The morning session on Day One of the International Energy Conference Guyana 2023 featured speeches from the former president of Colombia, Mr. Ivan Duque; the Prime Minister of Trinidad and Tobago, the Honourable Dr. Keith Rowley; the president of Suriname, His Excellency Mr. Chandrikapersad Santokhi; the Prime Minister of St. Vincent and the Grenadines, the Honourable Dr. Ralph Gonsalves; and ended with His Excellency Dr. Mohamed Irfaan Ali.
Mr. Duque elaborated on the concept of exploiting the richness of the underground to eradicate the poverty above ground. This concept will generate social and economic technological transitions that Guyana will have to make way for in forthcoming years. He stated that a balance between climate action and energy security should exist to see the development of nations such a Colombia and Guyana, where the potential to develop exists. Duque stated that investment in new technologies, understanding the complexities of new kinds of energy can transform Guyana, once considered. “Guyana has the possibility of using the richness of the underground to close the social divide once used intelligently”, said Duque, and praised the existence of the Low Carbon Development Strategy. Mr. Duque stated that ignoring the opportunity to tap into these energy sources will eventually make this energy very costly for both the country and the Caribbean region.
He commented on the vast amount of land space that can be used in Guyana for the opportunity to house equipment to tap into non-conventional renewables, such as solar panels. Duque also called on the consideration of hydrogen as an energy source, alongside oil and gas in a developed Guyana.
“Indigenous communities can help with nature-based solutions…they exercise effective protection of nature”, said Mr. Duque. Future development plans should involve the communities who know the natural environment so that there is little negative impact.
The possibility of food security was also mentioned, as Guyana can be a supplier of food to CARICOM nations in times of crises when there are high prices and high inflation. Mr. Duque concluded by stating that 2030 should see the Low Carbon Development Strategy as a success once it is taken into effect.
His Excellency Mr. Chandrikapersad Santokhi joined the conference virtually via a prerecorded video. He voiced that solar energy has been key to the modern development of Suriname, and that an existing hydropower plant currently powers about 50% of the country. His speech highlighted many ways in which Suriname and Guyana have similar goals in terms of how energy can develop the nation. Santokhi concluded by stating that his government is committed to harnessing energy for development and committed to fighting climate change with clean energy.
Caricom nation leaders, Prime Ministers Dr. Keith Rowley and Dr. Ralph Gonsalves, of Trinidad & Tobago and St. Vincent & the Grenadines respectively, discussed various statistics related to energy development in the islands, their islands’ developments thus far and what more can be done. There were many agreements with Mr. Duque’s points and the bright future of the Caribbean region once effective strategies are put in place.
His Excellency President Dr. Mohamed Irfaan Ali highlighted climate change, food security, and energy security as the three main challenges that Guyana needs to confront. “Guyana has one of the best environmental credentials in the world”, said the president. He stated that a signed agreement with the United States has been able to catalyze the value of our natural resources. The Low Carbon Development Strategy was said to be an area that the government has enhanced, since the issue of climate change is an area that cannot be ignored. President Ali mentioned that there is an aim to increase the barrels of oil captured per day by over 100 billion. He hopes that Guyana can be self-sufficient in five years and eventually be put in a position to export to neighboring regions. His Excellency mentioned that plans are currently being taken to improve how indigenous communities receive electricity.
Preliminary works start for Gas to Power Project in Guyana ahead of FID
President of ExxonMobil Guyana, Alistair Routledge told a news conference yesterday that preliminary works have begun along the route of the pipeline in the West Bank Demerara.
The Gas to Power project involves the construction of a 300mw combined cycle power plant and a natural gas to liquids facility.
Routledge said that in order to ensure the gas-to-energy plant begins electricity generation in 2024, the company has been pushing ahead with “early works”. Such effort includes the construction of roads, bridges and laydown areas on the West Bank Demerara.
The Guyana government has already contracted an American joint venture, CH/LindsayCA, to build the natural gas-fired electricity plant and the natural gas liquids plant for US$759 million.
Exxon and the Ministry of Natural Resources are currently engaged in a review of the Field Development Plan and the update to the licence for the Liza field. Routledge said that once this step was completed, the company would be able to make the final investment decision (FID) around requirements for the project to proceed.
As part of the project, Exxon would be selling the 50 million cubic feet of natural gas per day to the government entity for use at the electricity generation and natural gas liquids plants.
Furthermore, construction of a 200 kilometre long gas pipeline to bring the gas to shore will commence at a cost of approximately US$1b. Mr. Routledge said that gas sales will cover the cost of the infrastructure without profit, which means that it can deliver gas at a very low price to the country.
This falls in line with the government commitment amidst the energy boom to ensure the creation of prosperity (as outlined in the recent Energy Perspectives podcast featuring Dr. Peter Ramsaroop). Mr. Routledge further added that electricity produced by natural gas would cost 50 percent less than current fuels.
In November 2022, the Guyanese government green lit the project and at the time, President of Guyana, His Excellency Dr. Mohamed Irfaan Ali made it clear that the offshore gas drilling taking place at breakneck pace must benefit the Guyanese people as a whole and not just those connected to the business. This project, while stabilizing energy distribution in the region, will lead to lower energy costs, significantly while maximizing the use of by-products from drilling.
Canada/Guyana Chamber of Commerce signs MoU to propel Guyana’s energy sector
The International Energy Conference and Expo 2023 has generated a great deal of worthwhile interactions and partnership prospects, which the government expresses satisfaction with.
Canada/Guyana Chamber of Commerce (CGCC) signed a Memorandum of Understanding with Energy NL, which will serve as a platform to better engage business interests between the energy company and the wider Guyanese business community. The signing took place on the sidelines of the conference. CGCC Chairman, Anand Beharry said the agreement now amplifies other engagements which were already established. “There is extensive business participation in the Guyana market by Newfoundland companies. With this agreement, we hope to accelerate those engagements,” Beharry stated. Energy NL was founded in 1977 to represent the supply and service sector of the energy industry. Today, the energy company represents over 460 member organisations worldwide which are involved in or benefit from, the energy industry of Newfoundland and Labrador.
The CEO emphasized her commitment to sharing Energy NL’s experience and knowledge with Guyana’s stakeholders by comparing this change to that of Guyana.
“I am pleased on behalf of Energy NL to enter into this Memorandum of Understanding with the Canada- Guyana Chamber of Commerce, so that we can both take advantage of our shared experiences, our know-how and the desire to succeed for the mutual benefit of our membership. The opportunity here in Guyana is inspiring, I am thrilled to finally be here to see it and experience it. I look forward to helping Energy NL and our members to play a role in Guyana’s success,” she noted.
Additionally, a number of financial institutions have endorsed the conference and the government’s objectives. Scotia Bank Guyana’s Seugobin Sugrim noted that the bank was excited to have invested in the activity to connect with customers and establish new relationships. Similarly, Vice President of the Caribbean Development Bank, Isaac Solomon noted that the theme “Harnessing Energy for Development” was highly appropriate for the conference given that energy is the driving force of the modern economy.
Chairman of the NewHayven Merchant Bank, Floyd Haynes said the bank was created to bridge the capital gap of where Guyana is and where it needs to be. “If you look at where Guyana is, and where the leaders want to take the country, it is clear that there is a finances gap. Some of those monies will come from traditional institutions like Scotia bank, multilateral lending institutions like CDB, but a lot of it will be capital that will come from banks like The New Hayven Merchant Bank,” he said.
ExxonMobil makes two more discoveries offshore Guyana
IRVING, Texas – ExxonMobil has made two new discoveries offshore Guyana to the southeast of the Liza and Payara developments in the Stabroek block. The discoveries at Seabob and Kiru-Kiru are the sixth and seventh in Guyana this year, with the total number of discoveries in Guyana at more than 25.
- Seabob and Kiru-Kiru wells in Stabroek block are sixth and seventh discoveries in 2022
- Guyana investment strategy continues to yield positive results; additional exploration wells planned later this year
- Production from two vessels currently operating offshore has exceeded their initial combined target of 340,000 barrels per day
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.
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:
