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CGX must show finances or lose Corentyne Block – Jagdeo says Jun 28, 2024 News Map showing the location of the Corentyne Block Kaieteur News – CGX Energy Inc. and Frontera Energy Corporation are facing a critical juncture regarding their Corentyne Block operations offshore Guyana. “This is crunch time now,” warned Vice President Bharrat Jagdeo on Thursday during his weekly press conference, as he issued a stern warning to the joint venture. Executive Chairman for CGX (Guyana) Energy, Professor Suresh Narine In response to a last-minute Notice of Potential Commercial Interest filed for the Wei-1 Well located in the Corentyne Block, on June 26, just days ahead of the June 28 deadline for the Corentyne Block’s appraisal programme, Jagdeo underscored that stringent conditions must be met to retain the block. The submission of this notice is pivotal as it secures CGX and Frontera’s stake in obtaining a Production Licence, providing an extension for appraisal activities pending government approval. When questioned about the sudden move by the Corentyne Block partners, Jagdeo disclosed that Minister of Natural Resources Vickram Bharrat notified him of the submission on Wednesday. Although he has not yet reviewed the notice personally, Jagdeo assured that the government would scrutinize it thoroughly before presenting it to Cabinet in the upcoming week. To this end, Jagdeo said, “But let me make it clear, CGX will not play the government of Guyana. For a very long time they have been jerking people strength maybe their investors but no longer are we going to be tolerant of any ambiguity.” Vice President (VP), Bharrat Jagdeo He continued, “If they are declaring commerciality now, they have to show in specific terms how they intend to develop a project and where the finances are.” The Vice President accepted that he should not have been so blunt about the situation; he said that the government has allowed CGX and Frontera, as per law to do their appraisal. He added, “But this is crunch time now.” “If they now say they are moving to a project, they have to show us what this project is and show us how they are going to finance the project,” Jagdeo reiterated. Failure to secure government approval for further appraisal would mark CGX’s third forfeiture of an oil block in Guyana and Frontera’s second, following the relinquishment of the Demerara and Berbice Blocks in 2022. In the notice, CGX and Frontera reminded that they have successfully drilled the Wei-1 well, its second well on the Corentyne block. “The well fulfilled the obligation under Phase Two of the Second Renewal Period of the original 10-year Licence and served as an appraisal well for the Kawa-1 Appraisal Programme with the Government of Guyana,” CGX and Frontera said in its release. The companies stated too that with support from investment bank and capital markets experts Houlihan Lokey, they continue to actively pursue strategic options to unlock the potential of the Corentyne Block. Related Similar Articles

In a few years, Guyana will be able to monitor Exxon’s production on its own – Jagdeo Jun 28, 2024 News Vice President, Dr. Bharrat Jagdeo Kaieteur News – Vice President (VP) Jagdeo is confident that Guyana will be able to independently and extensively monitor ExxonMobil’s production real time in a few years, when the government makes all the necessary improvements. On Thursday, Jagdeo was asked by Kaieteur News whether, “With oil production expected to reach 1M barrels per day by the turn of the decade, are you concerned about the capacity of the government to monitor this increased output, and, what plans does the government have to improve real time monitoring of production by 2030?” In response, Jagdeo said that it was not a million barrels but rather the government is hoping to meet 1.3M barrels by 2027 and the government is currently undertaking capacity building in several areas. “We now use some other mechanisms that are useful in the absence of that robust kind of on-site presence in a comprehensive way but those need to be enhanced. So I have no doubt that over the next few years we will substantively increase our capacity to do that to monitor production,” he said. He continued: “So I explained in the beginning that we have to work at putting the framework in place to regulate this sector, which we have practically done through the implementation of the Petroleum Activities Bill, reform of the NRF, the Local Content Law, the new regulations concerning environmental permits, etc., the flaring, the tax on flaring, a whole range of those issues we have worked on,” Jagdeo said. The VP highlighted that his government is now placing heavy focus on monitoring, even though Exxon will have a unit at its headquarters that will facilitate real time monitoring of what is going on offshore. He said though the government will have a presence at Exxon’s unit, it will create its own monitoring department. “We will have a presence there (at Exxon), we would also have our own unit to track what’s going on offshore, we will have strengthened the Bureau of Standards presence there and their sophistication on the rig themselves to measure quantities of oil and the flow and the water capacity, that has been discharged, all of these things,” he added. Furthermore, the government’s monitoring unit will be able to tell if the discharged water from Exxon is meeting international standards of purification. “All of that would be done as we move forward so we can verify that what they are actually saying is true,” the VP explained. Last year, Jagdeo told reporters that the government is in talks with entities to utilize satellite technology to be able to monitor activities offshore. Related Similar Articles

Walton-Desir, Forde withdraw from PNCR leadership race Jun 28, 2024 News …cite irregularities in the electoral process Kaieteur News – Executive Members of the People’s National Congress Reform (PNCR) Amanza Walton-Desir and Roydale Forde, SC on Thursday suspended their campaigns for leader of the party. Executive Member of the People’s National Congress Reform (PNCR) Amanza Walton-Desir Executive Member of the People’s National Congress Reform (PNCR) Roysdale Forde, SC Walton-Desir was the first to announce her withdrawal from the race. In a terse statement said the decision to bow out of the elections, one day prior to the start of her party’s 22nd Biennial Delegates Congress, “has been incredibly difficult” but was made after “deep reflection and extensive discussions with my team and close advisors”. “My dear brothers and sisters of the PNCR, I come to you today to announce my decision to suspend my campaign for the PNCR leadership. This decision has been incredibly difficult, but it has been made after deep reflection and extensive discussions with my team and close advisors.  Throughout my campaign, I have been dedicated to upholding the values of transparency, fairness, decency and integrity within our beloved party. However, recent developments which I am not at liberty to ignore, have raised serious concerns regarding the process,” she said. Further, the PNCR member said that as of the morning of June 27, a preliminary list of delegates was not made available to her as a candidate to allow for claims and objections “and further, there is a lack of agreement among all candidates contesting on the procedures for conducting the elections”. “These and several other issues necessitate careful consideration and resolution to ensure the continued integrity of our party and while I believe it is vital to address these concerns, I also recognize the importance of doing so in a manner that preserves our unity and strength,” Walton-Desir said in her statement which was published on her Facebook page. The Central Executive Member thanked her supporters for their “unwavering belief” in her. “…Our shared vision has been my greatest strength. I am deeply grateful for your support and dedication. Though I am suspending my campaign, our work does not end here. We must continue to advocate for the values we believe in and push for the changes our party needs,” the PNCR member said as she encouraged all members of the PNCR to remain united and steadfast during “this challenging period.” “Our strength lies in our unity and our shared commitment to a better future for our party and our country. Together, we can overcome any obstacle and ensure that our principles guide us forward. Thank you for your understanding and continued support. Let us continue to work together for the betterment of our party and our nation,” Walton-Desir who is also Shadow Minister of Foreign Affairs and International Cooperation said. Like Walton-Desir, Forde announced late Thursday night that he too is suspending his campaign. He cited an “irregularities riddled elections process”. In a statement to the media, Forde said, “Today, I hereby formally suspend my candidacy and acceptance of all nominations for the positions to which I have been nominated by Party Groups across the Country.” Forde listed three reasons for his decision while noting that they significantly impacted his confidence in the integrity and fairness of the electoral process. He said, despite several written communications addressed to the Central Executive Committee and the General Secretary regarding concerns about the integrity of the electoral processes for the party’s elections, he is yet to receive a response. Further, Forde who is an attorney said “There have been noticeable irregularities concerning the list of delegates, which raise serious concerns about the transparency of the election process.” The Central Executive Member said too that “unreasonable timelines have been imposed to meet certain requirements for holding the congress, which have placed undue pressure and constraints on the democratic process.” Additionally, he said that members from various regions across the country have expressed dissatisfaction with the “extremely limited time provided to organize logistics to attend and effectively participate in the Congress”. Forde who premised his campaign on the principles of accountability, transparency and democratic governance said he remains committed to “the high values, ideals and goals of our party, set in place at its very core and at its very foundation by Linden Forbes Sampson Burnham which I believe are essential for the integrity of the party’s electoral processes”. Forde reminded that on June 23, 2024, former General Secretary of the party, Dawn Hastings- Williams, resigned from her post. Her resignation was also influenced by “the lack of those very critical issues- transparency, accountability and internal democracy”. “Her resignation coupled with evidence of irregularities, and the expressed dissatisfaction of members demonstrate that the current electoral process has fallen woefully short of meeting even rudimentary standards necessary to uphold these principles,” Forde said in his statement. Notwithstanding, he believes that “it is imperative that our party’s internal elections adhere to the highest standards of democratic practice to ensure fairness and inclusivity.” “Unfortunately, the deficiencies observed in the process have made it clear that these standards have not been met.  Therefore, after careful thought and consideration and with a heavy heart, I hereby suspend my candidacy for the positions nominated,” the attorney said while thanking all the groups, members and supporters of the PNCR the confidence reposed in him. He also thanked his team members for their hard work, sacrifice and dedication. “I remain committed to the high values, ideals and goals of our party, set in place at its very core and at its very foundation by Linden Forbes Sampson Burnham. I will continue to work towards fostering a democratic and inclusive political environment within the PNCR,” he said while urging “the leadership and all members of the PNCR to reflect on these concerns and take decisive actions to improve our electoral processes moving forward.” Forde posited that the PNCR’s “strength lies in our commitment to democratic principles, and it is crucial that we uphold these principles in every aspect of our operations.” Meanwhile, despite the sharp criticisms and accusations that have been levelled against the incumbent leader, he remains adamant that negativity will not cause him to lose support. In a recent interview with Kaieteur News, Norton said he is unfazed by the accusations against him and is confident of re-election as leader of the PNCR. The Congress of the party is set for June 28-30 and according to Norton, the party is focused on having a “successful Congress”. Related Similar Articles