admin

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary...

Gold declaration dipped in first quarter of 2024 – Bank of Guyana   Jul 16, 2024 News Guyana’s depleting gold declaration over the years Kaieteur News – The Bank of Guyana (BoG) has reported that the country’s gold declaration decreased within the first three months of 2024. According to the Central Bank, the declaration fell to 89,845.8 troy ounces, when compared to the same period last year. It was stated that the dip in the gold declaration was mainly due to lower declarations from small- and medium-scale miners by 24.2 %.  It was explained that the lower declaration is as a result of prolonged dry weather which made access to water limited in many mining areas. Notably, it was stated that the sole large-scale operator, Aurora Gold Mine Inc. (AGM), Zijin Mining’s, recorded an increase in declarations by 5.2%, which resulted from continued favourable performance in their underground mining operations. In Guyana’s gold industry, there has been a noticeable decline in declarations over the past several years.  Kaieteur News had reported that from 2019 to 2023, gold declarations dropped by approximately 209,000 troy ounces, according to the BOG annual reports. With Guyana’s gold declarations dropping by approximately 209,000 troy ounces over the past five years, Vice President Bharrat Jagdeo expressed the Government of Guyana’s concern about this trend.  He had warned that strict penalties would be imposed on those found guilty of under-reporting gold declarations to evade taxes and royalties. Jagdeo said at one of his previous press conferences, “We are still very concerned about what is happening in the market,” adding, “We believe that there are people that are not selling to the Gold Board to avoid taxes and we believe at that time that it was organised and that it was having an impact.” Related Similar Articles

EPA asks Exxon to conduct EIA for 7th oil project Jul 16, 2024 News Map showing the location of the Hammerhead project offshore Guyana Kaieteur News – The Environmental Protection Agency (EPA) on Monday disclosed that ExxonMobil Guyana Limited (EMGL), the operator of the Stabroek Block will be required to conduct an Environmental Impact Assessment (EIA) for its seventh deepwater project in the Stabroek Block, Hammerhead. The agency explained that the proposed project will be implemented in multiple stages which will include activities such as well drillings and completions, mobilization and installation of subsea equipment, umbilicals, risers and flowlines (SURF), installation of a floating production, storage and offloading (FPSO) facility, production operations, and decommissioning. The proposed project will be undertaken largely in the marine offshore environment and would require land-based activities for support activities at marine shorebases. As a result of the intended developmental activities, possible effects to the environment may include impacts on marine water quality, air quality, marine fauna, socio-economic resources and others. Consequently, the EPA has determined in keeping with the Environmental Protection Act, Cap. 20:05, that the proposed development may significantly affect the environment and will require an EIA before any decision can be made as to its approval or rejection.  The agency noted that the Hammerhead development may pose physical, biological, and socioeconomic impacts to the environment which may be significant and long-term, given the type, scale and duration of the proposed activity.  Additionally, the EPA highlighted that the proposed development is in relatively close proximity to other development projects, which increases the potential for cumulative impacts of the projects. In further explaining the need for the EIA, the Agency said, “The associated risks attached to unplanned events of petroleum production activities may be significant.” Citizens are encouraged to make written submissions to the Agency, setting out those questions and matters which they require to be answered or considered in the EIA within 28 days of the Notice.  The Hammerhead development project will develop the Hammerhead field, and potentially additional resources, if determined to be feasible and economically viable. In the Project Summary submitted by Exxon to the EPA, the company explained that the project is expected to add 120,000 to 180,000 barrels of oil per day production capacity. The Floating Production Storage and Offloading (FPSO) vessel will be capable of storing approximately 1.4 to 2 million barrels of oil. Third-party oil tankers will be scheduled to offload the oil from the FPSO, making the oil available for export to the international market. Hammerhead is located in the south-central portion of the Stabroek Block, approximately 160 km from Georgetown. Current plans include drilling via drill ships to produce oil using approximately 14 to 30 production and injection wells. Production is expected to begin in 2029 subject to the necessary regulatory approvals and operate for at least 20 years.  To date, Exxon has obtained approval from the Government of Guyana for six development projects in the Stabroek Block – Liza Phase One, Liza Phase Two, Payara, Yellowtail, Uaru and Whiptail. The first three projects are already producing oil at a daily estimated rate of 640,000 barrels per day (bpd). Yellowtail is expected to come on stream by 2025, followed by Uaru in 2026 and Whiptail in 2027.  According to the Project Summary, the potential for cumulative impacts exists where impacts from Hammerhead overlap with those of other Stabroek Projects (or other existing or planned future activities) in space or time. As such, a robust cumulative impact assessment will be performed as part of the Hammerhead assessment of impacts. Related Similar Articles

Two nursery schools for WBD to cost $105M Jul 16, 2024 News Kaieteur News – The Regional Democratic Council (RDC) of Region Three has set aside approximately $105 million to construct two new nursery school buildings at La Parfaite Harmonie and Canal No.1 located on the West Bank of Demerara (WBD). This is according to information provided in a tender published by the RDC in the daily newspapers. The document stated that the nursery school for the Canal No.1 community is estimated to cost $50 million, while $55 million is estimated for the school in Parfaite Harmonie, a growing housing scheme. Bids for the project are scheduled to open on July 30, 2024 at the National Procurement and Tender Administration Board (NPTAB) office located in the compound of the Ministry of Finance. Kaieteur News understands that the RDC was allocated approximately $11.3 billion from this year’s budget to execute its education, health, agriculture and public works programmes among others. It is this money that will be used to fund the two projects. At a recent press conference at the National Centre for Educational Resource Development (NCERD), Minister of Education Priya Manickchand had listed over 30 nursery schools that are currently being built or would be built this year, and these schools would be in all the Regions except for Region Two. During that press conference, the minister said that having achieved universal primary education in the country, the intention is to achieve universal nursery and secondary education. Related Similar Articles

Govt. to move ahead with second gas project despite not finalising monetization strategy – VP Jagdeo  Jul 16, 2024 News Kaieteur News – Vice President (VP) Bharrat Jagdeo has stated that despite not finalising the National Gas Monetization Strategy, the Government of Guyana (GoG) has embarked on a second gas project to check for viability. Vice President (VP), Bharrat Jagdeo “We are still working on it,” Jagdeo said at his last press conference after he was asked if the government has abandoned the heavily criticised gas strategy, in which US$20,000 was paid to former Trinidad & Tobago Energy Minister, Kevin Ramnarine to prepare. “But as you have seen, we have moved forward in the project that we wanted to check the viability for. We have moved forward on that, but the gas strategy is a clear one,” Jagdeo added. Back in January, the Government issued Request for Proposals (RFP) seeking private sector pitches for the design, financing, construction, and operation of gas processing infrastructure. In June, President Irfaan Ali disclosed that United States-based firm Fulcrum LNG proposal was selected. Jagdeo explained that the key element of the gas strategy is to figure how to monetise the associated gas outside of the current gas project.  “We have moved forward on that element,” Jagdeo stated. Presently, the GoG is pursuing a US$2 billion Gas-to-Energy (GTE) project that will be located at Wales, West Bank Demerara. This is the country’s first natural gas project. It entails bringing the gas onshore from the Stabroek Block to feed a liquefied natural gas (LNG) facility and generate 300 megawatts from a power plant. ExxonMobil Guyana Limited (EMGL) is responsible for building a 12-inch pipeline that will transport 50 million cubic of gas per day to the Wales location from offshore. Outside of that, the Vice President said, “…We may have another 70 – 80 million cubic or so to come in on that pipeline we have to now make a determination how we would utilise that. It could be for generating additional power, fertilizer, different things.” Jagdeo underscored that normally a gas strategy is about determining not just how to monetise the gas but how to use it for national development. He continued, “But we are working on it, it’s not an abandoned project.”  Moreover, Jagdeo also responded to comments made by leader of the Alliance For Change (AFC) Nigel Hughes, who stated that using taxpayers’ dollars, especially those financed by oil proceeds, without conducting feasibility studies is “reckless”. Responding to a question about the Government embarking on a second major gas project while the US$2 billion GTE project is still to commence and facing setbacks, Hughes articulated his concerns, stating, “In this country, we have to legislate because we don’t seem to follow international norms. There is no major project that this country should undertake without a feasibility study. It is absolutely irresponsible and reckless and therefore, first project, second project or any project, you cannot come to the people of Guyana, spend their money without a feasibility project. We will not have a repeat of that fiasco, that is the Skeleton Factory.” Hughes reiterated the AFC’s opposition stating that the party will oppose any project without a feasibility study locally and internationally because it is a reckless use of taxpayers’ dollars. Notably, the agreements for the first project are yet to be laid in the National Assembly despite repeated commitments by government. For his part, Jagdeo said, “So we don’t know whether we have a project as yet.”  The Vice President reminded of his previous statement when he clarified that despite the government vigorously pursuing the monetisation of the country’s untapped gas resources through a second major gas project, they currently have no plan to provide financial backing for the initiative. “The Government of Guyana has made it clear that we are not putting any money into this project but we have to explore whether we can develop a viable project now, so that means a feasibility studies everything else to see if we can monetise the gas that we have, the associated gas outside of the gas that is coming to the power plant,” Jagdeo said. He said Fulcrum LNG was hired to look at all streams of benefits from possibly LNG exports or for industrial development. “All of that will have to be explored before you move to say we have a project, it’s viable before you move to get it financed but it’s not financed from the Government of Guyana…” he added. Related Similar Articles

$447M Essequibo Deeds Registry building needs $67M more for fence, concrete compound Jul 16, 2024 News The Deeds and Commercial Registries Authority building at Suddie, Region Two. (Photos, Regional Democratic Council of Region 2 (January 2024) Kaieteur News – With $447 million already spent to construct the four-storey new Deeds and Commercial Registries Authority (DCRA) building at Suddie, Essequibo in Region Two, the Ministry of Legal Affairs would be spending an additional $67 million to execute several external works at the sub-registry office. The new set of projects which went out to tender earlier in the year was awarded this month through the National Procurement and Tender Administration Board (NPTAB) following the competitive bidding process. According to information provided on the NPTAB website, the $67,726,995 contract was awarded to Jaikam Construction & Supplies Inc. Kaieteur News learnt that the $67 million contract entails the casting of compound and construction of drain, fence, concrete culvert and concrete revetment at the new Essequibo Sub Registry. It was previously reported that in October 2022, the DCRA signed the contact with Jaikam Construction to the tune of $447,862,666, for the construction of a new four-storey building next door to the Supreme Court building at Suddie. The contract duration mentioned at the time was 12 months. Currently, the DCRA’s work is housed at the Supreme Court Building in Suddie. Upon completion, the four-storey building is set to house the operations of the Deeds and Commercial Registries, and living quarters for staff. It was disclosed by the DCRA that the building will be equipped with an elevator, parking facilities and a storage vault for documents. In January 2021, the Attorney General and Minister of Legal Affairs, Anil Nandlall SC had announced that the Deeds and Commercial Registry in the Region Two would soon have its own building. The Deeds and Commercial Registry was established to efficiently and expeditiously administer the laws enacted by Parliament affecting land, whether by way of transport, leases, mortgages or any other alienation thereof. It also deals with laws relating to trademarks, patents and designs, geographical indications, copyrights, trade unions, companies, partnership, business names, powers of attorney, bills of sale contracts, and other deeds. Related Similar Articles

CDB mourns passing of former President Jul 16, 2024 News Kaieteur News – “It is with profound sadness that we mourn the passing of Sir Neville V. Nicholls, former President of the Caribbean Development Bank (CDB). Sir Neville was not only a visionary leader within our Bank but also a formidable force in shaping economic development across the Caribbean region,’ CDB said in a press release. Sir Neville V. Nicholls, former President of the Caribbean Development Bank Sir Neville served as third President of CDB with unparalleled dedication and foresight from 1988 to 2001. A Barbadian national, Attorney-at-Law with a degree in Economics, he joined CDB on March 1, 1971. He progressed through the department to General Counsel, and to Vice President of the Bank in October 1975. In May 1988, he was elected President, the first of three terms until his retirement in 2001. Under his stewardship, the Bank made significant strides in addressing critical development challenges, forging partnerships and programmes that have left a lasting impact on our community’s economic landscapes. His adept leadership was marked by a keen understanding of the intricate balance required to drive sustainable growth while addressing social imperatives. Sir Neville was deeply committed to the mission of reducing poverty and enhancing lives in the Caribbean through proactive and innovative financial solutions. Beyond his professional achievements, Sir Neville was a person of great integrity and compassion. His genuine concern for people was evident in both his policymaking and daily interactions. He inspired many with his unwavering optimism and relentless pursuit of excellence. As we reflect on his remarkable legacy, we extend our deepest sympathies to his family, friends, and all who were fortunate enough to know him. Sir Neville’s contributions to the Caribbean Development Bank and the region will be remembered for generations to come. “In honour of Sir Neville Nicholls, we pledge to continue fostering the ideals he championed so fervently. His spirit will forever be a beacon guiding our endeavours towards a brighter, more resilient Caribbean,” said CDB’s Acting President, Isaac Solomon. Related Similar Articles