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Oct 22, 2024 News Kaieteur News-  The Civil Defence Commission (CDC), in conjunction with the Guyana Geology and Mines Commission (GGMC), the National Data Management Agency (NDMA), and with the support of the Caribbean Disaster Emergency Management Agency (CDEMA), recently executed upgrades to the four (4) Raspberry Seismographs located in the South Rupununi. The Seismographs have been installed to detect earthquakes and other seismic activities in the area. The four upgraded Raspberry Seismographs in South Rupununi. (CDC) According to a press release issued on the CDC’s Facebook page, “each piece of equipment now has a reliable internet connection which will foster remote monitoring and data collection.” “The connection was provided by the NDMA. Furthermore, each seismograph was inspected for performance issues and maintained as was necessary. Residents of communities that experienced seismic activity in the past have lauded the upgrades to the devices and indicated their dedication to safeguarding the equipment,” the press release said. The CDC said that the multi-agency team was able to conduct this operation on the heels of a high-level meeting between senior CDC personnel and Region Chairman – Region 9, Bryan Allicock. “Mr. Allicock stressed on the importance of such operations and equipment, and pledged the Region’s full support towards this Disaster Risk Management aspect.” The project is financed under Activity A 1.5: Support the Advancement of Community based DRM initiatives, including expansion for multi-hazard early warning systems, Implementation of the MHEWS Road Map for Guyana of the Building the Resilience of the CARIFORUM States to Disaster Risks and Climate Change Impacts (BRICS) project financed by the European Union Delegation through EDF 11 being implemented by CDEMA. Related Similar Articles

OP:ED – Latin America and the Caribbean, a Global Power in Biodiversity Oct 22, 2024 News By Sergio Díaz-Granados (Executive President of CAF – Development Bank of Latin America and the Caribbean Kaieteur News-  At this very moment, millions of biological processes are happening all around us. The plants in our homes, the vegetation in gardens and parks, the trees in forests, or species in the depths of seas, rivers, and mountains are all experiencing their own struggle for survival, in an evolutionary process that dates back to the origin of time and is now increasingly influenced by human activity. Sergio Díaz-Granados is the Executive President of CAF – Development Bank of Latin America and the Caribbean This spirit of constant regeneration, of symbiotic alliances between species, of natural and recurring impulses, is what Latin America and the Caribbean need to bring to COP16 on Biodiversity in Cali, Colombia, to advance the environmental fight and assume the global leadership role we are destined for. The region is home to 60% of the world’s biodiversity, 80% of the world’s biomes, and 30% of the planet’s available freshwater resources, giving us much to contribute. Our strategic ecosystems are unique and essential to maintaining the planet’s environmental balance. Through preservation initiatives in Patagonia, the Caribbean, the forests of Tumbes in Chocó and Magdalena, the Atlantic Forest, the Mesoamerican Biological Corridor, mangroves, the Amazon, and the Humboldt Current, among others, we have the potential to replicate biodiversity solutions worldwide. This is why, at COP16, Latin America and the Caribbean must assert themselves as a mega-diverse power and a region of solutions. However, to reach this point, we must first multiply the public policies that preserve our strategic ecosystems. All countries in the region have ratified the Convention on Biological Diversity (a 1993 agreement aimed at conserving biodiversity), but few have submitted action plans for biological diversity protection through 2030. These plans were one of the key milestones of COP15 in Kunming-Montreal in 2022, where 23 targets were set to halt and reverse biodiversity loss by 2030, and four goals were established to achieve a positive biodiversity outcome by 2050. COP16 in Cali will be a historic event to review the progress of these action plans, but also to address important issues such as establishing an equitable and fair framework for access to the benefits of genetic resources or creating a new tracking framework for the committed mobilization of USD 200 billion by 2030. In this regard, we must build consensus to mobilize more funds and implement innovative financial mechanisms, such as the issuance of green bonds, debt-for-nature swaps, catastrophe insurance, or biodiversity certificates. A recent example of this was the largest debt conversion in history (a total of USD 1 billion) for the conservation of watersheds in El Salvador, resulting from the coordinated work of several institutions, including CAF, DFC, CRS, FIAES, and ArtCap Strategies. Development banks are c7rucial for providing and mobilizing new financial resources, but also for aligning countries’ long-term development agendas. If multilateral banks had greater capital, they could be more effective in resource multiplication and mobilization, as well as in playing countercyclical roles. Latin America and the Caribbean must also amplify the voices of young people in environmental debates and foster the participation of Afro-descendant communities and indigenous peoples, promoting ways to incorporate ancestral knowledge into climate, sustainability, and biodiversity agendas. These voices will be key to reaffirming our commitment to equity, inclusion, and climate justice. To accelerate all these discussions, CAF will bring to COP16 a unique space with the pavilion “Biodiversity Unites Us,” which will facilitate the exchange of experiences, unite efforts, explore collaboration opportunities, and increase the visibility of solutions offered by countries as a whole. In our pavilion, we will also promote spaces for dialogue with scientific institutions, with the aim of listening to the voice of science and contributing to the dissemination and implementation of science-based solutions. In this regard, in the months leading up to COP16, we convened more than twenty international scientific institutions to raise awareness of the importance of data, science, regional collaboration, and the application of scientific methods to solve issues related to biodiversity loss and restoration. Latin America and the Caribbean is a pivotal region for preserving biodiversity and the planet’s environmental stability, and that is why at COP16 in Cali, we must promote our role as a global biodiversity power. Only then will we ensure that our voice permeates the major environmental debates that will shape development in the coming decades. (Sergio Díaz-Granados is the Executive President of CAF – Development Bank of Latin America and the Caribbean) Related Similar Articles

Destination Guyana in $1.7M food, medical outreach in Tiger Bay Oct 22, 2024 News Adults and children of ‘Tiger Bay’ community at the philanthropy project By Christal Yong The Destination Guyana Now 2024 Business and Investment Conference concluded after four days with a medical outreach in Tiger Bay on Monday where they also distributed 100 food hampers, clothing, pampers and other items. Some $1.7M was spent to conduct the outreach. The project was sponsored by LIVE, LLC from Atlanta, Georgia, in partnership with Destination Guyana Now, the Ministry of Health, and the Guyana Police Force (GPF). In addition, the Coordinator of the Philanthropy project, June Leitch explained that at about 100 persons from the ‘Tiger Bay’ community benefitted from the food hampers, clothing, shoes, medical check-ups and also medication.  The Ministry of Health donated several testing equipment to support the medical outreach. The medical outreach included a blood bank and testing for both children and adults. Medications were provided to persons, and individuals requiring more specialized assistance were referred to the Georgetown Public Hospital Corporation (GPHC). Three doctors from the Destination Guyana Now team in the United States were present to support the efforts. The coordinator further explained, “I came into Tiger Bay and I met a household and I asked them what they need, so I went around, walk around with them and they are saying food stuff… and they are saying medical for the kids, plus they said the children needed clothes, so I said okay I will get that organised for that.” In 2023 Guyana Destination Now hosted a similar Philanthropy project in Buxton, East Cost Demerara (ECD), where 150 persons benefited. The 2024 Business and Investment Conference commenced on Friday last at the Marriott Hotel, Kingston, Georgetown. The four-day event was aimed at enhancing business opportunities for both expatriates and emigrants. The event served as a platform for networking and collaboration, encouraging the exchange of ideas and investment opportunities among entrepreneurs, emigrants, expatriates, investors and philanthropists. The second edition of the 2024 Business and Investment Conference aimed to connect Guyana’s Diaspora with international investors to drive economic growth. The Conference was founded by Stacey Mollison, the President and Chief Executive Officer (CEO) of the Libra Management Group. The Food hampers that were distributed to persons in the ‘Tiger Bay’ community Related Similar Articles

Taxi driver charged with attempted murder   Oct 22, 2024 News Navindra Latchman called ‘Rocky’ Kaieteur News – Navindra Latchman called ‘Rocky’,  a 28-year-old Taxi Driver of  Queenstown, Essequibo Coast, was on Monday  charged with the offence of ‘Attempt to Commit Murder’, committed on Akeelah Maynard, Contrary to Section 103 c of the Criminal Law (Offences) Act, chapter 8:01 The accused appeared at the Charity Magistrate’s Court before Magistrate Tamieka Clarke, where the charge was read to him. He was not required to plea and was remanded to prison until 2024/11/07. Related Similar Articles

The fearful foundations of political apprehension Oct 22, 2024 Peeping Tom Kaieteur News – The ghosts of 2001 are still lurking around Guyana’s politics. It is like a persistent odour that just won’t go away. As the country approached the 2001 general and regional elections, a top official from the People’s Progressive Party/Civic (PPPC) and its government was sweating bullets. He was so nervous you could practically hear his heart racing. This fellow, according to a Central Intelligence Agency (CIA) report that has been made public by Wikileaks, was convinced that Desmond Hoyte, then Opposition Leader, could unleash a whirlwind of violence to snatch those elections right from under the PPP’s noses. The official was fearful also that Hoyte could convince his supporters that the PNC could win the election. The PPP official voiced concerns about potential violence in Guyana if the PPP won the upcoming elections. He highlighted Hoyte’s increasingly loud assertions that the only way the PNC could lose was if the PPP cheated, creating an expectation among PNC supporters that victory was guaranteed. The official feared this belief would only intensify as the elections drew closer, leading to an unstable environment. The official’s fears were aggravated by the fact that the economy was not doing any favours either to the PPP. It was as if the economic gods were conspiring against them, and this PPPC bigwig knew it. With the nation’s coffers running low and discontent brewing like a pot of split-pea soup, he was acutely aware that voters were not happy. And you know what happens when people are unhappy—things can get real messy, real quick. But that wasn’t all that was keeping this guy up at night. He was fearful that the leadership of the Guyana Defence Force might be more open to influence from the PNC. According to the CIA report, he, however, ruled out a military coup. He was also concerned about divisions within the party. This too was stated in the CIA report. But it did not end there. The report also threw some serious shade on the rampant corruption brewing among the political elite. It turns out that this top official, according to the CIA report, felt that persons in both the PPP and the PNC were happily accepting cash from narcotics traffickers. Imagine that! But wait, it gets better. According to the report, he claimed that China was playing footsie with the PNC, financially backing them. You think you’ve heard it all in Guyanese politics? That one is a hard pill to swallow. Then, of course, we had the infamous Laurie Lewis, the Police Commissioner who, despite everyone and their mother knowing he was dirty, couldn’t be touched. According to the report, our anxious PPPC official had tried to persuade the PPP’s Central Committee to kick him to the curb, but to no success. The official felt that some of those party officials may have been beholden to the then Commissioner of Police for favours he had done for them. So here we are today, and fear still seems to hold the key. The government is jittery, fearful and apprehensive like in 2001 that it could lose its now one-seat majority. In this regard, the hostility towards critics of the government isn’t just random; it’s the manifestation of a political class still living in the shadow of 2001. When you’re running scared, you lash out, and that’s exactly what we’re seeing now. Dissent is like a bee sting to the ruling party—uncomfortable and unwelcome. The PPPC operates as if victory is assured in next year’s elections but the reality is that the party is sitting on shaky ground, and instead of facing the music, they’re choosing to hurl insults and shut down conversations. Instead of engaging with their critics, they’d rather put up walls and bark at anyone who dares to question their authority. In the end, similar apprehensions as existed in 2001 are still playing a critical role in how the PPP operates today. Will that party ever learn to embrace dialogue instead of hostility? Or will they remain stuck in the past, afraid of their own shadows? It’s time for the PPP to stop peeping through the curtains, hoping nobody sees their dirty laundry. The political scene needs cleaning, and it won’t happen by sweeping things under the rug. The ghosts of 2001 need to be confronted, not ignored. If the PPP wants to build a brighter future, they must let the sunlight in. Otherwise, they’ll keep finding themselves running scared, and trust me, nobody wants to live in a house filled with shadows. (The views expressed in this article are those of the author and do not necessarily reflect the opinions of this newspaper.)  Related Similar Articles

Exxon disappointed with KN headline Oct 22, 2024 Peeping Tom Dear Editor, I was pleased to read this publication’s recent coverage of the International Business Conference. It’s an important event focused on streamlining the ease of doing business in Guyana and facilitating additional international investment in the country. Part of that coverage included an article on my participation at the conference: ‘No other country has allowed Exxon to move this fast’ – Exxon official. The article itself was balanced, and it accurately reported on what I said.  I was, however, disappointed to read the misleading headline that misquoted me. Our successful pace of development in Guyana is attributed to many things. Our solid collaboration with our co-venturers and the government is one, as is our ability to optimize all aspects of our Guyana operations to drive greater efficiencies and ensure we continue to deliver projects on time and on budget. These are some of the things I highlighted as making our operations here so effective for the country. We take our role as Guyana’s energy partner seriously and are committed to operating responsibly. Thank you for the opportunity to provide further clarity on this matter. Sincerely, Phil Rietema Vice President, ExxonMobil Guyana Related Similar Articles

Measuring oil profits in Liza One Oct 22, 2024 Letters Dear Editor, With your permission, permit me to explain how total revenue, total cost, and profits are identified in the Guyana oil business, and particularly Liza One. In this regard, knowing the selling price (P) and the average total cost (ATC) of a barrel of oil signals the first decision point of any investment. The average total cost (ATC) of a barrel of oil is defined as the total cost (TC) divided by the number of barrels of oil (Q) extracted from the oil reservoir below the Atlantic Ocean: ATC = TC/ Q.   Given this relationship, it is observed that the decision to invest is rejected, if the selling price (P) of a barrel of oil is less than the average total cost (ATC) of a barrel of oil; only losses on every barrel of oil sold will result in this case. When the price (P) of a barrel of oil is equal to the average cost (ATC) of barrel of oil (P = ATC), this position establishes the breakeven price. For example, if the price (P) of a barrel of oil is US$30.00, and the average total cost (ATC) of barrel of oil  is US$30.00, then the profit earned on each barrel of oil is zero; that is:  Profit = P – ATC = $30.00 – $30.00 = 0. This outcome is usually called the breakeven price. Interestingly, in a  recent publication, it was reported that the ‘…Guyana’s average breakeven price (is) US$36.00 per barrel of Brent crude … a standout figure in the global market, with projects like Liza 2 at US$25.00 per barrel and Payara at US$32.00 per barrel.’ (Oil Now: https://oilnow.gy/featured/oil-story-of-south-americas-newest-producer-built-on-45-discoveries-in-just-nine-years/). Consequently, whenever the price (P) of a barrel of oil is greater than average total cost (ATC) of a barrel of oil, the profit on every barrel of oil is positive. For example, if the price of  a barrel of oil is US$70.00, and the average cost of a barrel of oil is US$36.00,  then the profit on a barrel of oil is US$34.00; that is, Profit = P – ATC = US$70.00 – US$36.00 = US$34.00. With reference to the Guyana Production Sharing Agreement (PSA), the average total cost (ATC) of a barrel of oil has a cost inflating mechanism which deflates the profit on each barrel of oil.  More specifically, the PSA (Article 11.2, page 26) has the condition that the total cost (TC) of oil production is equal to 75 percent of total revenue (TR); that is, TC =  0.75 (TR), where TR is price (P) times the quantity of barrels of oil (Q). As a result, the average cost of a barrel of oil in the PSA is equal to: ATC = (0.75PQ)/Q = 0.75P.   When the price of a barrel of oil is US$70.00, the average cost of a barrel of oil under the Guyana PSA is: ATC = 0.75 (US$70.00) = US$52.50 per barrel. Consequently, when this PSA cost of US$52.50 per barrel of oil is compared with the alternative cost per barrel of US$36.00 as identified by Oil Now, the average total cost of a barrel (ATC) of oil under the PSA of US$52.50  is more expensive by US$16.50.  Therefore, the US $16.50 per barrel of oil is the hidden profit that is captured by the company as cost oil. Additionally, it should be noted that whenever the selling price (P) of a barrel of oil increases, the average total cost (ATC) of a barrel of oil increases, even though nothing is changed in the actual extraction (production?) of the oil. This outcome occurs only because the average total cost (ATC= 0.75 P) of a barrel of oil under the Guyana PSA includes the selling price (P), a condition that is not observed in a standardized cost structure. At the same time, it can be stated that whenever the cost of a barrel of oil is more than the price of a barrel of oil, all losses incurred is transferred to the next payment cycle, and these losses are covered in the next revenue period (PSA, Article 11.3, page 26). Another important indicator in the oil business is the breakeven quantity of oil (Qe) that must be sold  to cover the total investment of cost (IC) in the project. For the Liza One project, the investment cost is recorded at US$3.5 Billion. Therefore, the breakeven quantity (Qe) of oil that must be sold to cover the total cost (TC) in the project is defined by the formula as: Qe = (IC/(P – ATC)). Since the investment cost (IC) in Liza One is US$3.5 Billion and the profit margin per barrel of oil in the traditional method is US$34.00 per barrel (Table 1), the breakeven quantity of oil which must be sold at a price of US$70.00 is 102,941,176 barrels of oil, valued at US$7.2 Billion. In contrast, under the PSA method, it is observed that 200,000,000 barrels of oil must be sold, valued at US$14.0 Billion (Table 1). Table 1: Breakeven Quantity of Oil on Liza One Categories Liza One (traditional Method) Liza One (PSA Method) No. of Barrelf of Oil in the Reservoir 452,000,000 452,000,000 Investment Cost  (IC)  $3,500,000,000.00  $3,500,000,000.00 Price per Barrel (P) $70.00 $70.00 Average Total Cost per Barrel (ATC)  $36.00  $52.50 Profit per barrel (PpB)  $34.00  $17.50 Breakeven quantity (Qe)= IC/(PpB)  102,941,176   200,000,000 Total Revenue = Px Q  $7,205,882,352.94  $14,000,000,000.00 Investment Cost  (IC)  $3,500,000,000.00  $3,500,000,000.00 Total Barrel Cost (TBC) = ATC x Qe   3,705,882,352.94  10,500,000,000.00 Total  Cost (TC) = IC +TBC  $7,205,882,352.94  $14,000,000,000.00 Profit  = TR – TC  $ –  $  – It is important to point out the finding that when only 102.9 million barrels of oil are required to establish the breakeven quantity (Qe) in the traditional method, an additional 97, 058, 824 barrels of oil in the PSA model has to be sold to attain the breakeven level of 200.0 million barrels to oil. The main implication which can be drawn from using the PSA method is that there is a loss of profit of US$3.3 billion  (= US$34 x 97,058,824 )  which is absorbed as cost, due to the cost recovery method of  75% of total revenue being captured as cost. It is reported that some 200 million barrels of oil have already been extracted from the Liza One reservoir, leaving only 252.0 million barrels (https://www.kaieteurnewsonline.com/2024/10/18/exxonmobil-in-discussion-with-govt-to-ramp-up-oil-production-at-liza-two/).Using the breakeven quantity in Table 1, it is clear that Liza One investment cost of US$3.5 Billion has been fully recovered; and therefore, the profits from Liza One on the remaining 252.0 million barrels should be higher as the average cost of a barrel of oil should decline below US$36.00 per barrel, since the investment cost have been repaid. Using the cost methodology that excludes the price in the average total cost (ATC) of a barrel of oil, as imposed in the PSA; counting the number of barrels of oil and not depending on the number of lifts (oil is not sold by lifts but by the number of barrels of oil sold); employing real time auditing (auditors were recently denied to all the data and information); and commissioning ring-fencing will yield a less than inequitable result that is currently observed. Sincerely, Dr. C. Kenrick Hunte Professor and Former Ambassador Related Similar Articles