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Guyana received US$1.4B of US$9.3B oil money in first 6 months of 2024 Jul 07, 2024 News Table showing deposits to the Natural Resource Fund during the second quarter of 2024 Kaieteur News – During the first six months of 2024, the Stabroek Block generated approximately US$9.3B in revenue of which US$1.4B was deposited to the Natural Resource Fund (NRF), the country’s oil account. In a Notice published in the Official Gazette on Friday, as required by the NRF Act of 2021, the Ministry of Finance published the receipts of all petroleum revenues paid into the Fund during second quarter of this year (March 29, 2024 to June 30, 2024). According to the Notice, a total of US$778M was paid during the period. Meanwhile, in the first quarter, Guyana received US$604M. This means the country received US$1.4B in the first half of 2024 from the total revenue of US$9.3B generated in the Stabroek Block. Data on the Ministry of Natural Resources Petroleum Management Programme indicates that oil production at the three projects averaged about 640,000 barrels per day (bpd). ExxonMobil Guyana Limited (EMGL), the operator of the Stabroek Block has three Floating Production, Storage and Offloading (FPSO) vessels in operation- the Liza Destiny, Liza Unity and Prosperity. At an average oil price of US$80 per barrel, the block generated US$51M per day, equivalent to US$9.3B during the first six months of the year. During the presentation of this year’s Budget, Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh revealed that there will be 202 lifts of crude oil from the Stabroek Block, 25 of which are estimated for Government. With each lift being approximately one million barrels, Guyana’s entitlement this year is 25 million barrels of crude. Consequently, earnings from the Government’s share of profit oil are estimated at US$2B in 2024, while royalty payments for the year are projected at US$319.9 million, taking total estimated oil revenue deposits to about US$2.3B for 2024. This figure pales in comparison to the massive earnings of ExxonMobil and its co-venturers in the Stabroek Block. The Stabroek Block production sharing agreement (PSA) entitles the oil companies to 177 million barrels or 177 lifts. These lifts include crude mostly for cost recovery, and some for profit oil. To this end, oil companies are projected to cart off with US$14B in oil revenue at an average oil price of US$80 per barrel. The contract entitles Exxon to deduct 75% of the monthly revenues to offset its investments in the block. The remaining 25% is then shared with Guyana as profits meaning the country receives 12.5% and an additional 2% as royalty. Related Similar Articles

ExxonMobil and partners deducted monies to decommission 4th project, yet to startup – 2023 Financials Jul 07, 2024 News The ‘One Guyana’ FPSO to operate the Yellowtail project has not even arrived in-country yet. Kaieteur News – In 2023, ExxonMobil Guyana Limited (EMGL) and the Stabroek Block partners billed Guyana US$177M for decommissioning or cleanup costs to restore the ocean floor, following its deepwater oil production activities. Included in the decommissioning bill was money to decommission wells for the fourth project, Yellowtail, which is yet to start producing oil. This was highlighted in CNOOC’s 2023 Annual Report obtained by this newspaper. The document states, “During the period ended December 31, 2023, additions to decommissioning and restoration provisions include the cost for one new development well in Liza Phase 1, two new development wells in Liza Phase 2, sixteen new development wells in Payara and ten new development wells in Yellowtail that spud during the year.” The Chinese oil company was keen to note that the total decommissioning and restoration provisions was estimated by ‘Management’ based on the Branch’s net ownership interest in all wells, estimated costs to “reclaim and abandon the wells and facilities” and the estimated timing of the costs to be incurred in future periods. When asked to address this state of affairs during his weekly press conference on Thursday, the Vice President, Bharrat Jagdeo refused to comment, since according to him, “I think it is not accurate.” He however pointed out, “but if the project hasn’t started as yet, my assumption is that you can’t deduct from it for decommissioning if it hasn’t even been commissioned as yet.” Jagdeo was clear that oil companies should not be deducting costs to decommission a project if it has not yet been commissioned. At the conclusion of his formal engagement with media representatives at Freedom House, Robb Street, Georgetown this newspaper showed the Vice President a screenshot of CNOOC’s financials displaying the information above. To this end, Jagdeo explained that the costs reflected were to cap the wells until production activities commence at the project. The VP was adamant that decommissioning wells was vastly different from decommissioning a project, since the latter involved the removal of the Floating Production, Storage and Offloading (FPSO) vessels, among other technical steps. His interpretation of decommissioning was however dismissed by Petroleum and Environmental Engineer, Dr. Vincent Adams. Adams, who previously headed the Environmental Protection Agency (EPA) told this newspaper that the Vice President’s explanation was misinformed and incorrect. He explained that decommissioning is a process which takes place only upon completion of the project. “Capping and plugging is part of decommissioning which is what you do when you are done producing oil at a well. That’s asinine to say you are decommissioning a well before you start producing from it,” the former EPA Head said. While Jagdeo told this publication that the costs reflected in the financial statement was to cap the wells until production commences, the Petroleum Engineer noted that those activities are included in the development cost, rather than decommissioning. To this end, he argued, “This man gets up there and talks a lot of nonsense. Sometimes I hear all the time he says stuff that he has no idea what he’s talking about. He bluffs his way. He has no idea.” Furthermore, Dr. Adams pointed out that the oil companies should not be deducting monies to decommission wells before the project commences production activities. Notably, each project has an estimated life of about 20 years. Three projects to date have been commissioned in the Stabroek Block, while the fourth development, Yellowtail is yet to come on stream; the project is expected to startup in 2025. In fact, the ‘One Guyana’ FPSO to operate the development has not even arrived in-country yet. According to the companies’ financials seen by Kaieteur News ExxonMobil billed Guyana $10,857,314,009, while Hess also added $13,072,707,068 and CNOOC $11,393,140,000 for decommissioning in 2023. In total, the companies charged the country $35,323,161,077 or US$176,615,805 for decommissioning last year. Related Similar Articles

Heavy rains cause floods across Bartica Jul 07, 2024 News The flooded Streets in Bartica on Saturday Kaieteur News – Heavy rains on Saturday flooded the town of Bartica, Region Seven. The torrential rains began in the morning and continued into the afternoon causing flood waters to gush into homes and businesses. Affected residents took to social media showing the flood waters rushing into their homes. One resident, a businessman Winston Miller in a live video said that Bartica is still recovering from a devastating flood in 2022 and is now faced with another devastating disaster. “Damages again” he said while showing how quickly the water rose. More videos and photos began surfacing of flooded streets and yards. Many Bartica residents were angry because according to them the community’s pumps were not working. A subsequent statement by the town’s Mayor, Anthony Murray revealed that the severe flooding might have been caused by a blocked koker. “Presently we’re on the ground trying to clean an area that is blocked located at 9th Street, Prakash area,” the Mayor stated around 18:06 h on Saturday. He added, “We observe that the koker has been blocked by a tyre which has resulted in a back- up of water affecting residents in these low lying areas, which caused water to get into persons homes”. The Mayor said too that an emergency pump at First Street and Fourth Avenue was also set up to assist in pumping out the excess water. At around 19: 00 hrs, a Town Councilor the tyre was successfully removed. “This was the main reason why water wasn’t flowing out of the koker at Prakash corner”, the Councilor said. Related Similar Articles

Independent meters at FPSO’s long overdue – David Patterson Jul 07, 2024 News General Secretary of the AFC, David Patterson. Kaieteur News – General Secretary of the Alliance for Change (AFC) David Patterson on Friday said that independent meters at the country’s floating production storage and offloading (FPSO) Unit to monitor Exxon’s production are long overdue. Guyana has been pumping oil since 2019 and currently production stands at 640,000 barrels daily. However, up until recently there was no known means for the government to monitor oil production in real time. In fact, on Thursday, Vice President Bharrat Jagdeo disclosed that three government agencies, The Guyana Revenue Authority (GRA), the Environmental Protection Agency (EPA) and the Guyana Geology and Mines Commission (GGMC) are able to monitor screens set up by oil giant ExxonMobil to monitor activities offshore in real time. During the AFC’s press conference held on Friday Patterson said that, “From the very inception when oil was produced in 2019, I know Vince is here as well, we have advocated that there should be onboard presence for monitoring not only by EPA, also by all the regulatory agencies. We have insisted that they be equipped with equipment to independently verify oil production.” Patterson reminded that the government is depending on ExxonMobil for data and though he isn’t saying the information provided by the oil company is incorrect, it is important to monitor the data independently. “We have seen that the time is long overdue we can afford it, Exxon would have no option but to agree with the government should they want to implement it. So we say it is way overdue and should be done as speedily as possible,” he added. Former head of the Environmental Protection Agency (EPA) Dr. Vincent Adams said that the monitoring of production was something that he had insisted on from day one. “I notice the Vice President suddenly coming out and start talking about monitoring… What we called for and I know I called for from day before production was for us to have onboard, onsite monitoring,” he said that. The Government of Guyana has no fixed timeline to procure independent meters to monitor the production of oil from the country’s lucrative Stabroek Block, Vice President Bharrat Jagdeo disclosed on Thursday. Jagdeo was at the time speaking at his weekly press conference held at Freedom House, Robb Street, Georgetown. The Vice President said too that the government has no independent way of monitoring Exxon’s operations. Notwithstanding, the Vice President disclosed that despite belief that the Government has no means of monitoring Exxon’s operations, the government through the GRA, EPA and the GGMC is able to monitor via Exxon’s screen. “Right now there is an impression that we don’t get any data, we don’t do any monitoring. So you do have people from the Bureau of Standards on board the vessel and also from GRA. They look at the meters, the calibration of the meters all of these things to look at the flow of the oil and the produced water.” The data received from Exxon’s meters currently monitoring the different aspects of offshore production is updated in a 10 minute cycle, the VP told reporters. The government is also able to monitor drilling data via Exxon’s screens. Jagdeo reiterated that the three governmental agencies “have access to that dashboard…so we can also track what’s going on offshore but we plan to do our own thing independently later.” “I doubt it is going to change much from what we see but we [Government] will have the comfort,” Jagdeo told reporters. Related Similar Articles

Fire destroys two houses, damages one in East Ruimveldt Jul 07, 2024 News The houses engulfed in fire Kaieteur News – At least three families are now homeless after a fire of unknown origin destroyed two houses, and damaged another along Front Road, East La Penitence, Georgetown on Saturday. An occupant, 39-year-old Ruby French told Kaieteur News that the fire started at about 11:00h. The mother of five said that she was awoken by the scent of smoke from a nearby building situated in the middle of the three houses affected by the fire. The aftermath of the fire “When I push my bedroom door and go in the kitchen, I see the smoke,” French said, while noting that she then woke up her 12-year-old son and informed him to, “run outside because is fire.” The distraught woman said she then picked up her five-month-old baby and ran out of the house. The Guyana Fire Service was contacted and arrived promptly. Fire fighters were only able to save one of the houses from being completely destroyed. Related Similar Articles