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Oct 23, 2024 News …production target set at 250,000 barrels daily Map showing the location of the Yellowtail project Kaieteur News – ExxonMobil Guyana Limited (EMGL), the developer of the Stabroek Block is delighted as another deep-water development, its largest to date, is on course for startup in 2025. Presently, Exxon has three projects producing oil. The Liza One, Liza Two and Payara projects are producing about 660,000 barrels per day (bpd) on average. The fourth project, Yellowtail, will develop the Tilapia and Redtail reservoirs. It targets a daily production rate of 250,000 bpd, while the other developments were designed to produce up to 220,000 bpd. At a recent media conference, President of EMGL, Alistair Routledge provided an update on the progress being made on the project. “That is on course for startup as planned by the end of 2025. In fact, the (Floating production Storage and Offloading vessel) FPSO is in the yard in Singapore.” He explained that all of the modules have been fabricated and installed on the topsides of the FPSO. SBM Offshore, a Dutch shipbuilder was awarded the contract to supply the FPSO. Presently, the company is integrating all of the modules so that they are fully connected. “From a controls point of view, electrical point of view and then of course fluids that flow between the different units and modules on the FPSO, we anticipate that work concluding around the end of this year,” Exxon’s Country Manager reported. Exxon anticipates the vessel’s naming ceremony in January 2025, prior to it setting sail in the first quarter. The FPSO is expected to arrive in Guyana in the second quarter of 2025. In the meantime, EMGL has been busy with subsea installation activities locally. According to Routledge, “The subsea installation activities have been ongoing, drilling the production development wells, so all of that is on course so that we will be able to bring everything together with an integrated installation campaign through the summer period of next year, so very much on schedule,” he said, adding that the company is “delighted to see that one continue to move forward on schedule.” The commencement of oil production on the fourth FPSO would take Guyana closer to its target of producing 1.3 million barrels of oil by 2027. In fact, two other projects which have also received the blessings of the government of Guyana (GoG) are also likely to startup in 2027. The fifth project Uaru, as well as the Whiptail development- Exxon’s sixth project- will each develop 250,000 bpd. Routledge revealed that the projects are on schedule; however, the teams are aiming for earlier startup dates. “Both of those are slated for 2027 startup. The teams continue to work towards earlier dates of those, but good news that they are going to schedule. You recall those collective six projects bring the combined investment commitment in Guyana to some US$55B,” the Country Manager stated. Related Similar Articles

Govt. pays off GuySuCo’s $14B debt – AG report Oct 23, 2024 News Kaieteur News – The $14 billion loan secured from Hand in Hand Trust to aid the revitalisation of the Guyana Sugar Corporation (GuySuCo) has been fully repaid, according to the 2023 Auditor General’s Report. The loan was guaranteed by the Government of Guyana (GoG) through an agreement between the Minister of Finance and Hand in Hand Trust Corporation Inc. on May 24, 2018. The funds were raised via National Industrial and Commercial Investments Limited (NICIL) Fixed Rate Bonds, specifically to support the revitalisation efforts of GuySuCo. The report reveals that as of December 31, 2023, the amount of $14.08 billion had been repaid. It was stated that by the end of 2022, $9.68 billion of the loan had already been repaid. In 2023, the remaining $4.4 billion was paid off, clearing all outstanding balances. According to reports, in March 2018, NICIL secured a $30 billion bond. It was announced back then by the ex-boss of NICIL, Colvin Heath-London, that the company was successful in securing a $30 billion (US$150M) syndicated bond to revitalise GuySuCo. Kaieteur News had reported that NICIL had used its assets as collateral to secure the amount from the lender. NICIL had disclosed in 2018 that the facilitator of the bond arrangement is the Republic Bank Limited (RBL) of Trinidad. Related Similar Articles

Guyana to tap US$89.9M investment programme for Amazonian countries Oct 23, 2024 News Participants at the third edition of the Hand-in-Hand Investment Forum held in Rome last week Kaieteur News – The Food and Agriculture Organization of the United Nations (FAO) and the Amazon Cooperation Treaty Organization (ACTO) last week unveiled a US$89.9M aimed at addressing food security, poverty and social gender inequalities in the Amazonian region. Dubbed the Amazonian Bioeconomy Investment Programme, the initiative will benefit: Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, Suriname, and Venezuela.  In a press release, the FAO said as part of the World Food Forum, the third edition of the Hand-in-Hand Investment Forum was held in Rome. The event brought together delegations from governments, the private sector, civil society, and financial institutions from around the world. According to the FAO, it was in that context, the programme was launched. Participants in the session included Mario Lubetkin, FAO Deputy Director-General and Regional Representative; Máximo Torero, FAO Chief Economist; Vanessa Grazziotin, ACTO Executive Director; Esteban del Hierro, Deputy Minister of Productive and Agricultural Development of the Ministry of Agriculture and Livestock; Saulo Ceolin, General Coordinator for Food and Nutrition Security at Brazil’s Ministry of Foreign Affairs; and Pedro Martel, Head of the Environment, Rural Development, and Disaster Risk Management Division at the Inter-American Development Bank (IDB). The programme aims to design and implement a public-private partnership based on catalytic investments in regional public goods and key value chains to achieve the transition towards an Amazonian bioeconomy based on four key principles: reducing the high levels of food insecurity, poverty, and social and gender inequalities; respecting the rights, territories, traditional ways of life, and knowledge systems of Indigenous peoples and other traditional communities; avoiding the Amazon rainforest’s point of no return; and ensuring sustainable agricultural practices. The objective of this programme is to identify investment opportunities to consolidate a new bioeconomy in the Amazon, based on three specific lines of investment: strengthening information management systems at both national and regional levels, linked to the Amazon Regional Observatory (ORA); strengthening digital ecosystems in the Amazon to improve rural livelihoods and enhance traceability of selected bioproducts; and improving fisheries management in the Amazon, based on existing data on the migratory catfish. The Amazon Bioeconomy Investment Programme of the Hand-in-Hand initiative covers a wide range of public goods, services, and value chains in the eight identified countries of the region. The FAO release said the programme is based on four essential principles: reducing the high levels of food insecurity, poverty, and social and gender inequalities; respecting the rights, territories, traditional ways of life, and knowledge systems of Indigenous peoples and other traditional communities; avoiding the Amazon rainforest from reaching its point of no return; and ensuring the adoption of sustainable agricultural practices. FAO Chief Economist, Máximo Torero, stated, “The areas we focus on are of high priority. It is a territorial approach that we follow in all Hand-in-Hand initiatives. Why are they of high priority? Because today, there is great poverty in those areas, but they are areas where forest activities could generate many benefits and lift people out of poverty sustainably.” Vanessa Grazziotin, ACTO Executive Director, emphasized that “the Amazon region is very well-positioned to increase its relevance in the global bioeconomy market, especially if the right investments and short-term strategic actions are implemented.” Mario Lubetkin, FAO Deputy Director-General and Regional Representative for Latin America and the Caribbean, highlighted, “FAO is implementing 125 projects in eight Amazonian countries. These projects represent an investment of $356 million, covering a wide range of issues and technical areas.” Cooperation to boost the amazon bioeconomy As a result of bilateral meetings between FAO and ACTO with governments and the private sector, it was possible to identify more synergies and projects being developed in the Amazon. For example, Nokia presented its innovative underwater connectivity infrastructure, which has already been implemented in 400 Amazonian communities, benefiting 500,000 users. This technology, specifically designed for the rainforest, offers a safer, more reliable solution with reduced maintenance costs and ensures service continuity in remote regions. During the meeting, the need to better understand connectivity demands from the perspective of different users, such as hospitals or small farmers, was highlighted. Additionally, the relevance of the modularity and replicability of the proposed digital ecosystems was emphasized, and specific areas that should be prioritized in terms of connectivity were identified. The possibility of formalizing a collaboration agreement between FAO, ACTO, and Nokia will be evaluated. Related Similar Articles

Venezuelan Ambassador involved in collision with Ministry minibus Oct 23, 2024 News Kaieteur News – Venezuelan Ambassador, Carlos Perez was on Tuesday involved in an accident when the vehicle he was driving collided with a Ministry of Human Services minibus at Thomas Street Georgetown. Venezuelan Ambassador, Carlos Perez Ambassador Perez was driving motor car DPL 601 at the time while the minibus, #PVV 9288 owned by the ministry, was operated by Marvin Young, a 45-year-old resident of Lot 110 Walker Terrace, North East La Penitence, Georgetown. According to police reports, Ambassador Perez was traveling south along the Eastern Carriageway of Thomas Street while Young was proceeding east along the northern side of Middle Street. As Perez approached the intersection of Middle and Thomas Street he allegedly failed to ensure the path was safe and clear resulting in a collision. Both vehicles were damaged and the drivers took a breathalyzer test but no trace of alcohol was found. Police did not report any subsequent injuries of both individuals. Investigations are ongoing.       Related Similar Articles

Yuh own medicine can mek yuh sick! Oct 23, 2024 Dem Boys Seh, Features / Columnists Kaieteur News – Dem boys seh, Mary bin like de office moral police. She wasn’t de boss, but she act like she own de place. Mary always got she mouth in people business—especially de kinda business dat ain’t got nothing fuh do with she. Everybody in de office know how she like fuh poke she nose in and spread lil gossip. Nobody ain’t seh nothing though, ‘cause they ain’t want become de next topic of she gossip sermon. One day, Mary spot Frank’s old jalopy parked outside de rum shop. Now, Frank ain’t no chatty fella, he does do he work and mind he own business. But Mary decide she see enough to crucify de man. She start running she mouth, telling everybody in de office how Frank must be a big-time alcoholic, since he vehicle parked right in front de bar. Mary seh, “Anybody who pass and see dat pickup know exactly wah Frank doing inside deh!” Word reach Frank fast, but Frank ain’t bother. He just stare at Mary, cool as a cucumber, and walk away without saying a word. He ain’t defend heself, he ain’t argue—Frank just gone about he business quiet, quiet. But Frank is a man with a plan. Same evening, when all de office lights dim down and Mary home counting who doing what, Frank mek a lil detour. He park he old pickup right in front Mary house, step out cool like ice, and walk straight home. Pickup stay deh whole night, in full view fuh everybody fuh see. De next morning, Mary ain’t gossip about Frank again, and she stop peeping in other people affairs. De office finally get lil peace and quiet. Dem boys seh, Frank ain’t have to say a word—he done park de evidence right where it count! Talk half. Leff half. Related Similar Articles

Relinquishment Oct 23, 2024 Editorial Editorial… Kaieteur News – The recent history of ExxonMobil in Guyana is that it has been given the right to get away with anything that it wants.  It seeks, possibly demands behind closed doors what is favourable to its interests, and gets it.  Guyana gets nothing in return for its helpful attitudes and responses to what is high on its oil partner’s agenda. A partnership should be a two-way street, but in the Guyana-ExxonMobil relationship, it has been a one-way street with ExxonMobil in total control.  Relinquishment of 20% of the Stabroek Block stands as a case in point. The 2016 Production Sharing Agreement (PSA) is specific: four years for prospecting and two three-year extensions, should such be requested by the company and agreed to by the Guyana Government.  The relinquished portion of the vast 6.6-million-acre Stabroek Basin would represent 600 oil blocks.  These could then be auctioned to other oil companies or oil prospectors longing to get a toehold in this country’s potential offshore areas.  Without one barrel of oil found or produced, Guyana could rake in US millions from a competitive auction.  For reasons known only to itself, the previous APNU+AFC Coalition Government approved a one-year extension for blocks that were set to be relinquished. The COVID-19 pandemic and its impact on ExxonMobil’s operations were advanced by the company and approved by the then Guyana Government.  Guyana got nothing in return for its generosity, and despite the public knowledge that the virus had less than a significant impact on ExxonMobil’s oil operations.  The consortium had kept going, with exemptions on restrictions, and its offshore activities still humming.  The Coalition still approved a 1-year extension, with conditions attached, which few Guyanese know if they were honoured.  The PPP-C Government returned to office and continued what the Coalition had started, only with secrecy taking over. Today, almost at the end of October 2024, the equivalent of 600 oil blocks should be handed back to Guyana (relinquished) but mystery prevails.  When Guyanese need the truth and substance of what is going to happen with the 20% of the Stabroek Basin that should be relinquished, ExxonMobil’s Guyana President, Alistair Routledge is closemouthed, which is the first worrying indicator.  The second is that Guyana’s oil chief, Vice President Jagdeo is less than forthcoming, not his usual loud and aggressive self.  It is fair to ask, given the closeness to relinquishment of the oil blocks, what is in motion?  What could ExxonMobil’s Routledge and Guyana’s Jagdeo have up their sleeves?  What scheme is being worked out to the detriment of Guyana?  Either one of them should have been able to say with authority that 20% of the Stabroek acreage (600 oil blocks) to be relinquished is on track and will happen on the due date.  With the matter of mere days left for relinquishment, both Routledge and Jagdeo should be on the same page in publicly asserting that this relinquishment will be, according to the contract terms. We will be blunt: almost everything with this oil that involves some input from ExxonMobil, Guyana has come out the loser.  Also, with Jagdeo’s powerful presence in the nation’s oil sector, Guyana has bowed to ExxonMobil’s dictates, even where there has been a steep cost to this country.  So, when Routledge is tightlipped and Jagdeo shuts up shop on this relinquishment issue, this cannot be good for Guyana.  What Guyana will get for its 20% relinquishment is being watched like a hawk.  We shall know soon enough, what form this looming relinquishment takes, what sweet catch there may be for ExxonMobil.  Guyana has been burned too often, with the Coalition contributing its share and the PPP-C Government shamelessly and slavishly outdoing it.  When former president David Granger had ExxonMobil in the palm of his hand (COVID-19 related extension), he did not close it tightly around the company’s neck, like it has repeatedly done to Guyana.  He shook the hand of this company that has slapped and punched Guyanese silly at every opportunity.  When ExxonMobil is generous to Guyana, then Guyana can be helpful to ExxonMobil’s priorities.  Jagdeo now has ExxonMobil in his hands with this relinquishment pending.  His hands have been feeble, failing Guyanese every time.  The contract terms must prevail. Related Similar Articles

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