction techniques and materials, and utilities solutions with minimal environmental impact. Icarus Systems NV was established to meet these needs.
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We are a specialized company that provides technical support, instrumentation and equipment for everything encompassing the industrial production of gas and oil. The quality of our products and services has been tried and tested in the hydrocarbon industry for years and we are looking forward to being leaders in this area of the transition that Guyana is experiencing.
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Dan Bunkering is a global leader in supplying Maritime fuels and logistical Solutions.
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Full Service office solutions provider, we sell/install commercial furniture, flooring, storage systems, window covering, etc. We are the official dealer of steel case furniture and have an in-house design support department to assist clients in meeting their needs.
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Suppliers of traffic management products, soil retention and stabolization products. (geotextiles|geogrids|geocells)
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RUBIS Guyana Inc. is a downstream petroleum company that specializes in the marketing and distribution of a wide range of petroleum products in Guyana. The company is in existence for over a decade in Guyana and is supported by a team of eminently qualified employees in the petroleum sector. RUBIS Guyana’s suite of products includes gasoline, diesel, kerosene, fuel oil, lubricants, avgas and avjet. The company is geared towards satisfying the needs of retail consumers through its network of gas stations and as well the commercial and industrial sectors via conventional and customized solutions.
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HytorcCaribbean is an industrial equipment, machinery, and tools distributor operating since 2008. Our head office is in San Juan, Puerto Rico, with supporting satellite offices in the Dominican Republic, Trinidad and Tobago, and -soon-Guyana. Besides supplying HYTORC, the world’s most trusted industrial bolting equipment as our main brand, we currently distribute Mactech, Genesis, Kudos, BVA Hydraulics, Abatement Technologies, Air Systems, MK Diamond Products, CS Unitec, and Durapac equipment. HytorcCaribbean supports its clients and helps them succeed and solve novel issues encountered in industrial maintenance operations. Our high-quality products and reliable service help achieve our clients’ success stories.
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We specialize in many areas of technology including email archiving, oms, endpoint protection, backup solutions, RMM, Cyber Security Solutions, VDI, MFA, etc.
Export Barbados (BIDC) is a statutory corporation with a mission to increase the exporting of Barbadian goods and services globally through innovation and sustainable development.
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As a subsidiary of ANSA McAL Group of Companies. we are the authorized dealership of Suzuki, Mitsubishi, FUSO, Freightliner, Hyster. Yale and JinBei. We offer the sale of new vehicles (ranging from passenger & light duty vehicles to heavy duty commercial units). premium after sales service, long and short-term rentals and leasing packaqes. genuine spare parts and unbeatable warranties.
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Cevons Waste Management started as a private Waste Collection Company in May 1997 and today has become the Market leader in the waste industry in Guyana. We offer an impressive range of waste management services to the private and public sectors.
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RE/MAX is distinguished by the largest market share in the world measured through volume of real estate transactions. It has achieved this distinction through its strength in being a fierce competitor for the best agents; their numbers now approximating 140,000. Fitting the RE/MAX agent profile for hard work, popular Toronto Community Realtor Shiv Misir along with two partners have just now entered into a Master Franchise agreement with RE/MAX International to conduct real estate operations in Guyana.
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We manfacture metal components for the gas and oil industries as well as other manufacturing sectors.
GPL is the largest supplier of electricty in Guyana encompassing three counties – Demerara, Essequibo & Berbice.
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Century Tamara Logistic Services (CTLS) is a locally owned and operated oil & gas technical and support services company registered in Guyana. Our range of services include: Transportation (Executive, Crew change, Shuttling Services, Meet and Greet Services), Recruitment and Manpower Supply, Janitorial Services, Property Management, Procurement and Supply Chain Support and Visa and Immigration Services
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BDO delivers assurance, tax, financial advisory, and consulting services to clients throughout the country and around the globe. We offer numerous industry-specific practices, world-class resources, and an unparalleled commitment to meeting our clients’ needs.
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2020 FMCG Inc., operating as Farfan & Mendes, A Crosbie Member Company. Farfan & Mendes (F&M), one of Guyana’s most highly respected family-owned businesses, was first incorporated in Guyana in 1967. On January 1, 2021, the joint venture 2020 FMCG Inc. was formed, a partnership between Guyana owned Farfan & Mendes and Canadian owned Crosbie. As a majority-owned Guyanese company, Farfan & Mendes employs over 120 people and is active in forestry, mining, alternative energy, industrial service sector, and oil & gas.
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The Guyana Oil Company Limited is Guyana’s very own distributor of petroleum products and lubricants.
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Crown Port and Industrial Park is a 160-Acre multi-faceted facility being developed two miles from the Cheddi Jagan International Airport. This facility will be of significant benefit to any company that decides to invest jointly or independently. Featuring 1km of riverfront access to the Demerara River, CPIP is positioned to be a convenient location for wharfage, warehousing, cold storage, waste management, laydown yard, and fuel depot among others. Please visit us at the International Energy Expo in Guyana 2023 to understand how synergy between your company and ours can benefit your business operations.
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Rigtech are the leading suppliers of corrosion prevention and protective materials for Oil & Gas, Renewable and Shipping Industries. Learn more here
TUESDAY, NOVEMBER 1 , 2022
MODEC has announced that it has signed a contract to perform Front End Engineering and Design (FEED) for a Floating Production, Storage, and Offloading vessel (FPSO) for the “Uaru” development project. The FEED contract award relates to the initial funding by ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), to begin FEED activities related to the FPSO design and to secure the second M350TM hull for FPSO service.
Following FEED and subject to government approvals in Guyana of the development plan, project sanction including the final investment decision by ExxonMobil and EEPGL’s release of the second phase (EPCI) of work, MODEC is expected to construct the FPSO and install it in Guyana. MODEC is also anticipated to operate the FPSO for an initial duration of 10 years, with potential options for continuation.
MODEC will design and construct the FPSO based on its M350 new-build design. Uaru will be the second M350 hull used for FPSO service. The FPSO will be designed to produce 250,000 barrels of oil per day and will have an associated gas treatment capacity of 540 million cubic feet per day and a water injection capacity of 350,000 barrels per day.
The FPSO will be installed in a water depth of about 2000 meters using a SOFEC Spread Mooring System and will be able to store around 2 million barrels of crude oil.
“We are extremely honored and proud to be selected to provide the FEED services for an FPSO for the UARU project,” commented Takeshi Kanamori, President, and CEO of MODEC. “We are equally proud of our robust track record of successful project deliveries in the South America region, and we look forward to cooperating closely with the client and its partners to make this project a success.”
THURSDAY,21st July 2022
SBM Offshore has announced that it has completed the project financing of FPSO ONE GUYANA for a total of US$1.75 billion.,
According to a press release from the company, the project financing was secured by a consortium of 15 international banks. SBM expects to draw the loan in full, phased over the construction period of the FPSO. The financing will become non-recourse once the FPSO is completed and the pre-completion guarantee has been released. The project loan is in line with the duration of the charter hence a two-year tenor post-completion and carries a variable interest rate based on SOFR plus 2.2% margin.
The FPSO ONE GUYANA builds on the experience to date of FPSOs Liza Destiny, Liza Unity and Prosperity.
SBM indicated that the design for FPSO ONE is based on SBM Offshore’s industry leading Fast4Ward® program that incorporates the Company’s new build, multi-purpose hull combined with several standardized topsides modules.
The FPSO will be designed to produce approximately 250,000 barrels of oil per day, will have associated gas treatment capacity of 450 million cubic feet per day and water injection capacity of 300,000 barrels per day. The FPSO will be spread moored in water depth of about 1,800 meters and will be able to store around 2 million barrels of crude oil.
The project is part of the Yellowtail development which is the fourth development within the Stabroek block, circa 200 kilometers offshore Guyana. Esso Exploration and Production Guyana Limited, an affiliate of Exxon Mobil Corporation, is the operator and holds a 45 percent interest in the Stabroek block, Hess Guyana Exploration Ltd. holds a 30 percent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds a 25 percent interest.
Asequith Guyana Inc. is your locally registered Oil and Gas specialist company. Asequith was established with the intent to provide the highest quality service and Supplier of Industrial Safety Supplies and Equipment for both Onshore and Offshore sector. Visit their website: https://asequith.com
We have a team of qualified ASYCUDA brokers and trained assistant brokers along with technical staff with years of experience in both brokerage and the shipping fields. N&S Algoo provides fast, reliable & accurate customs brokerage services to our customers with over 20 years of experience. Visit their website: N&S Algoo Licensed Customs Brokerage Services Inc. (nsalgoobrokerage.com)
The Guyana National Bureau of Standards (GNBS), operating under the Ministry of Tourism Industry and Commerce is a semi-autonomous governmental organization responsible for standards and quality in Guyana. There role is to:
Visit their website: Home – GNBS (gnbsgy.org)
MONDAY, 2nd AUGUST, 2022
Subsea 7 and Van Oord have announced the award of a substantial contract by ExxonMobil affiliate Esso Exploration and Production Guyana Limited (EEPGL) for the Gas to Energy project offshore Guyana, in water depths of up to 1,450 metres. Although a contract value has not been announced, Subsea 7 has indicated that the contract is between USD150m and USD300m
The scope covers the project management, engineering, and installation of approximately 190 kilometres of pipeline, with an associated shallow water portion and onshore approach making landfall to the west of the Demerara River, along the coast of Guyana.
Craig Broussard, Vice President for Subsea 7 US, said: “We are honoured to have been selected for Guyana Gas to Energy. This is an important project to support the Guyanese people and we look forward to continuing our relationship with EEPGL in one of the most prolific and exciting development basins in the world.”
Hans van Gaalen, Commercial Director for Van Oord, adds: “Van Oord is honoured to have been selected for the Guyana Gas to Energy project in cooperation with Subsea 7. Developing the coastal infrastructure for the project will allow our Subsea 7 and Van Oord consortium to positively contribute to the development of Guyana’s electricity supply which in turn will reduce Guyana’s dependence on imported fuels.”
TUESDAY, 23rd AUGUST, 2022
APA Corporation has announced an oil discovery offshore Suriname at Baja-1 in Block 53. The company also provided an update on recent drilling operations at Dikkop-1 in Block 58.
Block 53
Baja-1 was drilled to a depth of 5,290 meters (17,356 feet) and encountered 34 meters (112 feet) of net oil pay in a single interval within the Campanian. Preliminary fluid and log analysis indicates light oil with a gas-oil ratio (GOR) of 1,600 to 2,200 standard cubic feet per barrel, in good quality reservoir. The discovery at Baja-1 is a down-dip lobe of the same depositional system as the Krabdagu discovery, 11.5 kilometers to the west in Block 58. Evaluation of open-hole well logs, cores and reservoir fluids is ongoing.
“Our success at Baja marks the 6th oil discovery we have participated in offshore Suriname, and the first on Block 53,” said John J. Christmann, APA CEO and president. “This result confirms our geologic model for the Campanian in the area and helps to de-risk other prospects in the southern portion of both Blocks 53 and 58.”
APA recently received regulatory approval regarding an amendment to the Block 53 Production Sharing Contract (PSC), which provides options to extend the exploration period of the PSC by up to four years. The company is currently progressing the formalization of the election of the first one-year extension, for which all work commitments are complete.
APA is operator and holds a 45% working interest in Block 53, with Petronas holding a 30% working interest and CEPSA holding a 25% working interest. Baja-1 was drilled using the Noble Gerry de Souza in water depths of approximately 1,140 meters (3,740 feet). The drillship will mobilize to Block 58 following the completion of current operations, where it will drill the Awari exploration prospect, approximately 27 kilometers (north) of the Maka Central discovery.
Block 58
APA also announced that operations have concluded on the Dikkop exploration well in Block 58. The well encountered water-bearing sandstones in the targeted interval and has been plugged and abandoned. TotalEnergies is the operator with a 50% working interest, and APA holds the remaining 50% working interest. The drillship Maersk Valiant will be moving to the Sapakara field to drill a second appraisal well at Sapakara South, where the joint venture conducted a successful flow test late last year.
SUNDAY, September 11, 2022
Prime Minister, Brigadier (Ret’d), the Honourable Mark Phillips, said the Government intends to continuously bolster investments in human capital to build local content capacity and foster a sustainable future for all Guyanese.
He made the remarks while attending the official launch of the US$20m 3T EnerMech Guyana Training Centre of Excellence and graduation ceremony at the company’s headquarters in Lusignan, East Coast Demerara.
The launch of the petroleum training facility, the Prime Minister noted, would enhance Guyana’s human resource development.
“A crucial factor to the success of our nation lies in our people. We must ensure that we utilise the benefits of the oil and gas sector to build a bright future for this, the next generation of Guyanese and beyond. To do that, we must undertake a culture of ownership, a culture where our local content – our people – can thrive and that includes within the workforce itself.”
The training facility, Guyana’s premier in-country, state-of-the-art facility is a collaborative venture between 3t EnerMech, Orinduik Development Incorporated and Windsor Technologies.
Persons will be taught through blended learning software and technology, and via fully immersive simulators for high-hazard activity learning.
CUTTING EDGE DEVELOPMENT
Prime Minister Phillips, during his address, lauded the drive and innovation of the facility and those responsible for its establishment.
“As the first entity with approval to deliver OPITO (Offshore Petroleum Industry Training Organisation)-accredited training to the oil and gas sector in Guyana, our human resources are now strengthened at a global standard to actively and competently participate in the building of this new and abundant area of the country. With an industry that requires high skills and knowledge, it is reassuring to know that these capacities can be imparted to our people without having to leave their home soil.”
LOCAL CONTENT AT WORK
The Senior Government Official added that the “benefit of strong partnerships can never be understated, for these are the binds that allow goals that may otherwise seem unattainable to be achieved”.
He said that the Government would collaborate with 3t EnerMech to offer a blended technical and vocational training programme for Guyanese interested in careers in the oil and gas industry through the Guyana Online Academy of Learning (GOAL).
“Our Government has continually engaged in the training of our workforce to be able to occupy positions in the oil and gas sector and contribute to the building of this sector, which extends to the development of Guyana. In the past, much of this training was conducted away from home, but today, and from hereon, our people will be able to access such training right here in Guyana.”
In conjunction with the launch, the graduation ceremony, for the first group of students, was also held.
To this end, the Prime Minister charged the graduates to put their skills to use.
“I congratulate the first cohort of participants who underwent training at this facility. May you take your skills and put them to their fullest use as you proceed in your daily tasks of helping to build a better Guyana.”
He said that as a people, Guyana’s success depends on proper resource management, transparency and accountability.
The training programme provides a level one qualification from the Engineering Construction Industry Training Board (ECITB) and is divided into three phases: pre-learning assessment and safe passport, which are completed online, and the technical pathway, which is the practical journey, which is completed at the 3T EnerMech headquarters.
TUESDAY, OCTOBER 5 , 2022
Globally gas prices are an increasing burden to the motoring public however, in Guyana consumers will be seeing a further reduction in the prices at the pump in the near future.
The Guyana government through the Ministry of Finance has effectively reduced the cost of gasoline and diesel from the Guyana Oil Company Limited (GUYOIL) in a bid to bring further relief to consumers across the country.
Senior Minister in the Office of the President with responsibility for Finance, Hon. Dr. Ashni Singh announced on behalf of the Government a reduction of gasoline and diesel prices at the pump to be charged by the Guyana Oil Company Ltd (GUYOIL).
The prices at the pump charged by GUYOIL will be reduced as follows: gasoline prices reduced by 20 percent from $269 per litre to $215 per litre; and diesel prices reduced by 15 percent from $265 per litre to $225 per litre.
According to a press release, the Ministry of Finance indicated that during the first half of 2022, global oil prices surged more than 50 percent, increasing from US$77 per barrel at the end December 2021 to US$120 in June of this year; having risen as high as US$137 per barrel primarily because of the Russian invasion of Ukraine. The impact of the dramatic increases in oil prices were significant and given the interconnected nature of the global economy, translated into higher cost of landing fuel in Guyana.
The press release states that, to mitigate the impact of rising global fuel prices on domestic consumers and the productive sectors to which fuel is a key input, the Government lowered the Excise Tax rate on both gasoline and diesel from 10 percent to 0 percent in March of this year. It would be recalled that, previously, during the Budget 2022 presentation, the Government lowered the Excise Tax on both gasoline and diesel from 20 percent to 10 percent to minimize the impact of rising global oil prices.
The Government has been progressively lowering the Excise Tax rate on both gasoline and diesel, from 50 percent to 35 percent in February 2021, 35 percent to 20 percent in October 2021, in keeping with Government’s policy to adjust the taxes on fuel, to mitigate the impact of rising fuel prices on the world market.
Since resuming office in August 2020, the PPP/C Government has implemented a suite of measures to ease cost of living pressures and to improve disposable incomes. In an ongoing effort to address these issues head-on and to mitigate the effects of rising prices globally on all Guyanese citizens.
The reduction in excise taxes is one such of several measures implemented by the Government since assuming office.
Sol has an obligation to its employees, customers, investors, suppliers and communities to act responsibly and do the right things when it comes to
Comfort Sleep has been importing furniture but it sticks very much to what it does best, producing high quality foam mattresses for everyone. Also on the market is its new line of outdoor furniture. Comfort Inn & Suites aims is to please well-being of guests with a variety of new, improved cleanliness protocols and products. Visit their website: Comfort Sleep – sleep on… dream on…
WEDNESDAY, 21 July 2022
The Seabob-1 well encountered approximately 131 feet (40 meters) of high-quality hydrocarbon-bearing sandstone and was drilled in 4,660 feet (1,421 meters) of water by the Stena Carron drill ship. The Kiru-Kiru-1 well encountered approximately 98 feet (30 meters) of high-quality hydrocarbon-bearing sandstone and was drilled by the Stena DrillMAX in 5,760 feet (1,756 meters) of water. Drilling operations at Kiru-Kiru are ongoing.
“ExxonMobil and its partners continue to accelerate exploration, development and production activities for the benefit of all stakeholders, including the people of Guyana,” said Liam Mallon, president of ExxonMobil Upstream Company. “The resources we are investing in and discovering offshore Guyana will provide safe, secure energy for global markets for decades to come.”
The company’s 2022 investment plans include further exploration drilling and resource development in Guyana, where it is already increasing production at an accelerated, industry-leading pace. Two floating production storage and offloading (FPSO) vessels operating offshore Guyana — Liza Destiny and Liza Unity — have exceeded their initial combined production target of 340,000 barrels of oil per day.
A third project, Payara, is expected to produce 220,000 barrels per day. Construction on its production vessel, the Prosperity FPSO, is approximately five months ahead of schedule with start-up likely before year-end 2023. The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the ONE GUYANA FPSO comes online in 2025.
Guyana’s Stabroek block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45% interest in the block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.
MONDAY 19, JULY 2022
Guyana Shore Base Inc. (GYSBI), a pioneering Guyanese company in the local oil and gas sector has announced that it has inked an 11-year extension contract with Esso Exploration and Production Guyana Limited (EEPGL), an ExxonMobil affiliate for the provision of shore base management and operations services.
According to a release from the company, the contract will run until 2033 and builds on the previous contract, which was awarded to the company in 2017 and will expire in August this year. In these five years, GYSBI has directly invested over USD$300M in enabling port infrastructure, real estate development, warehousing and support services; has recruited, trained and certified more than 1000 Guyanese for key operational positions within the industry and beyond through its affiliates; catalysed greater than USD$500M in investment in the Houston / McDoom, East Bank Demerara corridor by providing the enabling infrastructure and establishing the first oil and gas activity hub in Guyana and creating direct and indirect employment for more than 2000 persons.
At a ceremonial event held on Saturday, July 16 to commemorate the milestone, Guyana’s Minister of Natural Resources, Hon. Vickram Bharrat lauded the signing, noting that GYSBI has become a prime example of what is possible for Guyanese businesses in the country’s relatively new oil and gas sector.
“Let me congratulate and commend GYSBI and ExxonMobil Guyana…We are happy to be here to see this signing… and seeing another Guyanese company taking a big stride. This signing is a clear indication that we are building capacity as we move to develop the oil and gas sector. There is so much that is happening offshore Guyana and it is not only in the Stabroek Block. I am positive that we will have other discoveries. This activity shows that we are moving in the right direction in this country,” he said.
Minister Bharrat noted that with a projection of nearly 11 billion barrels of recoverable resources thus far and further drilling activities taking place, the Government of Guyana is optimistic that more discoveries would be recorded and therefore, more Guyanese companies would be called upon to meet the myriad of services that would be required.
“As a Government, we are not afraid to take bold steps. Some people may say that we are moving too fast and indeed we are moving fast. I don’t think we have seen this pace of developing an oil and gas sector in any country, especially a third world country like Guyana. The Local Content Act was enacted to ensure that Guyanese benefit from the oil and gas sector, which they truly deserve. Guyanese must benefit and as a Government we are entrusted to do with, in partnership with our foreign partners. We see you as valuable partners and we are committed to working with you to ensure we develop these resources in a way that benefits both the people of Guyana and the company,” the Minister noted.
Mr. Robin Muneshwer, Executive Director of GYSBI said that the contract extension builds on five years of significant and continuous investment, hard work, training and development of local capacity to create a world-class facility that meets the specialised needs of the oil and gas industry.
“The first five years that we are about to complete in August were quite challenging but ExxonMobil was a true partner in all of this. They worked with us as we developed because we were starting from scratch in a country that had no oil and gas experience or infrastructure. As we developed, ExxonMobil raised the bar on us and this is where we are at right now. We have got an 11-year extension because we earned it. What we have developed at GYSBI is something we are extremely proud of. Our safety record is unparallel, we have just celebrated two years LTI free. Our operational record is excellent, so it wasn’t handed to us. We have earned it. ExxonMobil has shown a lot of trust and faith in us and worked with us,” Mr. Muneshwer said.
GYSBI’s Executive Director highlighted that the company in 2017 signed a contract for eight acres, two berths and one warehouse. Today, it stands at 170 acres, 8 warehouses and four berths, with further expansions planned. While it started with five employees, GYSBI today has a workforce of 616 persons, 95 percent of whom as Guyanese.
“So, we have grown tremendously and we have grown because of the unparallel success that ExxonMobil has had with their discoveries. We have grown in sync with them. We have also been a poster boy for local content. None of this would have been possible without GYSBI, which is just five years old. We know that we are an integral part of what ExxonMobil does and we do not take that for granted,” he noted.
Ms. Hayley Gilbert, ExxonMobil Guyana’s Logistics Manager said that GYSBI continues to offer comprehensive services that are crucial to the company’s day-to-day operations and has progressively matched its growth and need for additional space with a move over to its 70plus acres Industrial Estate and the commissioning of two heavy lift berths later this year.
“I have personally been able to see the transformation across GYBSI and I can only imagine what we can accomplish together over the eleven years. When you are part of such a significant development on the onset as GYSBI has been with ExxonMobil in Guyana, having continuity and sustainable business has been critical to be able to deliver the achievements that we have seen. ExxonMobil Guyana is proud to be associated with a company that continues to maintain a high standard of health, safety and operational efficiency,” she shared.
Ms. Gilbert highlighted that GYSBI remains critical as ExxonMobil Guyana advances its plans to responsibly develop Guyana’s oil and gas resources.
“The signing of a decade plus agreement shows the long-term commitment between these two business partners. Our relationship has grown over the years as GYSBI has been our conduit from the onshore to the offshore operations, a logistics hub, providing us with world class services including drilling and production operations support, waste management and storage. As the demand for support services has grown, it was clear that the expansion was necessary and GYSBI has responded to grow the multi- user facility that we see today, supporting the specialised needs of the oil and gas sector here in Guyana,” Gilbert said.
The ceremony also saw the attendance of the Attorney General and Minister of Legal Affairs, Hon. Anil Nandlall, Minister of Public Works, Bishop Juan Edghill, Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh, Minister within the Ministry of Public Works, Hon. Deodat Indar, Members of the Private Sector Commission, the Banking Sector, and other specially invited guests.
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.”
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.”
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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AUTHOR:
John Doe Williams
