admin

.tdi_3.td-a-rec{text-align:center}.tdi_3.td-a-rec:not(.td-a-rec-no-translate){transform:translateZ(0)}.tdi_3 .td-element-style{z-index:-1}.tdi_3.td-a-rec-img{text-align:left}.tdi_3.td-a-rec-img img{margin:0 auto 0 0}@media (max-width:767px){.tdi_3.td-a-rec-img{text-align:center}} Urgent – Immediate Broadcast RequestedExcessive Heat WarningAntigua and Barbuda Meteorological Services12:35 pm Friday 20 September 2024 …Excessive Heat Warning...

Guyana poised to receive less than US$9B of US$70B from Liza 1 and Liza 2 Sep 22, 2024 News Vice President, Dr. Bharrat Jagdeo (left) and Kaieteur News Publisher, Glenn Lall …Glenn Lall says hemorrhaging of Guyana’s wealth must end Kaieteur News – Over the estimated 20-year project life of the Liza One and Liza Two projects, approximately US$70B in revenue is expected to be generated, however, the sovereign owner of the resources will only benefit from less than US$9B. The two projects, which are currently in operation, have a combined reserve of about one billion barrels of oil. At an average oil price of US$70 per barrel, the Liza Field is poised to generate about US$70B. The operator of the Stabroek Block, ExxonMobil Guyana Limited has however indicated that production costs about US$40 per barrel, meaning US$40B over the life of the projects will go towards production. This leaves $30B. Another US$9B then has to be removed for the cost of the two projects, which include expenses for the Floating Production, Storage and Offloading vessels (FPSOs) and other supporting infrastructure to produce the resources. This leaves US$21B which is further reduced by US$1.6B for pre-contract exploration and US$3.8B to decommission the projects. This leaves the balance at US$15.6B to be shared between Exxon and Guyana. Consequently, Guyana is slated to receive US$7.8B and Exxon US$7.8B. The country is also expected to collect 2% royalty; taking its earnings to approximately US$9.4B should other expenses not be considered. It should be noted that 40% of the reserves have already been depleted at the projects, well ahead of the 20-year lifespan outlined in respective project documents. According to the Bank of Guyana (BoG), the country gained US$3.8B in profits and about US$500M in royalties as at June, 2024 from two projects, since startup. Meanwhile, Publisher of Kaieteur News, Glenn Lall in an invited comment said the simple calculation demonstrates that without a renegotiation of the 2016 Production Sharing Agreement (PSA) Guyana will continue to receive “donations” from Exxon in exchange for its massive resources discovered offshore. Turning his attention to the US$9B the country is likely to receive from the two projects out of US$70B, Lall questioned whether this was a fair 50/50 deal. The businessman pointed out that this lopsided arrangement will continue for the other four projects that have been sanctioned by the government. To date, Exxon has received regulatory approvals for six deep water developments. A seventh application is currently pending. To this end, Lall said, “Are you really going to sit back quietly and watch your future, your children’s future, and the fate of generations to come, be shattered like this? The devastation this oil deal will bring to our country isn’t just about unfair profits, it’s about the long-term destruction and misery Guyana will be left with.” The newspaper Publisher argued that the oil deal will not only cripple Guyana but chain the country to foreign banks, begging for loans to keep its head above water. According to him, “This is a ticking time bomb people. If we don’t demand renegotiation now, we’re locking ourselves into a future, where Guyana’s wealth is siphoned off, leaving nothing but debt and poverty to 99% of Guyanese.” He reasoned, “Is that what we want for our children and generations to come? Look what the foreigners with corrupt leaders did to Africa and Asia, most of them trying to get out today, while our leaders taking us there. It’s past time for action, we can’t afford to sit silently anymore.” Guyana’s oil deal with Exxon has been criticized by politicians but while the ruling People’s Progressive Party (PPP) government committed to renegotiation/ better contract administration, the political party has now made it clear that the terms of the arrangement will remain in place. This has been communicated on numerous occasions by Vice President, Bharrat Jagdeo who is responsible for managing the petroleum sector. That contract not only ties Guyana to a measly 2% royalty, but allows Exxon to take 75% of revenues generated each month to cover costs. The remaining 25% is then shared with Guyana as profits. In the absence of a ring-fencing provision, the company shortens the country’s share of profits each month- since the cost of the three projects in operation have already been repaid. Related Similar Articles

Guyana has been a fairytale to SBM Offshore – CEO Sep 22, 2024 News Kaieteur News – Guyana has been a dream scenario for SBM Offshore, the world’s undisputed leader in floating production, storage and offloading vessels (FPSOs). CEO, SBM Offshore, Oivind Tangen (Photo: SBM Offshore) This was revealed by Chief Executive Officer (CEO) of the Dutch ship builder, Oivind Tangen in an exclusive interview with Upstream, an online source for independent news and analysis of the major oil and gas projects. In an article last week, Upstream reported that the company is reaping the rewards of its forward thinking and outstanding project execution, while its new chief executive intends to keep the company well ahead of its peers. Tangen said, “Guyana so far has just been a fairytale, and it happened at about the same time as we launched our Fast4Ward programme, and that positioned us well for a series of Petrobras projects as well.” Fast4Ward is the ground-breaking design that SBM came up with in 2012 tailored for benign ultra-deepwater settings like Brazil and Guyana, and which SBM was able to replicate in stunning fashion, with a standardisation philosophy and with repeat subcontractors and vendors, all supported by its two principal customers ExxonMobil in Guyana and Petrobras in Brazil. Next year, there will be 19 active SBM floaters around the world producing about 2 million barrels per day of oil of which seven will be Fast4Ward designs. The company has already ordered the eighth and ninth hulls. Two Fast4Wards are operating for ExxonMobil in Guyana and two more are being built. SBM was contracted by Exxon, the operator of Guyana’s prolific Stabroek Block, to construct five of the six FPSOs sanctioned to date. The Liza Destiny, Liza Unity and Prosperity FPSOs have been delivered and are operating, while the fourth FPSO, One Guyana is scheduled to arrive next year. SBM also secured a contract to construct the FPSO for the sixth project, Whiptail. To this end, the Jaguar FPSO is expected to commence production by the end of 2027. Tangen told Upstream that ExxonMobil continues to set the benchmark, with decisions to own the FPSOs in Guyana. The CEO said this provides SBM with significant early cash followed by the revenue from a long-term Operations and Maintenance (O&M) contract. Exxon has stated that it will have six FPSOs in operation in Guyana by the end of 2027. “We are in a very good dialogue with Exxon and they know when it’s a good fit for SBM and themselves, where we unlock value together, that’s normally where we find the opportunities to move forward together,” Tangen said. Last month, Kaieteur News reported that SBM increased earnings for the first-half of 2024, buoyed by strong project performance and continued expansion in Guyana, a key growth market for the company. Tangen disclosed, “Our great teams continue to deliver strong performance and we ended the period with a record backlog of US$33.7 billion. As a result, we are increasing our Directional EBITDA [earnings before interest, taxes, depreciation, and amortization] guidance to around US$1.3 billion from around US$1.2 billion…” He added, “With our unique value proposition, we expect to see more awards based on the “sale & operate” model like FPSO Jaguar, with an accelerated cash flow profile versus the historical “lease & operate” model.” For the first-half of 2024, SBM Offshore reported Directional revenue of US$1.8 billion, a 23% increase compared to the same period in 2023. The company’s Directional net profit for the period also saw substantial growth, rising to US$128 million up from US$36 million in the year-ago period. Related Similar Articles

Mahaicony man dies after falling off roof Sep 22, 2024 News Kaieteur News – A 28-year-old man of Airy Hall, Mahaicony, East Coast Demerara (ECD) died on Friday after he fell from a roof he was working on. Dead: Jermaine Hercules The man’s death comes just eight days after his first child was born. The man, identified as Jermaine Hercules, reportedly fell off a roof he was working on at a rice mill located in Cane Grove, Mahaica, ECD. Kaieteur News understands that Hercules was repairing holes on the roof when he slipped and fell. Hercules reportedly worked on roofs before. It is unclear whether the young man was wearing protective gear at the time of the incident. Meanwhile, as news spread of the incident relatives and friends of the young man took to social media to offer their sympathy. Hercules was described as a hardworking, quiet and humble person who always wore a smile. Related Similar Articles

Woman pretends to be customer, distracts shop owner and steals groceries Sep 22, 2024 News A screenshot from the CCTV footage showing the woman taking an item off of the shop’s shelf, which she then placed in her bag. Kaieteur News – A woman was caught on Closed Circuit Television (CCTV) footage on Friday pretending to be a customer interested in purchasing kerosene from a grocery shop, distracting the shop’s owner or attendant and stealing groceries from the shop. It is unclear where in Guyana the incident occurred. However, it occurred at 12:41h according to the time stamp on the footage. The woman was heard on the footage saying, “Good day, yuh get kero? …Whatever yuh get (kerosene).” Following her request for the kerosene, the shop owner, who was behind the grilled section of the shop got up and started to look for the requested kerosene. The woman then looked to make sure the shop owner or attendant was distracted then hurriedly went into the shop and removed items from the shelves and placed them in her bag. Shortly after, the shop owner returned and the woman maintained her act as a customer. She asked the shop owner, “Yuh get? (The kerosene she pretended to want)” The woman was seen wearing a white blouse with flowers, along with a long red skirt (with designs). She wore glasses and had two big bags in her hands, which she placed the stolen items in. Related Similar Articles

PPP’s toll-free crossing of Berbice Bridge is to ‘fatten’ allies – Norton Sep 22, 2024 News PNCR leader, Aubrey Norton Kaieteur News – The People’s National Congress Reform (PNCR) during its press conference on Friday claimed that the planned toll-free crossing at the Berbice River Bridge, and the Wismar Bridge is not genuinely aimed at alleviating financial burdens on the public but rather serves the interests of the People’s Progressive Party/Civic (PPP/C) allies. Last month, President Irfaan Ali announced free crossing from next year for the new Demerara River Bridge, the current Berbice River Bridge and the Wismar River Bridge, when it is completed. At the PNCR’s press conference, the party’s leader Aubrey Norton said, “The PPP has two aims to achieve by suggesting toll free crossing. First, it is an attempt to create the conditions to pay its friends and favourites large sums of money for their investment in the Berbice River Bridge. Second, it is an attempt to be vindictive against the Mayor and Town Council of Linden. It is well known that the Wismar to Mckenzie Bridge in Linden earns the council the most revenue. The government is seeking to ensure the council is starved of resources…” As it relates to the current Berbice River Bridge, that bridge was constructed between 2006 and 2008 at a cost of $8 billion, and received financial backing through loans and equity contributions from various entities, including the state-run National Insurance Scheme (NIS) and private investors. The Berbice River Bridge It must be noted that the bulk of the money invested in the Berbice Bridge came from NIS. Sharing ownership percentages in the Berbice Bridge Company Inc. (BBCI): National Industrial and Commercial Investments Ltd (NICIL) holds 10 percent, NIS owns 20.2 percent, and other stakeholders include Hand-in-Hand Fire Insurance (10 percent), New GPC (20 percent), Queens Atlantic Investment Inc. (20 percent), and Secure International Finance Co. Limited (20 percent). It should be noted that it was disclosed that the Government of Guyana (GoG) is in discussion with the Berbice Bridge Company, for the possible acquisition of the bridge. President Ali had stated that if the acquisition is not finalized by the time the new Demerara River Bridge is operational – the Berbice River Bridge crossing will also become toll-free. Last month also, the government invited contractors to submit applications to be prequalified for the design, build and finance of the new Berbice River Bridge. This structure is expected to mirror the US$260 million new Demerara River Bridge. This announcement by the government has received criticisms from the opposition’s camp. In fact, the Alliance For Change (AFC) had called for a justification of the project and for information on accepts such as a feasibility study. Another main concern by the AFC’s is the current Berbice Bridge, which operates under a concessional agreement that extends until 2027. The party questioned whether the government plans to prematurely terminate this agreement and, if so, what compensation would be provided to the Berbice Bridge Company. Moreover, Norton said that removing the fee to cross the Wismar-McKenzie Bridge without looking at the implications is a vindictive move towards the Mayor and Town Council of Linden. “With specific reference to the Wismar-Mackenzie Bridge, reducing the toll or making it toll-free, however, carries significant financial implications for the Linden municipality as tolls are one of its main sources of revenues, contributing as much as G$70M annually…The PPP has been deafeningly silent on this implication…,” Norton said. The PNCR promised that, if elected as the next government, they would reduce travel costs and ensure that the Linden municipality is fully compensated for any lost revenue due to toll reductions. Related Similar Articles

Guyanese musicians Jackie Jaxx, D’Ivan file US$1.6M lawsuit against One Communications in New York court for copyright infringements Sep 22, 2024 Court Stories, Features / Columnists, News Guyanese musicians Jackie ‘Jackie Jaxx’ Hanover and Ivan D’Ivan Harry. – company says investigation launched into allegations Kaieteur News – Guyanese musicians Jackie ‘Jackie Jaxx’ Hanover and Ivan D’Ivan Harry have filed a US$1.6M lawsuit in a US District Court in the Eastern District of New York against recently rebranded One Communications for the unauthorized use of their musical compositions “Guyana” and “Oh Guyana”. According to a statement released to the media by their lawyer, “Jackie Hanover, popularly known as Jackie Jaxx, and Ivan Harry who performs as D’Ivan, have filed a copyright infringement lawsuit in the United States, against One Communications (Guyana) Inc. and Tennicia De Freitas, known by her stage name NEKEITA, for the unauthorized use of their musical compositions “Guyana” and “Oh Guyana” during a rebranding event hosted by One Communications.” It is alleged in the lawsuit that One Communications and NEKEITA by performing, broadcasting and commercially exploiting the songs without obtaining the permission needed infringed on the copyright of the plaintiffs music. Harry and Hanover are contending that the company, One Communications, in particular has gained significant benefits when it infringed on their copyright protection. The lawsuit was reportedly filed after efforts made to have the dispute resolved with One Communications failed. “My hope is that this lawsuit will force corporate entities to show respect for song writers and content creators by implementing proper copyright clearance policies for all works used at their events”, Jackie Jaxx said. Hanover is also contending that the company would have interfered with business relations as well as opportunities she has with one of its rival companies. In the letters sent to One Communications before legal action was taken Hanover and Harry, said they warned that the unauthorized use of their copyright protected works gives rise to claims in Guyana and the United States, and they have intention to seek relief in both jurisdictions. D’Ivan is a dual citizen of the US and Guyana while Hanover is a citizen of Guyana. One Communications (Guyana) Inc. is a leading telecommunications company in Guyana, and Tennicia De Freitas (NEKEITA), is a singer who performed at the rebranding event.’ The artistes are requesting the following relief in the US District Court for the Eastern District of New York: Requested Relief, “ 1. Actual Damages: to be determined at trial but no less than least US$300,000 for the unauthorized use of the musical compositions. 2. Injunctive Relief: To prevent further unauthorized use of the plaintiffs’ works. 3. Disgorgement of Economic Gains: Recovery of profits earned, and the value of economic advantage gained by One Communications unauthorized use of the works in its rebranding campaign.  4. Punitive Damages: At least US$1,000,000 to penalize the defendants for their willful and malicious conduct.  5. Attorney’s Fees: Compensation for legal expenses incurred.” Meanwhile, the company on Saturday said that an investigation has been launched into the allegations. In a short statement to this publication they said that, “One Communications acknowledges the copyright infringement claim recently filed by Guyanese musicians, Jackie “Jackie Jaxx” Hanover and Ivan “D’Ivan” Harry. We are currently conducting a thorough investigation. While we cannot comment on ongoing potential legal matters, we want to emphasise our commitment to supporting Guyanese artists and the creative industry. We are dedicated to resolving this situation transparently and responsibly.” Related Similar Articles