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ExxonM’s pipeline cost not in Guyana’s debt profile Sep 18, 2024 News Former Finance Minister questions final cost of pipeline; -repayment terms -cost to maintain pipeline -source of funds to repay debt -who owns pipeline -whether repayments have commenced Kaieteur News – Former Minister of Finance, Winston Jordan is of the firm view that a fiasco, 10 times grander than the US$200M Skeldon project, is playing out before the eyes of Guyanese with the Gas-to-Energy (GTE) initiative, which carries a price tag of about US$2B. Former Finance Minister, Winston Jordan In a recent public broadcast, the former minister and Member of Parliament (MP) pointed out that the cost of the project is constantly ballooning even as a single agreement pertaining to the project is still to be laid in the National Assembly. The government said that the pipeline was expected to cost Guyana an estimated US$1B, but the project developer, ExxonMobil Guyana Limited (EMGL) never announced a Final Investment Decision (FID) casting further doubt on the price of the infrastructure. As documents for the project remain sealed to the bosom of the Irfaan Ali-led administration, Jordan argued, “There is no agreement that has been put in Parliament about the laying of this pipeline much less the whole project.” In addition to the 12-inch diameter pipeline being laid by ExxonMobil to transport gas from the Liza Fields in the Stabroek Block to the Wales Development Zone, West Bank Demerara, the government of Guyana is undertaking a 300 megawatt power plant and a Natural Gas Liquids (NGL) facility. The former minister in raising concerns over the project said last week the Vice President, Bharrat Jagdeo during a press conference informed the nation that Exxon would not have advanced the money for the project if the company did not believe it was profitable. To this end, Jordan explained, “So Exxon has advanced us the money which is a loan. If this is a loan, why doesn’t it appear in the debt profile of the country?” He added, “How much is the loan? Do we know how much is the loan? We don’t know. What are the terms of this loan, we don’t know. We have not seen an agreement for this loan. Who owns the pipeline?” Jordan also pointed out that there is also a cost attached to maintaining the pipeline which the nation is still unaware of. The former minister was keen to note that the External Loans Act requires the government to table all loan agreements that have been concluded as soon as possible thereafter. He however argued that the agreement with Exxon is so long overdue to the extent that the company is now preparing to complete the project and pump nitrogen into the structure to preserve it until it is operational. Moreover, he noted that arrangements have been made to repay the company for the pipeline. Exxon previously said it expects the pipeline to be completed by the end of 2024. While another section of the media reported that President of Exxon Guyana, Alistair Routledge said that repayment will commence only after the project starts up, auditors who examined the company’s 2018-2020 expenditure observed that costs for the pipeline were added to the cost bank. As details on the financing arrangements of the project remain unclear, Jordan has called for the agreements with Exxon to be made public.  “Why isn’t this debt in our debt profile, where is the agreement? Why hasn’t this been carried to the Parliament? Have they started back repayment, where is the repayment coming from,” Jordan questioned. He continued, “How can we be paying back when we haven’t seen any agreement, how can you pay back when this debt doesn’t appear in our profile and how can you be paying back from our future share (of revenue) when the Natural Resource Fund Act forbids this and what is going to be the accounting arrangements?” Related Similar Articles

‘Cost to rent one drill rig could reach US$600K per day’ – Exxon contractor says citing increasing demand Sep 18, 2024 News One of the Noble Drill Ships working for Exxon offshore Guyana Kaieteur News – Chief Executive Officer (CEO) of American offshore drilling company Noble Corporation, Robert Eifler has said that the day rate for a drill rig could climb to US$600,000 in the coming years, as demand increases. He made the comments during an interview with Bloomberg last Friday. Eifler said that he is planning for relatively flat demand growth industry-wide for floating drilling rigs next year followed by expansion starting in 2026 that could add about 10 rigs to the roughly 150 working around the world. If it happens, from that point forward, “it’s possible” rates could climb to US$600,000 a day, he said. “We think day rates will trend upwards,” Eifler said. “We’re signing one- to three-year contracts right now at around US$500,000 a day.” Global deepwater spending by oil producers is forecast to grow to an average of US$79 billion in 2026 and 2027, according to Noble, citing research from Rystad. That would be a 20% hike from the average annual amount between 2023 and 2025. “It would be another few years and a continuously improving market that would actually drive true supply scarcity in our business,” Eifler said. “I don’t think we’re on the brink of that right now.” Recently, this publication reported that ExxonMobil Guyana Limited (EMGL) extended its contract with Noble Corporation for four of its drill ships to work in the Stabroek Block. The contract EMGL has with Noble is based on the market price. Noble had explained that market-based day rates are reset twice per year (March 1, and September 1) to the projected market rate at that time. As such, if the day rate to rent one drill rig increases to US$600,000, Guyana will have to pay US$2.4 million daily for Noble’s four drill rigs working for Exxon. The company announced that ExxonMobil has awarded 4.8 additional rig years of backlog under the Commercial Enabling Agreement (CEA) which has been assigned evenly across the four drillships: Noble Tom Madden, Noble Sam Croft, Noble Don Taylor and Noble Bob Douglas, extending each rig’s contract duration from June 2027 to August 2028. In May 2023, Noble announced that ExxonMobil Guyana had extended their contract for the rental of the four ultra-deep-water drill ships to work in Guyana until the second quarter of 2027. This publication had previously reported that Exxon is utilising six drillships for its Stabroek Block project – four vessels from A Noble and two from Stena Drilling. Earlier this year, Liam Mallon, ExxonMobil Upstream President disclosed that EMGL is operating six drill rigs in the Stabroek Block daily costing an average of US$420,000 (GYD$84 million) to US$500,000 (GYD$100M) per day for each ship, based on current market-rate. It was during his address at the opening of the 2024 Guyana Energy Conference and Supply Chain Expo when Mallon made the disclosure. “Meanwhile, we talked a lot about the source of the revenue, six drilling rigs and their crews are at work every single day 24/7 throughout the block, drilling and exploring, preparing yellowtail and Uaru for startup tirelessly developing the existing resource base and seeking to find even new discoveries,” Mallon told the conference. Moreover, a 2023 report by Wood Mackenzie, a global research and consultancy group, had shown that rig utilisation returned to pre-COVID levels, driving rates up. Wood Mackenzie had reported that by the end of 2023 rates were expected to be at US$500,000/day or above for highly-prized, advantaged ultra-deep-water rigs. EMGL is producing a daily average of 645,000 barrels of oil per day (bpd) and has plans to hit a target of 1.2 million bdp by 2027. Since 2015 the company has made over 30 discoveries from its drilling campaign in the Stabroek Block which is estimated to hold 11.6 billion barrels of recoverable oil. It should be noted that for every day that the drill ships work, Guyana will have to foot the bill. Owing to the 2016 Production Sharing Agreement (PSA), Guyana signed with Exxon – all of the company’s expenses will be recovered. Under the deal, Exxon receives profits after 75 percent is withdrawn to cover operational expenses. Related Similar Articles

Murder, robbery suspects nabbed in city raids Sep 18, 2024 News The unlicensed Glock 9MM pistol that was found Kaieteur News – Police on Monday arrested several men- one of whom was wanted for murder during raids across Georgetown. Among those arrested were a 25-year-old man who is wanted for murder and a 20-year-old man wanted for a series of armed robberies. The man wanted for murder has been identified as Nicholas Singh called ‘Pookie’ a resident of Lot 1818 Durban Street, Georgetown, and the man wanted for a series of armed robberies has been identified as Lorenzo Heywood, of Lot 52 Coldingen, East Coast Demerara (ECD). Singh was wanted for the murder of Natram Persaud called ‘Vishaul.’ Persaud was shot dead on December 31, 2023 during a robbery at a wedding house at Canal Number Two Polder, West Bank Demerara (WBD). The ammunition found during the raid Furthermore, police also reported that 45-year-old Rondell Vanrossum, a resident of Lot 56 Norton Street, Lodge was arrested after he was caught with an unlicensed Glock 9MM pistol and ten rounds of 9MM ammunition. In addition, 51-year-old Julian Aaron, resident of Lot 501 East Ruimveldt, Georgetown was arrested with a quantity of ammunition. The raids were conducted in: Independence Boulevard, North Ruimveldt, Stevedore Housing Scheme, Guyhoc Park,  D’Urban Backlands,  East Ruimveldt,  South Ruimveldt,  Albouystown,  Norton Street,  Durban Street,  Castello Housing Scheme,  Leopold Street, Kitty and  Sophia (A, B, C, D & E fields). Related Similar Articles