In an interview with hosts of the Women Empowerment Program ( Ramona Luthi & Martina McDonald-Johnson ) on EdYou FM earlier this week, CEO Kurt Baboolall and Accounts Manager Shamar Joseph provided exclusive insights into the upcoming Guyana Energy Conference and Supply Chain Expo 2024.

Scheduled to unfold from February 19 to 22, the expo is set to pivot around the theme “Fueling Transformation and Modernisation,” marking a strategic shift from the previous year’s focus on harnessing energy for development.

According to Baboolall, this new theme will mirror Guyana’s ambitious use of energy resources to spearhead sustainable development across key sectors.

Aiming for broader inclusivity, the expo will introduce an International Food Bar, offering global cuisines, including dishes representing Guyana’s Amerindian heritage. The intent is to foster unity and cultural appreciation among attendees.

Moving beyond its core business focus, the expo is planned to feature local cultural programs during lunch and intermittent periods. The organizers envision providing attendees, regardless of age, with a deeper understanding of Guyana’s culture and energy landscape.

The event is anticipated to host distinguished speakers, including His Excellency Shiekh Mohamed Bin Altani of Qatar, the Prime Minister of the Bahamas, Hubert Minnis, Prime Minister Keith Rowley of Trinidad and Tobago, and His Excellency, Chan Santokhi of Suriname, among others. Notable figures like Andrew Parsons, Minister of Energy for Canada, and Daniel Jurgen, a Nobel Prize winner, are expected to contribute their insights. Over 18 countries are expected to be represented, fostering collaboration across diverse industries.

A notable segment of this year’s agenda is the Youth Forum on the fourth day. The panel is expected to comprise professionals from varied backgrounds, offering valuable insights, best practices, challenges, and guidance for aspiring young professionals entering the industry.

The expo promises to provide a platform for diverse industries, including agriculture, health, ICT, infrastructure, logistics, hospitality, labor, and education.

Interested participants are encouraged to register at www.guyanaenergy.gy, with a reminder to bring CVs and business cards for networking opportunities. The event will be open to everyone, with free entry for children.

The Guyana Energy Conference and Supply Chain Expo 2024 is expected to be a hub of knowledge exchange, collaboration, and cultural celebration. As Guyana sets its sights on sustainable development, this event is anticipated to stand as a vital platform for professionals and enthusiasts alike to contribute to the nation’s growth.

For additional information, attendees are expected to contact 640-5519, 640-5515, or 640-5512.

MODEC has signed a contract for the “Uaru” development project

Nov 01, 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.”

Third FPSO starts oil production, Guyana moving towards 620,000 barrels of oil daily

Nov 14, 2023

The Prosperity, the third Floating Production Storage and Offloading (FPSO) vessel operating in the prolific Stabroek Block offshore Guyana, started oil production on Tuesday.

This vessel arrived in Guyana in April and start-up works have been ongoing since. With this vessel, total production capacity in Guyana will increase to about 620,000 barrels of oil per day. The Liza Destiny and Liza Unity FPSOs were already operating in the Stabroek Block.

See below the full release from ExxonMobil Guyana:

ExxonMobil started production today at Payara, Guyana’s third offshore oil development on the Stabroek Block, bringing total production capacity in Guyana to approximately 620,000 barrels per day.

The Prosperity floating, production, storage and offloading (FPSO) vessel is expected to reach initial production of approximately 220,000 barrels per day over the first half of next year as new wells come online. This additional capacity will be the third major milestone towards reaching a combined production capacity of more than 1.2 million barrels per day on the Stabroek Block by year-end 2027.

“Each new project supports economic development and access to resources that will benefit Guyanese communities while also helping to meet the world’s energy demand,” said Liam Mallon, president of ExxonMobil Upstream Company. “We’re pleased to work in partnership with the Guyanese government to make reliable energy accessible and sustainable.”

ExxonMobil Guyana anticipates six FPSOs will be in operation on the Stabroek Block by year-end 2027. Yellowtail and Uaru, the fourth and fifth projects, are in progress and will each produce approximately 250,000 barrels of oil per day. The company is working with the government of Guyana to secure regulatory approvals for a sixth project at Whiptail.

Prosperity joins the Liza Unity as two of the world’s first FPSOs to be awarded the SUSTAIN-1 notation by the American Bureau of Shipping in recognition of the sustainability of its design, documentation and operational procedures. ExxonMobil’s Guyana developments are generating around 30% lower greenhouse gas intensity than the average of ExxonMobil’s upstream portfolio. According to the independent research firm Rystad Energy, they are also among the best performing in the world with respect to emissions intensity, outpacing 75% of global oil and gas producing assets.

Some 6,000 Guyanese are now supporting ExxonMobil Guyana’s activities in the country, representing more than two-thirds of the local oil and gas workforce. The company and its direct contractors have spent more than $1.2 billion with more than 1,500 Guyanese suppliers since operations began in 2015. Production started in December 2019.

Guyana Says Oil Producers Are Moving Ahead Despite Venezuela’s Threats

Dec 11, 2023

Oil majors operating in Guyana’s waters are “moving ahead aggressively” with production plans despite Venezuela’s threats to take over the region in an escalating border conflict, according to President Irfaan Ali.

Speaking from Georgetown, Ali said Guyana’s troops are prepared to defend the nation’s territory after Venezuela’s Nicolas Maduro revived a long-dormant dispute over the Essequibo, a swath roughly the size of Florida where major oil discoveries have been made in recent years. Companies operating there were not intimidated by orders from the Venezuelan leader to leave the region, he added.

“There’s absolutely no slowing down” in production plans, Ali said in a video interview on Monday. “We are on the right side of international law, on the right side of ethics, and on the right side of history.”

Maduro last week told Exxon Mobil Corp. and others to withdraw from the area within three months, leaving Brazil and other Latin American nations on high alert about the possibility of an armed conflict in the region. Exxon leads a joint venture that includes Hess Corp. on Guyana’s Stabroek Block, home to the world’s largest crude discovery of the past decade.

Ali and Maduro are set to meet on Thursday on the island nation of St. Vincent and the Grenadines in a bid to deescalate tension. The dispute intensified in recent years as the massive oil discoveries off the coast of Guyana led the small English-speaking nation to become the world’s fastest-growing economy.

Estimates that Guyana’s economy will grow 25%-30% a year in the medium-term are “very conservative,” said Ali, who is targeting more than 1.2 million barrels of daily production in the coming years.

“We are continuing to ensure that we are in a position with our international partners to defend what is ours,” Ali said. “But make no mistake, our troops are going to ensure the territorial integrity and sovereignty of Guyana is respected.”

Border Dispute

Venezuelan President Nicolas Maduro is reviving a century-old border dispute over Guyana’s Essequibo region

Sources: Guyana Ministry of Foreign Affairs; Venezuela’s National Organisation for Maritime Safety; José R. Gamero Lanz

Venezuelan Politics

The escalating dispute over the Essequibo is largely seen as an attempt by Maduro to rally the population with a nationalistic rhetoric ahead of next year’s presidential elections. The Venezuelan leader is widely expected to run for a third term, despite his low poll ratings and the rise of opponent María Corina Machado’s popularity.

Machado is currently banned from holding office, though Venezuela has outlined a legal path to restore her eligibility, under pressure from the US. In exchange for reaching an agreement with some opposition leaders, the US Treasury eased oil sanctions on Caracas last month, allowing foreign companies including Chevron Corp. to expand operations in the country and increase exports, providing Venezuela with much-needed revenue.

Guyana has insisted that the Essequibo is within its borders. The matter is currently being considered by the International Court of Justice, though Maduro has said he doesn’t recognize its jurisdiction.

Venezuelans Vote on Guyana-Venezuela Essequibo Territory Dispute Referendum
A member of the National Bolivarian Police (PNG) rides past a mural that reads “The Essequibo Is Ours,” during a referendum vote in Caracas, Venezuela, on Sunday, Dec. 3.Photographer: Gaby Oraa/Bloomberg

In a press briefing on Monday, Venezuela’s Foreign Affairs Minister Yvan Gil told reporters that Guyana’s oil licenses in the region were “illegal” and Maduro’s government was willing to find formulas for “shared development.”

Lula’s Mediation

The belligerence toward Guyana has put a strain on Maduro’s recently restored relationship with Brazil, by forcing longtime ally President Luiz Inacio Lula da Silva to mediate the conflict between his northern neighbors. In a phone call Saturday, Lula told Maduro to avoid unilateral measures that could deepen the crisis, according to a statement from Lula’s press office. -=

While Lula had been invited at the request of the two countries, top foreign affairs adviser Celso Amorim will go in his place, according to a government official familiar with the negotiations. The meeting is being organized by the Community of Latin American and Caribbean States, or CELAC, and the Caribbean Community

Lula’s support has been “unwavering,” said Ali. A good relationship with its northern neighbor is benefiting Brazil as the countries build a deep water port off the Guyanese coast that will allow output from northern Brazil to cut as many as eight days in transportation time to the Atlantic, he said.

“We want the region to know that we will do everything within our power to ensure the region remains peaceful and stable,” Ali said. “We have a responsibility to ensure that we explore every avenue to have Venezuela deescalate this level of aggression and threat, and then for us to move toward a peaceful coexistence.”

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