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.
GO-NDE’s new “Learn and Earn” training program grants 24 Guyanese fast-track introduction to oil sector
The 24 qualified individuals, according to GO NDE, will receive health and safety training in addition to free training and licensing up to the level of Non-Destructive Testing (NDT) ISO 9712 combination inspector.
The program has four phases; recruitment, non-destructive testing training, rope access training, and offshore training. The list of minimum requirements for suited applicants can be found here.
GO NDE said Phase two includes training in the several disciplines certified to the NDT ISO 9712 global standard.
The program then continues with an additional eight applicants from Phase two, completing Phases three and four which involve participating in more advanced technical training and mandatory offshore training; the Basic Offshore Safety Induction and Emergency Training (BOSIET), Compressed Air Emergency Breathing System (CA-EBS) Initial Deployment Training, Tuberculosis QuantiFERON Testing, and OGUK/UKOOA Medical Screening.
“GO NDE Inc and Global Compliance Inc. intend to provide this program 100% Subsidized to the participants who will also receive a stipend whilst the program is ongoing. The program is geared towards providing opportunities to the Guyanese people, regardless of gender, age, ethnicity, once all the pre-requisites are met,” the company said.
International Energy Conference and Expo hails Scotiabank Guyana for coming on board this year
The International Energy Conference and Expo is hailing the exemplary contribution from Scotiabank Guyana as the lone financial institution to sponsor the Conference and Expo this year. Scotiabank Guyana came on board the event as a silver sponsor.
Kurt Baboolall, Chief Executive Officer of the IECEG 2023 said “The aforementioned is fully aligned with our secretariat’s and government’s vision, as such, we are happy that Scotiabank chose to participate at this year’s Conference and Expo. Their participation is evidence of their continuous contribution to Guyana’s economy and support of driving the energy conversation forward. The Secretariat looks forward to their long-term support and applauds their decision to be the first Bank in Guyana to take a significant position sponsor.”
The Bank has operated in Guyana for over 55 years and has four branches strategically placed throughout the country. Scotiabank continues to offer a complete range of retail and commercial banking services, including electronic cash management and merchant services. The Bank also offers business banking services to small and medium-sized enterprises.
Ambica Bissessar – Country Manager (Ag.), Scotiabank Guyana indicated “We were pleased to be a part of this year’s Conference and Expo. It was a great opportunity for us to connect with customers face-to-face, and establish new relationships with the business community. We remain committed to providing the highest level of customer service here in Guyana and are actively working on introducing some enhanced products and services, including a new and improved user experience on Scotia Online Banking.”
Scotiabank Guyana joined a range of other local companies that have signed on for the second edition of the Conference and Expo which included ExxonMobil Guyana, GTT Business Solutions, Hess Corporation, CNOOC Petroleum Guyana Limited, and Digicel Business.
The Conference and Expo was able to garner support from the Guyana Office for Investment (GO-INVEST) and the Government of Guyana. The event attracted over 30 sponsors, almost 200 exhibitors and saw over 1000 attendees to the Conference and Expo daily.
CGX and Frontera set to spud Wei-1 and construction begins at deepwater port in Berbice
Canadian based CGX Energy along with Frontera Energy Corporation have indicated their readiness to spud (begin drilling) the Wei-1 well in the Corentyne block offshore Guyana.
The partners have issued a press release stating their commitment to drill the Wei-1 well and that final preparations are complete in advance of spudding the Wei-1 well.
The well will be spudded no later than January 31, 2023 utilising the NobleCorp Discoverer semi-submersible mobile drilling unit.
The Wei-1 well will be located approximately 14 kilometres northwest of the Kawa-1 exploration well in the Corentyne block, approximately 200 kilometres offshore from Georgetown, Guyana
To go alongside this activity, CGX intends to support the Government’s effort to accommodate increased vessel activity in Guyana. According to a statement from the partners, in-river construction activity has begun for a deepwater port at Berbice.
Work has already begun at the Berbice Deepwater Port (BDWP) on a 50 x 12 metre access trestle from the quayside yard westward into the Berbice river, together with the necessary dredging of the river.
Construction of the wharf, perpendicular to the trestle, will follow.
The cargo terminal aspects of the BDWP are targeted to commence in mid-2023 and operation of oil and gas support base in late-2023, subject to construction schedules and supply chains.
In collaboration with the Government of Guyana, CGX has shifted the immediate focus of the Port to service expected demand for aggregates and building materials to support the Government’s infrastructure development in Berbice which must be imported into the region from elsewhere in the country and offshore.
Photo credit: www.noblecorp.com
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.
SBM Offshore has announced that it has completed the project financing of FPSO ONE GUYANA for a total of US$1.75 billion., 
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:
