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.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}} Prime Minister Announces Cost Savings on New Coast Guard Vessel Prime Minister Gaston Browne has announced significant cost savings...

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ExxonMobil and partners made record breaking US$8.5B in first half of 2024 – Mid-Year Report Sep 01, 2024 News President, ExxonMobil Guyana Limited, Alistair Routledge …as Guyana gains US$1.2B Kaieteur News – The operator of Guyana’s oil rich, Stabroek Block, ExxonMobil and the company’s two Co-Venturers, in the first half of this year enjoyed record breaking income from the three Floating Production Storage and Offloading (FPSO) vessels operating offshore. The three vessels, Liza Destiny, Unity and Prosperity are producing a daily average of 645,000 barrels. According to the Government of Guyana’s Mid-Year Report, the total earnings from the export of crude oil amounted to US$9.4B in the first six months of 2024, a US$4B increase compared with the same period last year. It should be noted that 75% of that amount was deducted by the Stabroek Block partners to recover their investments. To this end, the report states that US$7.5B in Foreign Direct Investment (FDI) outflows was recorded, reflecting cost recovery from the oil and gas sector. Government pointed out that this outweighed FDI inflows during the review period, which amounted to US$2.9B. In addition to revenue deducted for cost, Exxon also received 50% of the profits from the Stabroek Block, in accordance with the 2016 Production Sharing Agreement (PSA). As such, Exxon and partners bagged at least US$8.5B from Guyana’s oil and gas operations in only six months. Graph showing the increase in cost recovery from 2023 to 2024 This is a massive increase in cost recovery compared with the same period last year. The Bank of Guyana (BoG) in its 2023 Half Year Report indicated that US$4B in revenue was deducted from Guyana’s oil during the first six months of the year. Meanwhile, Guyana’s Natural Resource Fund (NRF) received a US$1.2B top-up during the first half of 2024. Between January and June 2024, the Government of Guyana (GoG) had 15 lifts of profit oil from the three producing FPSOs; four from Destiny, five from Unity and six from Prosperity. The report explained, “During the period January to June 2024, Government received US$1,220.6 million as revenue from its share of profit oil from thirteen of the fifteen lifts that occurred in the first six months of this year and two lifts that occurred in the final quarter of 2023.” With prices for Brent crude averaging US$84 per barrel in the first half of 2024, Guyana also received US$162.4 million in royalties related to production and sales from the final quarter of last year and the first quarter of this year. In July, Government received US$167.6 million as profit oil payments for two Government lifts that were executed in June. The cumulative balance of the NRF, including interest of US$64.1M at the end of June amounted to US$2,870.6 million, after withdrawals of US$550 million. At the beginning of the year, it was anticipated that government would receive 25 lifts of profit oil from the Stabroek Block. Due to the ramping up of production at the Prosperity FPSO however, the country will receive an additional two lifts (approximately two million barrels more). To this end, the report noted, “Petroleum deposits for the year are now projected to total US$2,645.9 million this year, 10.3 percent higher than projected at the time of preparing Budget 2024. Government is now expected to earn US$2,292.1 million from the sale of Guyana’s share of profit oil, and US$353.8 million in royalties.” This year, almost US$1.6B is expected to be withdrawn from the oil account. The NRF is expected to have a closing balance of approximately US$3,154.9 million at the end of the year. Related Similar Articles

Oil production drives up GDP to 49.7% in first half of 2024 – Mid-Year Report Sep 01, 2024 News Senior Minister in the Office of the President with responsibility for Finance and Public Service, Dr. Ashni Singh …as sugar industry declines by 60%, gold down by 10.3% Kaieteur News – Oil production in the Stabroek Block is driving Guyana’s Gross Domestic Product (GDP), resulting in a 49.7% growth in the first six months of 2024. This was revealed in the Mid-Year Report, recently published by the Government of Guyana (GoG). The document also highlights a 12.6% growth in the country’s non-oil GDP between January and June this year, despite challenges in a number of traditional sectors. The report noted that the overall outlook for 2024 remains positive, as strong performance in other sectors maintain non-oil growth expectations. “Overall real GDP growth for 2024 is now projected at 42.3 percent, with non-oil growth of 11.8 percent. Once realised, this will represent the fourth successive year of expansion in the non-oil economy, following the contraction in 2020,” government said in the Mid-Year report. Sugar down by 60% Despite the $9B allocation to the Guyana Sugar Corporation (GuySuCo) in this year’s Budget and subsequent supplementary funding, the sector suffered a massive 60% decline in the first half of 2024. GuySuCo reported 6,739 tonnes of sugar produced during the review period. “This performance is attributed to the carried over impacts of drier-than-usual weather conditions last year into the second quarter of this year,” the report explained. Meanwhile, government revised its sugar production for the year from 100,000 tonnes to 70,000 tonnes. Gold Also recording a decline was the gold mining subsector which contracted by 10.3% compared with the same period last year. “At the end of June 2024, gold declarations stood at 188,160 ounces, with the 35.3% increase in declarations from the lone large producer outweighed by lower declarations from the small- and medium-scale producers. Declarations from the latter fell from 159,084 ounces in the first half last year, to 119,603 ounces at the end of June this year,” according to the report. Government predicts that subsector will grow by 2.1% this year. Bauxite During the period under review, the bauxite subsector contracted by 20%, recording a production of 196,650. The performance, according to the government, was driven by lower output from both producers, who continue to grapple with marketing and operational challenges. It is however expected that the larger producer would improve production in the second half of the year. Additionally, the smaller operator anticipates that production will return to more stable rates, as plant reliability and other operational issues have been addressed. Overall production for 2024 is now projected at just over 1,620,000 tonnes, and the sector is now projected to grow at 41.3 percent this year. Livestock On the agricultural front, the livestock sector declined in the first half of 2024 by 7.8%. This was driven by contractions in the output of poultry meat and milk. According to the report, “The declines of 9.5 percent and 4.9 percent in poultry meat and milk, respectively, outweighed the increased production observed for beef, pork, mutton and eggs, which grew by 21.1 percent, 23.4 percent, 68.2 percent and 3.5 percent, respectively.” Again, government noted challenges posed by hot temperatures. This resulted in ‘Inclusion Body Hepatitis’ in poultry while extreme dry conditions affected forage availability and promoted the multiplication of insect pests which affected the production of milk. Rice During the period, the rice industry is estimated to have grown by 17.9%. The Guyana Rice Development Board (GRDB) reported production of 362,030 tonnes of rice equivalent, compared with 302,295 tonnes in the first half of 2023. While bad weather was blamed for the poor performance in the sugar sector, the report cited “favourable weather conditions” for the growth in production. Meanwhile, “given the better-than anticipated performance in the first crop,” the production estimate for the year has been revised upward to 717,032 tonnes of rice. The sector is now projected to grow by 8.9 percent this year. Forestry With 202,066 cubic metres of timber products produced as of June 2024, government estimated a 13.2% expansion of the forestry sector in the first half of the year. The sector’s growth outlook for the year is unchanged at 3.9 percent. Fishing Interventions made in the fisheries sector resulted in a 27.7% growth during the first half of the year, with increases recorded for both shrimp and fish production. The report states that fish output grew by 39.1%, reaching 9,821 tonnes at the end of June this year. Meanwhile, marine shrimp production reportedly grew by 1.9% to reach 9,588 tonnes at the end of the first half of this year. “Also supporting growth in this subsector is the 70.6% increase in aquaculture production in the first half of the year. The overall performance is attributed largely to more favourable climatic conditions and increased fleet activity,” the report said. In the meantime, the subsector is now estimated to grow by 16.8% for the year. Related Similar Articles

5-year-old girl drowns after falling into old mining pit Sep 01, 2024 News Kaieteur News – A 5-year-old girl lost her life on Wednesday after she fell into an old gold mining pit at ‘Jawbone’ Backdam, Baramita, North West District, Region One and drowned. Dead is Juliana Gounga of Orange Walk, Matthews Ridge, North West District. Reports are that Gounga was on vacation with her mother who is employed as a cook in the mining area. The child’s mother reportedly told police that she left her daughter at a shop for about 10 minutes but upon her return, she was nowhere to be found. Checks were made and she found Gounga laying face down and motionless in a pool of water in an old mining pit. The distraught woman said she pulled the child out from the old mining pit but she was unresponsive. The child was rushed to the Baramit Cottage Hospital where she was pronounced dead by a doctor. A post-mortem examination was conducted on Friday by Dr. Nehaul Singh who said the 5-year-old died from drowning. The child’s body has since been handed over to her family for burial. Related Similar Articles

Government has no intention to properly monitor oil production – PNCR Sep 01, 2024 News Kaieteur News – The People’s National Congress Reform (PNCR) believes that the government has no intention to properly monitor oil production by placing independent meters at the pumps. Economist and Advisor to the PNCR, Elson Low. In an invited comment, Economist and PNCR Advisor on oil and gas, Elson Low told Kaieteur News that “this is especially dangerous for the country as if the total reserves are not known and meters are tampered with it could mean over time billions of barrels of oil could go missing without Guyanese have any idea of this loss.” Low explained that his party reiterates the importance of having trained staff on each floating production storage and offloading (FPSO) to closely monitor the entire production process. “Without trained staff independent meters could be tampered with, and certainly any issues with the existing equipment would not be identified,” he said adding that “If the PPP cannot be truthful about the nation’s oil reserves, which reporting consistently shows they understate, how we can expect them to truthfully report oil production readings from independent oil meters?” Chief Policymaker in the oil and gas sector and Vice President, Bharrat Jagdeo recently told reporters at one of his party’s weekly press conferences that the government is looking to procure independent meters to monitor production although they have access to Exxon’s dashboard that is currently providing detailed production data. Notwithstanding, Jagdeo did not provide a timeline of when this would be done. There have been concerns and constant calls by civil society and experts in the oil industry for Guyana to have its independent meters to monitor ExxonMobil’s oil production, as well as the treatment of produced water. In spite of this, the Minister of Natural Resources Vickram Bharrat has said that the purpose of independent meters is to monitor production offshore and the government already has access to Exxon’s dashboard to do such. At a recent news conference when asked about independent meters, Minister Bharrat said: “We have a dashboard I was explaining, it was shown to you, it wasn’t live but it was shown to you that we can actually monitor production at 10-minute intervals we can monitor the production. Before a tanker is offloaded, before a tanker is filled GRA has to be there, GNBS has to be there.” Minister Bharrat explained that in the absence of the presence of the Guyana Revenue Authority (GRA), and the Guyana National Bureau of Standards (GNBS), no crude can be offloaded from the Floating Production Storage and Offloading vessel into any oil tanker. He said there are a number of safeguards to ensure that “we monitor what is happening offshore.” Further, the Natural Resources Minister said, “The whole issue about the independent meter is monitoring, you want us to know what is happening offshore, but we are telling you we have about five, six layers to monitor what is happening offshore. We control the meter because GNBS… if they are not there the meter can’t flow, it can’t turn on.” Meanwhile, the minister is confident that the system cannot be manipulated since it is computerized. “It cannot be manipulated or changed, so there is a good system of monitoring what is happening offshore. Either by the dashboard or physical presence onboard with GRA, with EPA, with GNBS and we are training some staff now that will be on the FPSO too. They will be full time on the FPSO, some Ministry of Natural Resources staff are being trained currently by SBM that will be offshore too to monitor everything not only production but everything that is happening offshore,” he said. Related Similar Articles