In keeping with Guyana’s green energy ambition goals, authorities are creating an enabling environment for electric vehicles to become the new norm. According to the Chief Executive Officer (CEO) of the Guyana Energy Agency (GEA), Dr. Mahender Sharma, this entails the construction of charging stations, the training of technicians, and a sweet incentive package.

Sharma expounded on these factors during his inaugural appearance on the Energy Perspectives podcast, a platform powered by the Guyana Energy Conference and Supply Chain Expo.

The GEA official said it was in 2020 that his agency acquired its first electric vehicle.

“We were able to charge it in our building and I drove that vehicle, so I have a firsthand account and it’s extremely enjoyable. If I can continue to afford it for the rest of my life, I don’t want to switch back to a fossil-based vehicle,” said Sharma.

He said this experience was necessary in alleviating some of the initial fears he had which included the impact on certain functions such as air conditioning.

“All of these little idiosyncrasies were addressed simply by experiencing it and it functions like a regular vehicle. There are no issues, maintenance is very low in electric vehicles. I don’t have to change the oil and filter. There is no muffler, no engine. There is very little noise. All I do is put air in the tyres and windshield wash and we’ve been using it that way since 2020,” Sharma said, adding that this encouraged the agency to purchase another in 2023.

At the national level, Sharma said the government made a very significant decision to remove taxes from electric vehicles. “Essentially, you can go and buy an electric vehicle now and you pay absolutely no tax…. Government also instituted a 50% write down allowance on electric vehicles.

“What does that mean? If you operate a business, you can purchase an electric vehicle and you deduct 50% of that value from your profit margin per year, so in two years, you can put the entire cost of that vehicle into your tax declarations. So, you pay that much less taxes for those two years and it’s an extremely attractive incentive for businesses,” said Sharma.

Further to this generous incentive regime, Sharma said mechanics and auto-electricians have been trained, initially with the support of the Inter-American Development Bank (IDB). He said GEA is doing these training sessions, now boasting a complement of 50 mechanics and auto electricians, all of whom have been certified by an expert from the UK.

In terms of charging stations, he said there are six across the country. Dr. Sharma said these are in Parika, the Amazonia Mall, Cheddi Jagan International Airport, Giftland, Little Rock in New Amsterdam, and at the GEA. He said that there is an application that supports the six EV units which can show drivers which charging station is free or busy. Dr. Sharma said there is free charging for electric vehicles, adding another incentive for persons to switch from fossil fuel-based vehicles.

Overall, the GEA official said commendable progress is being made on getting the local market prepared for the electric vehicles industry, in keeping with the nation’s mission to have a green economy by 2030.

Guyana Opens Offshore Bid Round

Dec 09, 2022

Guyana President Dr. Mohamed Irfaan Ali has launched Guyana’s competitive bid round for 14 offshore oil blocks, comprised of eleven shallow water blocks and three ultra-deepwater blocks.

Officially open today, December 9th 2022, the bid round is expected to be open for 4 months and will close on April 14th 2023.

With the massive potential for “25 billion barrels”, President Ali outlined that evaluations of the proposals will take place and following an expedited negotiation period, awards of blocks are expected in Q2 2023.

Minister of Natural Resources Vickram Bharrat is expected to publish a notice in the Official Gazette in keeping with the Petroleum Act.

Guyana has seen extraordinary success with offshore discoveries in the last 5 years. The country continues to grow and expand the opportunities to increase production and the inflow of investment into the energy industry and other sectors. The largest upstream player to date has been Exxon, who produces more than 340,000 barrels of oil per day from two FPSOs. The company has had significant success in Guyana and indicates that additional FPSOs are already in development for future projects.

The government has made it clear in the past that the industry must be to the benefit of all Guyanese citizens. At the launch of the bid round, President Ali, stated, “We are hoping that there will be maximum participation and that Guyana would be part of a partnership that creates greater benefit and greater wins for our country and our people.”

Improved fiscal terms have been outlined that provide greater balance of the share of revenue between the government and contractor, while maintaining Guyana’s competitive edge in the region globally.

The International Energy Conference and Expo will take place from February 14-17 2023 at the Guyana Marriott Hotel. At the conference there will be keynote addresses by the leadership of the country including: His Excellency Dr. Mohamed Irfaan Ali, President of Guyana, Prime Minister Mark Anthony Phillips, Vice President, Dr. Bharrat Jagdeo and Minister of Natural Resources, Vickram Bharrat.

At the conference we will also hear from senior experts in Guyana’s oil and gas sector, including John Hess, Chief Executive Officer, Hess and Alistair Routledge, President, ExxonMobil Guyana.

Energy Conference and Supply Chain Expo seeking to highlight more opportunities for Guyanese in Oil and Gas

Jan 30, 2024

Minister of Natural Resources, Vickram Bharrat believes Guyana has made significant leaps and bounds since the 2023 Energy Conference.

At a press conference this morning on this year’s conference which will take place from the 19th to 22nd February, the Natural Resources Minister said this year’s event will provide additional opportunities to Guyanese businesses across the various sectors.

“By the time of the conference on the 19th of February, we will be producing comfortably at 600,000 barrel per day average. At the last energy conference, we were about 380,000 to 390,000 barrels per day. So, a lot has happened since the last energy conference to this one. And increase in production definitely spells opportunities – opportunities throughout the value chain, opportunities for the private sector in the provision of goods and services,” Minister Bharrat said.

The Natural Resources Minister said the Guyana Energy Conference and Supply Chain Expo will create an ideal platform for small, medium and large-scale businesses and companies to network and build partnerships.

Minister Bharrat said since the Local Content Act was brought into effect in December 2021, there has been an increasing number of joint venture partnerships involving local and foreign companies seeking to tap into the booming oil and gas Industry, as well as other related industries.

He said “since then, we have seen the smooth implementation of the legislation by Local Content Secretariat, and what we have witnessed is a number of joint ventures, partnerships between international investors and our local private sector, and that was the objective of having a Local Content Legislation”.

According to the Minister, given the growth in the industry; the Government is considering the possibility of increasing the number of services listed in Schedule 1 of the Local Content Act. Currently, the schedule caters for 40 services, and details what percentage of those services must be provided by Guyanese-owned and controlled businesses.

Chief Executive Officer (CEO) of the Guyana Energy Conference and Supply Chain Expo, Kurt Baboolall said in addition to the 30 sponsors currently onboard, the country’s premier energy conference has already attracted 200 exhibitors, and hundreds of delegates from 19 different sectors across 21 countries.

He said the Energy Conference and Supply Chain Expo will cover a range of topics, including “Shaping the Future of Energy; Trends and Challenges; Best Practices; Building Resilience in the Global Supply Chain; and Growth and Collaboration – Strategies for Emerging Economies, among others, and Guyanese, he said should seize the opportunity”.

“The way that we have built out the event is that there is access to participate from every level from small businesses to even entrepreneurs, self-employed persons, SMEs to families because it is a family-oriented event. But you can participate by just purchasing a $1000 for an exhibition ticket, come in with your business cards, come in with your proposals, come in with your CVs. There are 200 exhibitors, who are there to interact with you. So, I do believe there is opportunity for every person at different level. There are opportunities for our sponsors, there are opportunities for our exhibitors, there are opportunities for our delegates, and there are opportunities for the persons coming into the exhibition,” he explained.

The President of Guyana, Irfaan Ali; the Prime Minister of Trinidad and Tobago, Dr Keith Rowley; the Prime Minister of The Bahamas, Philip Davis; the Prime Minister of Qatar, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani and the Minister of Industry, Energy, and Technology of Newfoundland, Canada, Andrew Parsons are among the growing list of dignitaries and world leaders, who are expected to join a long list of industry experts, policymakers and foreign officials at the conference next month.

Director of the Guyana Office for Investment (GO-Invest), Dr Peter Ramsaroop; Chairman of the Private Sector, Komal Singh; and GTT’s Chief Operations Officer, Orson Ferguson were among the other officials present at the press conference, offering their wide-ranging support for the upcoming event.

 

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ExxonMobil Guyana renews sponsorship of Energy Conference for second edition in 2023

Nov 18, 2022

ExxonMobil Guyana renews sponsorship of Energy Conference for second edition in 2023
– Government welcomes the International Energy Conference and Expo 2023” says Natural Resources Minister

The International Energy Conference and Expo Guyana 2023 (IECEG 2023) today announced ExxonMobil Guyana as the premier sponsor of the second edition of the Conference & Expo.

Commenting on the sponsorship, President of ExxonMobil Guyana, Alistair Routledge said, The event’s theme, ‘Harnessing Energy for Development’, aligns with our commitment to sustainably produce energy and products to meet society’s needs in a manner that protects people, the environment and communities where we operate.”

Routledge added, “Guyana is a thought-leader on low carbon development with an ambitious strategy to secure growth and prosperity for current and future generations. These credentials, I believe, put Guyana in the driver’s seat on energy issues regionally if not globally, and the International Energy Conference is an ideal platform to learn of developments and engage in the debate. ExxonMobil Guyana is proud to be associated with this event and is excited to be part of the transformational journey taking place in Guyana.”

The Conference, which is expected to assemble policymakers, academics, industry professionals and entrepreneurs from around the world, will again see the participation of Heads of State and Government, and global energy thought-leaders, most notably, Professor Jeffrey D. Sachs, world-renowned economics professor, bestselling author, innovative educator, and global leader in sustainable development.

In acknowledging the sponsorship from ExxonMobil Guyana, Kurt Baboolall, Chief Executive Officer of the International Energy Conference and Expo Guyana said, “We are grateful for the sponsors and exhibitors who are committing resources to supporting the conference and driving the energy conversation.”

Baboolall added, “ExxonMobil, as is demonstrated in Guyana, is an unparalleled leader in energy development today and remains committed to meeting current and future needs for development. The rapid development of energy resources being undertaken by ExxonMobil Guyana has positioned Guyana in the middle of the current global discussions.”

At full capacity, this year’s conference will feature 35 sponsors, 300 exhibitors, and 1200 delegates. Over 60% of all places have been taken and the remaining openings have become extremely competitive to secure.

Minister of Natural Resources, Hon. Vickram Bharrat, who attended the announcement, signalled Government’s continued support of the Conference and Expo saying that “The Government welcomes the International Energy Conference and Expo 2023, this is the second energy expo in Guyana showcasing the opportunities and what Guyana has to offer to the world. Guyana of course is one of the newest oil producing countries in the Latin America and Caribbean region, and we have been moving at an unprecedented rate in developing our oil and gas sector and at the same time we have been incentivizing and working towards developing the traditional non-oil sectors.”

Minister Bharrat further explained, “[The IECEG] It’s not just about showcasing Guyana as an oil producing country but showcasing Guyana as an investment destination, a land that  offers many opportunities across all sectors.”

The Conference and Expo is now entering its second year under the theme ‘Harnessing Energy for Development’ and will be held from February 14-17, 2023 at the Guyana Marriott Hotel, Georgetown, Guyana.

The registration portal for the conference and expo can be found on the conference website, www.guyanaenergy.gy. Pre-registration is now open for sponsors, exhibitors, in-person attendees, virtual attendees, workshop participants, and members of the media, all being done online.

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