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NASSAU, BAHAMAS – Baha Mar is moving forward with plans for a $350 million luxury resort, slated to open in 2029. A Heads of Agreement...

Jagdeo says ExxonM finding more oil in the surrounding area will push the project to its 20-year lifespan Sep 19, 2024 News Vice President, Dr. Bharrat Jagdeo Despite ramped up production that will drain Liza 1& 2 in 7 years… Kaieteur News – With optimised production at the current rate oil is being pumped at Liza One and Two, the projects are estimated to be drained of oil within the next seven years which is less than the 20 year lifespan stated in the project documents. However, Vice President Bharrat Jagdeo told reporters at his last press conference that the lifespan of the projects will be around the original 20 years outlined in the documents as ExxonMobil continues to find more oil in areas it is currently working. Asked directly: “At the current rate of production, looking at Exxon’s optimization Liza 1 & 2 could possibly be drained within the next seven years which would shorten the previously given 20-year lifespan of the project outlines in the documents, where does that leave Guyana?” He said that from the information relayed to him, “As they (Exxon) drill they learn more as they extract the resources. Do you think that the estimate of what’s in a well is the final figure? They keep drilling they are finding more in these areas so we believe that the life of these projects will be around the original timeframe and some may even be extended further out. That’s our position as of today and definitely they don’t believe that it’s going to be drained in seven years.” On September 8th the Kaieteur News reported that based on information shared with the publication by the Ministry of Natural Resources the 20-year project life of the Liza One and Liza Two projects had been significantly reduced with almost half of the reserves at the fields already depleted. This newspaper had requested data on the amount of oil produced to date from the projects currently in operation. Commencing production in December of 2019 Liza One has already produced close to 200 million barrels of oil (MBO). The project’s Field Development Plan indicated that there is a reserve of 452 MBO. What has already been extracted represents 44% of the project’s reserves. Going over to Liza Two the ministry reported that almost 200 MBO would have been produced by ExxonMobil since the project commenced production in February of 2022.That field, according to the FDP holds about 570 MBO. Consequently, 35% of the reserves have already been produced by the company. It could also be deduced that about 40% of the collective reserves at the two projects have been depleted. Meanwhile, at the current rate of production, ExxonMobil could drain the remaining resources in just over seven years. Liza One, according to the Ministry of Natural Resources website is producing about 150,000 barrels per day while the Liza Two project is operating at a daily rate of approximately 250,000 barrels per day. It should be noted that Minister of Natural Resources, Vickram Bharrat previously admitted that oil from the three projects currently in operation could be depleted ahead of the 20-year lifespan due to the optimization of production. The minister during a news conference assured that the ramped-up oil production is being done safely by the operator of the Stabroek Block. He was however asked by this newspaper to explain how the optimisation works could affect the 20-year estimated project life for each of the developments. To this he said, “Yes it can finish before the 20 years or it can even go beyond because as a reservoir matures, you can get more out of it and then as we have more discoveries, we can add those wells to the existing development too.” Related Similar Articles

Creating new PSA and not fixing Exxon’s lopsided contract, takes Guyana nowhere – Glenn Lall Sep 19, 2024 News Kaieteur News – Kaieteur News Publisher and businessman, Glenn Lall said that the government creating a new Production Sharing Agreement (PSA) with better provisions without addressing the flaws in the existing 2026 Exxon PSA still leaves Guyana with the short end of the stick. Kaieteur News Publisher and businessman, Glenn Lall Lall’s comment follows reports that while Guyana earned $336 billion from oil sales last year, it had to pay around $306 billion in taxes on behalf of Exxon and its partners, Hess and CNOOC, due to the terms of the deal signed with the U.S. oil giant by the David Granger-led Coalition Government. During his radio programme on Monday night, Lall said, “You find words to describe that insanity because I can’t. Let’s pause on that a second, collect $336 billion and almost all of that had to pay the taxes for Exxon and partners, what are we running here man.” At his last press conference, Vice President (VP) Bharrat Jagdeo, the country’s chief oil and gas policy maker, was asked if he could change anything in Exxon’s PSA without affecting the investment climate or contract sanctity, would impose taxes on Exxon and its partners, Hess and CNOOC. In response, Jagdeo acknowledged that while in opposition, the People’s Progressive Party/Civic (PPP/C) identified several flaws in the deal. He explained that the 2016 agreement waives all taxes for the oil companies, requiring the government to pay Exxon and its partners’ taxes from Guyana’s share of oil profits. He also highlighted that the deal grants Guyana only a 2% royalty on its resources and allows the companies to recover 75% of their investments before splitting the remaining 25%, with Guyana receiving just 12.5%. Furthermore, the contract also lacks a ring-fencing provision. This means Guyana is covering the costs of projects that have not yet started production. Each month, future development expenses are added to Exxon’s cost-recovery list. This deal has faced criticism both locally and internationally. Vice President (VP) Bharrat Jagdeo Further, the Vice President went on to discuss the fiscal terms in the new PSA, boasting of improvements such as a 10% royalty, a 10% tax, and a 65% cost recovery limit. However, Lall criticised Jagdeo’s response, noting that instead of directly answering the question about if he would charge taxes to Exxon and its partners, Jagdeo deflected by highlighting the flaws in the original contract—a tactic Lall described as his usual strategy. “That’s a simple question, that only required a yes or a no…” Lall highlighted that the Irfaan Ali-led administration created a new PSA indeed with better provisions but the new PSA does not apply to the Stabroek Block which is operated by Exxon. In fact, he said the government has left the Exxon contract untouched. “He changed course there, —telling the reporter about the new PSA, meaning the new contract for the small oil blocks… He made sure to tell us, how he fixed all the clauses for those oil blocks, but when it comes to the Stabroek Block, which holds almost 90% of all the oil—the one to make us all rich—he isn’t touching that upside-down deal,” the businessman stated. It was reported that while in opposition, the PPP/C had pledged to renegotiate the oil deal. However, the party since assuming office in August 2020, consistently denied ever making such a promise regarding the renegotiation of the Exxon contract. “No, he (Jagdeo) is not touching or changing anything in that huge Stabroek Block to upset Exxon, this has been his trick from day one, since he took control of the oil sector,” Lall argued. Lall continued, “every time he opens his mouth to talk about oil, he boasts about his 10% royalty, 10% tax, 65% cost recovery and full compensation from an oil spill – but all of that only apply to the new oil blocks… He addressed all the wrongs in the PNC contract with Exxon, for the new oil contract he came up with for the new oil blocks, and made it clear he is not touching the Stabroek Block agreement with Exxon.” Moreover, Lall stressed that Guyana is sitting on one of the richest oil fields in the world, yet instead of receiving “a fair piece of the pie”, most of its people are struggling to make ends meet. He noted that since oil production began five years ago, from December 2019 to the present, the country has been collecting only a small amount of the earnings from its resources – as a result of the 2016 oil deal – and from that the country has to pay taxes on behalf of the oil companies. What is even more troubling, according to Lall, is that the authorities in charge continue to approve more oil projects without making any changes to address this “tax sickness.” Related Similar Articles

Man dies after shot in back by thief Sep 19, 2024 News Aubrey Richardson in the ICU Kaieteur News – A 61-year-old man died while receiving treatment at the Georgetown Public Hospital (GPHC) after he was shot by a bandit late last month during a robbery at a shop in Yarrowkabra, Soesdyke-Linden Highway. Dead is Aubrey Richardson called ‘Goobny’ who resided at Kuru-Kuru, Soesdyke, Linden Highway. The incident occurred on August 24, 2024. Richardson succumbed to his injuries on September 5, 2024. Phylicia Adams daughter of the deceased told the Kaieteur News that the incident occurred around 21:00h while her father was at the shop talking with his friends. During an interview with this publication the woman related that prior to the shooting, her father reportedly made arrangements with a friend that was visiting from Lethem. “So he picked up his friend from right outside of Kuru Kuru  at a spot we call the Jamoon Tree and they reach up to Yarrowkabra,” Adams told Kaieteur News. Dead: Aubrey Richardson Aadams explained that her father and the friend went to purchase dhall puri for the next day and while there they were engaged in conversation with the shop owner. During the conversation, someone reportedly entered the shop to buy cigarettes and then exited. Shortly after, Richardson heard someone saying behind him ‘don’t move,’ to which he responded jokingly: “who is duh bai”.  Unaware of the situation, Richardson was allegedly shot in the back by the person.  “…what we were told, (is that) he did not take it serious and probably because he recognise the voice,” the daughter told this publication. She added, “He is a kind of person that recognises people by their voices.” The woman related that after Richardson was shot, four thieves ran to the shop owner and stole a box with jewellery and  an undisclosed amount of cash. She noted that no one was searched by the suspects.  Furthermore, she highlighted that her father was then transported to the Diamond Hospital and later transferred to the GPHC and was in the Intensive Care Unit (ICU).  “Daddy was just bleeding, he was in a lot of pain,” the daughter said. She said he underwent emergency surgery, however, doctors were unable to remove the bullet that was lodged in his back and as such his spleen was removed.  The woman said, “…His pancreas was damaged, so he was critical.”  The shooting was reported to the Timehri Police Station. Police lax response to case  This publication was informed that police response to this case was slow. The daughter said, “You asked them for an update, they say ‘oh they busy they have some other murder on they hand, like these sorts of things.” She also disclosed that no official public report was made of the incident, which was unusual given that matters of such nature police would normally issue a press release. “The story wasn’t even in the news, in the media as usual,” the daughter. Additionally the woman said whenever she enquired police would inform her that they were unsuccessful in making any arrest. “They said they don’t have anybody to identify them so we contacted the friends who were there and suddenly all of them saying they wouldn’t be able to identify anybody.” The woman added, “after then is like everything on a standstill, we don’t know what’s happening, we don’t know where the case is. The only thing that I am hearing is that they trying to arrest this person , but who is this person…I don’t know.” Related Similar Articles

Turkish company seeking USD $116M to supply 60MW to GPL   Sep 19, 2024 News – company says move aimed at stabilising grid for Christmas, CPL Kaieteur News – The Guyana Power and Light (GPL) is going full speed ahead in making preparations to stabilise the country’s electricity supply in time for the Christmas season as power demand is expected to increase significantly. Kesh Nandlall Chief Executive Officer GPL. Chief Executive Officer of GPL Kesh Nandlall told this publication that while there are constant efforts to stabilise the grid, “It is a moving target, we have maintenance work to do so we are preparing ourselves for all of that. We are making preparations to be as stable as we can.” He explained that the additional 60 MW of power the government is seeking is to “prepare us from now to the new Gas to Energy availability and we have certain engines that are under overhaul and they are coming up live as we move along, and they are gonna be added to the system. (The engines) are under maintenance right now but we want to prepare ourselves from now to then which includes the Christmas holiday and every other thing.” On September 4th 2024 the GPL published an advertisement on its Facebook page inviting qualified bidders to submit proposals for the “Supply of 60MW Net Power Generation Baseload Capacity to the DBIS through Power Purchase Agreement”. On Tuesday the bids were opened at the National Procurement and Tender Administration Board (NPTAB) and Karpowership who already has an ongoing contract with Guyana submitted their bid along with four other bidders. VAS Energy submitted a bid to supply a total of 66MW of power for USD $61500 000, Andalusian Energy LLC submitted a bid to supply 60MW of power for USD $47, 650 000, JP Energy Solutions submitted their bid to supply 60MW of power for USD $37 740 480, Machinery Corporation of Guyana (MACORP) submitted their bid to supply power at $0.0645 USD per kilowatt hour and Karpowership Global DMCC Urbacon Trading and Contracting Inc submitted their bid to supply 60MW of power for USD $ 116 388 864. Back in May 10th, 2024 this publication had reported Vice President Bharrat Jagdeo saying that the Government of Guyana (GoG) was still looking for an additional 30 MW of power to add to the grid. He made the disclosure that the government is still actively seeking additional power, similar to the arrangement that was signed with the Turkish company for two years, until the Wales West Bank Demerara Gas-to-Energy (GTE) project comes on stream. Meanwhile, even as GPL is seeking another power purchase agreement, Guyanese are still in the dark over true cost of power ship. Jagdeo had accused Opposition Member of Parliament (MP) David Patterson of misleading the nation when he suggested that it will cost Guyana more than US$200M to utilise the power ship for the two-year period. Notwithstanding Patterson’s calculations, Jagdeo did not provide a detailed account of what the country is really paying for the service, leaving Guyanese in the dark over the true cost. At a previous press-conference Jagdeo was pressed to provide the amount of money Guyana will be paying for the electricity from Karpowership International. Instead of giving a definitive answer, he said that it will cost the country nearly US$0.30 cents per Kilowatt Hour.  “When you add the two (fuel cost and the cost for rental), it comes up to nearly 0.20 something cents nearly 0.30 cents per Kilowatt hour,” Jagdeo said. The contract GPL signed with Urbacon Concessions Investments, W.L.L (UCI) to charter the Turkish vessel with a total installed capacity of 36 Megawatts (MWs) for a period of two years includes the provision of operation and maintenance services. The contract requires GPL to pay UCI a fee of 6.62 US cents per kWh as a monthly charter fee for the power ship and a monthly operation and maintenance fee of 0.98 US cents per kWh, based on electricity generated. The cost however excludes the price for fuel because according to the contract Guyana will still have to supply the power ship with fuel in addition to the agreed sum to charter the vessel. Additional stress Only last week the PNCR said that the country approaches the season of the year which typically puts additional stress on the nation’s electricity grid, GPL’s statements and actions raise serious concerns about its ability to meet demand. “For the company to say that it is seeking an additional 60MW for the Caribbean Premier League (CPL) and Christmas, when the former is already upon us, smacks of desperation and a total lack of planning. Even further, the latest company bid statements indicate that this power onboarding process will not conclude until October 17, when new power generation will come online. Since the tournament concludes in early October, this means that GPL will miss the CPL surge in electricity demand altogether, even in the best case scenario. Sadly, Guyanese must therefore brace themselves for the possibility of power cuts during the event,” the party said in the statement. According to the PNCR this continues to be this government’s legacy of chaos and brinkmanship when it comes to the management of the nation’s electricity needs. “Time and time again we have been told that this solution or that one will stop the blackout crisis, but it has continued to march on. We also note that the onboarding of power has proven to be a laborious, uncoordinated process under the PPP.  It took several months for the used generator sets the government bought last year to be prepared to begin working, resulting in the government missing the entire Christmas season. Given those generators were purchased around this time last year, we are concerned that any lengthy installation process may mean that once again their promise to meet Christmas demand will be a hollow one.” Similarly, the PNCR said the “so-called power ship faced connection delays and the declared need to combat “vultures” before it could operate. Whatever the government’s plans is to onboard more power, we urge them to make them public so Guyanese can have confidence that everything is being done to avoid similarly ridiculous delays. There is no excuse for such incompetence when the government surely knows in advance the demands of the CPL and Christmas seasons. The PPP’s poor planning has created, and is now perpetuating, a needless, preventable blackout crisis.” Related Similar Articles

20 Venezuelans charged with illegal fishing in Guyana Sep 19, 2024 Court Stories, Features / Columnists, News Venezuelans charged for illegally fishing in Guyana’s waters – two boats seized, captains say were given permission by local company Kaieteur News – Twenty Venezuelan nationals faced charges in the Georgetown Magistrates’ Court this week for illegally exploiting fish in the Atlantic Ocean. The accused were apprehended while allegedly fishing in waters near Georgetown between August 20 and September 5, 2024. However, the fishermen claimed they had received permission from a local fishing company to operate in the area. According to police reports, ranks of the Guyana Defence Force (GDF) Coast Guard were conducting patrols approximately 82 nautical miles offshore when they observed two Venezuelan-registered vessels operating in the exclusive economic zone. The vessels were found to be fishing at a depth of about 180 feet with lines deployed on both sides. Efforts to communicate with the vessels via Very high frequency (VHF) radio were unsuccessful. The ranks then managed to board the vessels. Upon arrival, the Coast Guard discovered a total of 20 crew members, including the two captains. The captains were unable to produce the necessary fishing documents, and the vessels were found to be carrying a large quantity of fresh fish. The crew members were escorted to GDF Coast Guard Headquarters, where they were detained and charged. They were informed of the allegations against them, with translations provided in Spanish. The Venezuelans appeared before Principal Magistrate Faith Mcgusty, who read the charges to them with assistance of an interpreter on Tuesday. They were charged with the offence of unlawful exploiting of resources in the Exclusive Economic Zone of the Maritime Zones Act. Charged were; Wilson Eneiqure Rojas, Degry Jose Mata Vicent, Gregorio Antonio Figversa,Rayner Ramon Millian Gomez, Jose Francisio Rivas Quidada, Oscar Enrique Duven Marcano, Johnathan Alberto Trujilo, Luis Angentis, Jose Rafael Mata Mata, Denny Fafeal Mata Salazak, Darwin Jose Mata Salaza, Cruz Manuel Duven Marcano, Edward Jose Millian Lopez, Ranaldo Thomas, Romeo Marin, Jesus Demery Marcana Marin, Robert Jose Guitierer Romel Alexabder Otopeza Hernandez, Johandry Jose Parez Martin Marcano, Edgar Jose Hernandez , and Yexi Jose Valesquez Vasquez. All 20 of the men pleaded guilty to the charge and were fined $300,000. Captains Gregorio Antonio Figversa and Degry Jose Mata Vicent faced an additional charge for operating foreign fishing vessels without a valid license. Vicent pleaded not guilty and is scheduled to return to court on October 9, 2024 for statements, whilst Figversa pleaded guilty and was fined $1 million dollars or two years in prison. During the court proceedings on Tuesday, the fishermen told the court that a local company would contact the Venezuelans and grant permission to fish in Guyana’s waters. One fisherman expressed frustration in court, stating, “For years we have been fishing in the same water by a local company; we never had a problem. What is the problem now? When we leave Venezuela and enter a certain area, we call the company and said that we are here. The company told us to come.” Related Similar Articles

Symposium education reform in Caribbean for October Sep 19, 2024 News Kaieteur News – As education systems across the Caribbean grapple with challenges of inequality and outdated approaches, key regional stakeholders will determine methods for transforming the delivery of education across the Caribbean at a regional symposium scheduled for October 2 to 4, 2024, at the Ritz-Carlton Hotel in the Cayman Islands. The symposium will be hosted by the Caribbean Development Bank (CDB), in collaboration with the Caribbean Community (CARICOM) Secretariat, the Organisation of Eastern Caribbean States (OECS) Commission, and The University of the West Indies. The event will target ministers of education, educators, policymakers, youth, teachers, civil society organisations, and social development entities. In a press release the CDB said with over 150 individuals expected to participate, the Regional Symposium and Policy Dialogue on Transforming Education will explore strategies for reimagining teaching practices, expanding access to education, and fostering innovative, effective leadership for the teaching and training sector. The symposium will focus on five thematic areas, reflecting priorities identified at the 2022 Global Transforming Education Summit. These themes include inclusive, equitable, safe, and healthy schools; learning and skills for life, work, and sustainable development; teachers, teaching, and the teaching profession; digital learning and transformation; and financing education. Discussions will centre on leadership transformation, revamping teaching and learning methods, and expanding reach.  The three days of meetings will culminate in the development of a consensus-driven roadmap for education transformation—the Agenda for Action. This document will serve as the foundation for sustained efforts to improve educational outcomes across the region. CARICOM Secretary-General, Dr. Carla Bennett, said “The CARICOM Secretariat is pleased to partner on this critical issue of transforming education in the Region. Stakeholder participation in education is not just the goal of transformation, but the principal methodology. We underscore the value of a whole-of-society approach to education transformation.” Director General of the OECS Commission, His Excellency Dr. Didacus Jules, said: “Over the past 40 years, efforts to transform Caribbean education have seen limited success, failing to fundamentally reshape the system. From July to September 2024, Google reported 315,000 articles on the ‘Caribbean Education Crisis,’ reflecting widespread concern. This conference is a timely opportunity to confront this crisis and chart a decisive path toward rethinking and transforming Caribbean education.” CDB Acting President, Mr. Isaac Solomon, noted that the symposium aligns with the United Nations’ Transforming Education Agenda, which seeks to accelerate progress towards Sustainable Development Goal Four: inclusive, equitable, and quality education for all. “CDB is committed to advancing education as a cornerstone of regional development. This symposium represents a pivotal moment for us to address the critical challenges facing our education systems and to drive transformative change.  By bringing together key stakeholders, we aim to craft actionable strategies that will ensure our education systems are more inclusive, equitable, and prepared for the future,” Mr. Solomon said. The Symposium is the first in a series of activities to be carried out in October by CDB and development institutions under the Transforming Education thrust. Related Similar Articles