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‘Guyana’s Stabroek Block is one in a lifetime, world class asset’ – Exxon’s Vice President Jul 01, 2024 News The Stabroek Block Kaieteur News – Phillip Reitema, Vice President and Business Service Manager at ExxonMobil Guyana Limited (EMGL) has underscored the unique value of the Stabroek Block, which is located offshore Guyana. ExxonMobil Guyana is the operator of the Stabroek Block with a 45% interest, while Hess Guyana Exploration Ltd. holds 30% interest and China National Offshore Oil Corporation (CNOOC) Petroleum Guyana Limited holds 25% interest. Guyana has emerged as one of the fastest growing economy in the world owed to the oil production offshore. During a recent interview on Energy Perspectives, Reitema was asked about how the Stabroek Block compares to other projects within Exxon’s portfolio. “Is there any that can compare in terms of the return on investments?” he was asked. Reitema responded by stating that Exxon has a very special opportunity here in Guyana. He said too that the Stabroek Block provides, “a unique opportunity for all of us at Exxon and in our industry to have a really special impact on the country.” Reitema has been working in Guyana for the past two years. He explained that when he explains why he came to Guyana, he says the country is, “truly a once in a lifetime opportunity to come.” Phillip Reitema, Vice President and Business Service Manager at ExxonMobil Guyana Limited (EMGL) He explained that while the Stabroek Block development is unique, there are other successful projects in the oil and gas industry. However, he noted some might not have been able to ramp up production as quickly as Exxon in the Stabroek Block. “But it’s really that combination of a world class asset, world class revenues with this development cycle that Guyana is on in this small population,” Exxon’s Vice President said. Further, he explained that the projects in Guyana compete internationally. “They are some of the best deepwater projects in the world, we are very proud of them. I know our chairman has said something to the effect of we expect that the Guyana projects that we are doing in Stabroek will go down as one of the greatest deep-water projects in the industry’s history,” he added. June 2024, marks 25 years since Exxon has been in Guyana. Reflecting on the company’s journey, Reitema explained that since first discovery in 2015, the company already has three projects producing oil from the Stabroek Block. He added, “Today we are producing over 600,000 barrels a day, and oil produced is revenue produced as revenue to be shared amongst the people of Guyana and our shareholder group.” “…then we have three other projects that are being developed, Yellowtail, Uaru and Whiptail,” Reitema noted. By the end of 2027, Exxon expect to have production capacity of over 1.3 million barrels per day (bpd). The Production Sharing Agreement (PSA) signed in 2016 between Guyana and Exxon is the subject of ongoing debates. Former Minister of Natural Resources, Raphael Trotman, during his tenure under the APNU + AFC Coalition government between 2015 and 2020, was the one who signed the deal in 2016 with Exxon. The deal Trotman signed waives all taxes from the oil companies, gives Guyana a 2% royalty on its rich resources, and agrees to the oil companies recovering 75% of investments before the remaining 25% is shared, with Guyana receiving 12.5%. The arrangement, with the lack of ring-fencing, sees Guyana paying for projects that are yet to commence production activities. Each month bills from future producing developments are added to the list of expenses to be cost-recovered by Exxon. Additionally, the battle of the oil giants is currently unfolding between ExxonMobil Corporation and Chevron Corporation over the Stabroek Block to determine who goes down in the history books as a participant in the one of the industry’s most successful deep-water developments. Hess Corporation has agreed to sell all of the company’s shares to Chevron, through a US$53 billion transaction. This deal gives Chevron access to the Stabroek Block. As such, ExxonMobil and CNOOC filed for arbitration since the oil giant believes it has preemptive rights, which allow shareholders access to stock before it is offered to others. Related Similar Articles

Too early to say if AFC will contest 2025 elections alone – Hughes Jul 01, 2024 News Newly elected leader of the Alliance For Change (AFC), Nigel Hughes Kaieteur News – Newly elected leader of the Alliance For Change (AFC) Nigel Hughes believes it is too early to determine whether his party will contest the 2025 General and Regional Elections independently or as part of a coalition with A Partnership for National Unity (APNU). Hughes told reporters on Saturday at his party’s 8th National Conference held at the Revealed Word Christian Centre, William Street, Kitty. “I know that question comes and it’s too early (to say). The first thing the Alliance For Change has to do is rebuild its strength. It has to achieve heights that it has never previously achieved in terms of its electoral strength and when the time is right, we will make that decision,” Hughes said. The AFC leader firmly stated that his party will not be forced into making that decision at this point since he feels that the time is not appropriate.“The first thing we have to do is, we actually have to conduct an examination of why we did so badly at the last elections and then take guidance from there,” he disclosed. Hughes on Saturday secured a landslide victory to become leader of the Alliance For Change (AFC), out performing Sherod Duncan. Hughes, who is the first non-founding member of the party to become leader, gained 149 votes, while Duncan received 62. While delivering the charge to the delegates and observers, Hughes urged the Party to undertake a comprehensive review of its performance in office to examine the missteps which lead to its loss of office in 2020 so that it can take the lessons from the past in crafting a pathway to the future. “I am very humbled by this, seriously very, very humbled. I believe that there comes a time when the ancestors say to you, this is it. I think that’s what happened here. I thank everybody; I just want everybody to also know that my competitors are no longer our competitors. I am inviting them to join my team to make sure that they continue to promote the Alliance For Change,” Hughes told reporters after the announcement of his victory. Related Similar Articles

Norton poised to return as PNCR Leader – Congress Administrator Jul 01, 2024 News PNCR members cast their votes on Sunday (PNCR photo) Kaieteur News – Opposition Leader Aubrey Norton was up until close to midnight on Sunday well poised to be re-elected to the post of Leader of the People’s National Congress Reform (PNCR). According to Congress Administrator Sherwin Benjamin, Norton secured over 1000 votes off the ballots cast.“It is anticipated the incumbent leader has been re-elected as well as the incumbent Chairman, Mr Sherwin Holder, Elson Lowe was elected as new treasurer. The count is on the way for Vice Chairpersons. It is also anticipated that the incumbent will be re-elected Mrs. Elizabeth Williams –Niles and Mr. Vinceroy Jordan will retain their post.” On day before the start of the Congress two of Norton’s main contenders Roysdale Forde and Amanda Walton-Desir suspended their campaigns to become leader of the PNCR citing irregularities. Aubrey Norton Forde and Walton-Desir’s withdrawal from the race for leadership followed the resignation of Dawn Hastings -Williams resigned from her post as General- Secretary of the party citing lack of accountability and transparency within the party. Asher resignation took effect from June 24, 2024.The Congress Administrator also told Kaieteur News that 15 members of the Central Executive Committee will be declared by midnight. The preliminary figures were provided hours after the party closed its polls for the official delegates’ elections at the 22nd Biennial Congress.Benjamin explained that Sunday’s polls opened at 10: 00 am closed at 8:38 pm, as the last vote was cast. He noted that the Sophia Georgetown Headquarters of the PNCR was abuzz with activity up until Sunday night as party supporters and patrons anxiously awaited the declaration of the preliminary results of its internal elections. PNCR member, Mervyn Williams who provided an update on the process via the party’s official Facebook page earlier Sunday said that Party’s Returning Officer, Vincent Alexander has committed to releasing preliminary results by midnight. He explained that following the announcement of the results “A 24-hour window is made available so that all questions regarding the vote will be addressed by the candidates with the Returning Officer…There would be no recount,” Williams added. In an invited comment with Kaieteur News, the PNCR executive member explained that the voting process went smoothly for the most part.“We had little to no issue given the magnitude of voters we were placed to hand…” He noted that there was significant participation by supporters from across the regions and Diaspora.“We had over a thousand people come to Congress place today to cast their ballots. They are anxiously awaiting the declaration of the results to see who will be placed in the leadership roles to take the PNCR in the next Regional and General Elections,” Williams said. Williams assured that by midnight, the Returning Officer would be in a position to announce the new leadership.However, up until press time, the official declarations were not made. Hundreds stood in line patiently waiting to cast their votes on Sunday (PNCR photo) Related Similar Articles

Disposable income turn disappearing income! Jul 01, 2024 Dem Boys Seh, Features / Columnists, News Dem Boys Seh… Kaieteur News – Dem boys seh the Waterfall paper only ask one question: What the government plans to do with all this oil money? Simple question, big confusion. The Vee Pee rush to hold a press conference. He start talking bout how much disposable income the government pump into the economy. He talk about $89B increase in the wages bill. He forget fuh seh how much more workers dem paying. He also fuhget  to deduct taxes and NIS. Fine Ants Ministry jump in too, long statement bout disposable income. It list every conceivable measure dem implement, even dem one off cash grant and school grant. All this because one man ask bout how the people gan benefit from the oil money. But dem boys seh is not just about disposable income. Is about how fast that income get disposed of. Faster than the garbage in the city. Prices rising like hot air balloon. Short drop taxi used to be $400. Now some taxi drivers charging $800. All because is an oil economy. And nuff of de wah charging di money wukking private hire. But listen, de Vee Pee and Fine Ants Ministry still talking bout disposable income. The more they preach, the higher the cost of living rising. Rich getting richer, poor can’t catch a break. Dem boys seh, who really feeling this disposable income? Not the common man. Dem struggling to keep dem heads above water. Disposable income? More like disappearing income. So while the Vee Pee and Fine Ants Ministry talk big, dem boys watching prices soar. The gap between rich and poor? Wider than the Demerara River. Preach all yuh want, but dem boys know the truth. The more they talk, the harder life get for the little man. Talk half. Leff half. Related Similar Articles

ExxonMobil Boys’ and Girls’ Football Tournament heats up today with semifinals action Jul 01, 2024 Sports Leonora Secondary is expected to face one of their toughest hurdles when they oppose Chase’s Academic Foundation. Kaieteur Sports – ExxonMobil Boys’ and Girls’ Football Tournament heats up today with semifinals action The race for championship glory, which began this past weekend, intensifies tomorrow at the Ministry of Education ground. The Petra-organised fifth annual ExxonMobil Boys’ and Girls’ U-14 Football Tournament reaches the semi-final stage, promising thrilling action. As it stands in the girls’ division, the formidable Bartica Girls, boasting an unblemished streak, face a strong Waramuri side both teams are without any losses in the tournament. Meanwhile, the dominant Santa Rosa Girls will aim to thwart the talented President’s College unit from advancing further in the competition. The matches are set and the players are ready to give us some exciting games today. The boys’ division will showcase two high-octane semi-final showdowns between the top U14 football school teams in the nation. Defending champions Bartica Secondary received a knockout punch by the hands of a good-playing Leonora side. Considered underdogs, Leonora Secondary will tackle a well-balanced Chase’s Academic Foundation team for a chance to secure a spot in the final. South Ruimveldt and Dolphin Secondary have been playing some good football over the past six weeks; they are set to battle each other for the other spot in the Boys’ final. These four semi-finals will determine the two teams in each division that will compete for championship glory this upcoming weekend, culminating in the grand finale on July 6. Fans can expect an exciting finish to this tournament. Tucville Girls, New Amsterdam Girls, Charity Girls and Marian Academy Girls will also be on show today. Matches between Bushlot Boys and West Minster Boys, and Bartica Boys and Wismar Christianburg Boys will complete the lineup of matches for the day. This tournament is made possible by ExxonMobil with support from Stena Drilling and MVP Sports. It is approved by the Ministry of Education and endorsed by the Ministry of Culture, Youth and Sports, and coordinated by the Petra Organisation. Kick-off is noon (12:00hrs). Action the previous round of the 2024 ExxonMobil Girls U14’ Football Championship Related Similar Articles

St. Ignatius pips Waramuri Top to be crowned Champions Jul 01, 2024 Sports St. Ignatius players celebrate becoming the Champions of the GFF GFF/Blue Water Shipping U15 Championship. (Photo – Jemima-Holmes) GFF-Blue Water Shipping NSC U15 Football C/ship… Kaieteur Sports – St. Ignatius lifted the 2024 title of the Guyana Football Federation (GFF)/Blue Water Shipping National Secondary Schools Girls Under15 Football Championship, following a penalty shootout victory against Waramuri Top in the final on Sunday evening at the National Training Centre in Providence. Following a nil-all score at regulation time, the match headed into a dreaded penalty shootout where the eventual champion held their nerves to prevail 3 – 2. Earlier in the day, Waramuri Top asserted a 2-0 lead in the first half of the first semi final matchup involving Bartica Secondary, which ended as the full-time score. Top scorer Veronica Chatta opened the scoring for Waramuri early into the contest with a superb left-footer from close range; after receiving a loose ball, crossed in from the right-wing into the penalty area, Chatta executed a brilliant finish to put Waramuri one goal ahead. A couple minutes later, Chatta affected another goal as Bartica suffered more misfortunes with her corner being deflected off a standing defender, ultimately ending up in the back of Bartica net; giving Waramuri a handsome lead and solidifying their place in the final. On the other side of the pitch, St Ignatius played very well to keep off Santa Rosa’s strikers but the weight of the match shifted when the eventual champions penetrated Santa Rosa’s net giving them a fighting chance in their quest to the final. With a 1-0 lead in the first half, St Ignatius cruised to victory in the second half as the opposition failed to affect a goal. Defenders dominated the second half in both semi finals matchups with no further goals being scored in either game; culminating with Waramuri and St Ignatius setting up a nail-biter. Allia Henry’s (10) close-range shot sent Waramuri Top into the GFF/Blue Water Shipping U15 finale Related Similar Articles

Royals win Nigel Hinds/LABA Senior Championship Jul 01, 2024 Sports Victory Valley Royals’ Orlan Glasgow (with ball) on the move against his Amelia’s Ward defender during the final Kaieteur Sports – With a punishing fourth-quarter display, Victory Valley Royals outplayed the home side Amelia’s Ward Jets to crown themselves winners of the Nigel Hinds/Linden Amateur Basketball Association (LABA) Champions with a 76-62 victory while Block 22 Flames scored a scintillating overtime 58-57 win over Retrieve Raiders on Saturday night at the Amelia’s Ward Hard Court in front of a great following. Royals, the nation’s top club showed poise and grit in the face of a 30-14 deficit, owned by the Jets in the third quarter, as they came within three points of the country’s top-ranked club, trailing, 59-62, and the likely chances of taking home the bacon, in the form of a whopping $400,000 incentive and trophy. But this was not to be as Royals showed what they were worth in the final session to turn on the heat, outscoring the Jets, 14-5, and cantering home winners, 76-63, as Yannick Tappin netted seven of his 17 points of the game, in the last quarter. Royals had taken a 16-7, first quarter lead and things looked ominous when the top club led at half-time, 48-29. But the Jets’ Quincy Easton and Dennis Niles (Jr.) were determined to give the home fans something to cheer about as they recovered to trail 59-62 when the third period closed out. However, the Royals would stick to their guns with the heart of a champion and rallied their way at the expense of the Jets who ran out of fuel, to capture another title. For the Royals, Harold Adams and Yannick Tappin both had 17 points while Orlan Glasgow and Keifer Tappin each registered 11 for the champions, who had an unblemished record in this title run. Nigel Hinds of Hinds Financial Services Group – the tournament’s main sponsor, was on hand to present the top prizes to the winners, as President of the LABA Mrs. Dawn McCammon-Barker presented prizes to the second, third and fourth place finishers. Other sponsors for this tournament were Gary Stephens and James Brusche, both residing in the United States, along with Aubrey Major and the 20/20 Bar. Jets got $200,000 and a trophy for second, Flames $100,000 and a trophy and Raiders $50,000 and a trophy. Once again Quincy Easton was the Jets’ best player with 15 points but fouled out in the final quarter while Dennis Niles, who gave the Jets some hope got 12 points and Shannon Cadogan, who shouldered the Jets coming back into contention with eight of his eventual 10 points coming in the third quarter. In the other third-place playoff game, Block 22 Flames played well to halt Retrieve Raiders in overtime, 58-57, after the scores were leveled on 55 at the end of regulation play. Jonathan Clarke scored 18 points and Cleon Johnson 13 as Shawn Cameron chipped in with seven for the third-place winners. Raiders’ best players were Shemar Savoury with 19 points, Neil Marks (Jr.) with 10 and Derron Montrose 8. Related Similar Articles