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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 the Hon. Gaston Browne on Thursday evening had a very constructive engagement with members of the...

Exxon partner discloses another discovery that contradicts Govt.’s claim that reserves only grew by 600m barrels Aug 30, 2024 News Kaieteur News – State-owned China National Offshore Oil Corporation (CNOOC) a 25% partner in the Stabroek Block has put the reserves increase over the 600 million barrels growth that was recently announced by the Government of Guyana (GoG). In April 2022, it was announced that Guyana’s Stabroek Block reserves stood at 11 billion barrels of oil; since then eight new discoveries were made joining the more than 30 already made on the Stabroek block since 2015. It is important to note that earlier this year CNOOC released its 2023 annual report which stated that the Lancetfish discovery has averaged some 100 million tons, which is equivalent to 746 million barrels of oil. Back in March, ExxonMobil Guyana Limited (EMGL) announced a discovery at Bluefin in the Stabroek block offshore Guyana, the company’s first discovery of 2024. While EMGL did not disclose the estimated recoverable resources from the discovery it was stated that the Bluefin well encountered approximately 197 feet (60 metres) of hydrocarbon-bearing sandstone and was drilled in 4,244 feet (1,294 metres) of water.  The Bluefin well is located approximately 8.5 kilometres southeast of the Sailfin-1 well, in the southeastern portion Stabroek block. This week CNOOC posted its first-half results on its global operations, boasting a net profit attributable to equity shareholders increase by 25% to RMB79.7 billion (over US$11 billion). CNOOC said that in the first half of the year, it focused on increasing oil and gas reserves and production. Within the six months period, the company made seven new discoveries and successfully appraised 18 oil and gas bearing structures. One of the discoveries the company pointed out is the Bluefin discovery on the Stabroek Block, which CNOOC said further expand the reserves in the southeastern portion of the block. Vice President, Dr. Bharrat Jagdeo Notably, according to the company’s filing the Hong Kong Stock Exchange, “Overseas, a new discovery with in-place oil and gas volume over 100 million tons, Bluefin, was made at the Stabroek block in Guyana.” This second revelation by CNOOC shows that Guyana’s reserves have increased significantly since the 2022 update. However, Vice President Bharrat Jagdeo has been contending that since the 2022 update there has only been a “minimal” increase in the reserves. At one of his recent press conferences, Jagdeo said, “On the reserve, I told you that there is a submission that Exxon makes to us, this submission showed a minimal increase from the last quarter to this quarter of proven reserves, minimal increase… We have gone out to contract someone to do an audit of these reserves. So we saw what Exxon submitted, and we are going to do an audit of the reserves so that we can get the full picture.” Notably, a French company has been awarded a contract to assist the government with understanding the country’s proven reserves. Related Similar Articles

CNOOC ready to monetise Guyana’s gas Aug 30, 2024 News President Irfaan Ali meeting with officials of CNOOC on Wednesday – says fossil fuel crucial for foreseeable future Kaieteur News – Amid deepening concerns over the monetization of Guyana’s gas resources with a controversial contract handed to a one-year-old United States company by the government, ExonMobil’s Stabroek Block partner – China National Offshore Oil Corporation (CNOOC) has expressed an interest in a similar deal. According told Reuters news agency article, CNOOC Chief Executive Zhou Xinhuai told an earnings briefing on Thursday, the same day top executives met with Guyana’s President, Irfaan Ali and other ministers at the Office of the President. In a terse statement following the meeting, the Office of the President said Dr. Ali met with CNOOC Group’s Vice President and Chief Supervisor, Professor Yu Jing and fellow Vice President, Yu Jin along with a delegation. Discussions, the Office of the President said focused on opportunities in the gas sector and ways in which CNOOC can align its corporate social responsibility with the Government’s social agenda. According to the statement, a number of key officials from the oil corporation were also a part of the meeting. President Ali was joined by Prime Minister, Brigadier (Ret’d), Mark Phillips; Senior Minister within the Office of the President with responsibility for Finance and Public Service, Dr. Ashni Singh; Minister of Natural Resources, Vickram Bharrat and Director of Presidential Affairs, Mrs. Marcia Nadir-Sharma. CNOOC International holds a 25% working interest in the Stabroek Block, located approximately 200 kilometres offshore Guyana, covering 6.6 million acres. ExxonMobil is the operator with 45% interest and Hess – another US company has a 30% working interest. CNOOC’s interest in monetizing Guyana’s gas resources comes on the heels of revelation that a one-year-old US company Fulcrum whose owner, Jesus Bronchalo was a former Vice President of ExxonMobil Guyana was given the contract. The main opposition – People’s National Congress Reform (PNCR) has questioned the deal and also called for an investigation into the awarding of the contract. Bronchalo founded Fulcrum LNG in July 2023, only five months after he left Exxon. He was employed with the oil giant for 19 years and one month prior to his questionable resignation. Bronchalo’s company was later selected by the Government of Guyana (GoG) to design, finance, construct, and operate the required gas infrastructure to provide gas monetization solutions and accelerate upstream gas developments in the country. The deal was announced by President Irfaan Ali in June 2024. There were no mentions of completed projects by Fulcrum on its website. Be that as it may, Kaieteur News understands that the main feature of Fulcrum LNG will involve the development of state-of-the-art gas processing and modular, scalable facilities to produce Liquified Natural Gas (LNG) and NGLS/LPGs for Guyana as well as regional and global markets. The limited experience of the company has raised serious questions about its capacity to fulfill its contracted obligations. Bronchalo’s company was selected as “the most responsive compliant bidder” among 16 others who tendered to develop the non-associated gas in the Stabroek Block, operated by Exxon. Additionally, the CEO’s link to American oil super major ExxonMobil has sparked concerns among Guyanese, but the government has dismissed the possibility of a conflict of interest. In fact, VP Jagdeo during his Thursday press conference told reporters that Fulcrum LNG’s proposal was the best received by the government. Jagdeo said, “He had left Exxon but if anything, maybe the evaluators thought that he had the data on the gas. I don’t know if they did that…on the face of it, I thought it was the best proposal that the evaluators came up with and that’s what we’re looking for, so there is nothing I found wrong with the evaluation of the bids and I don’t see anything that has come out in any major way that’s wrong, except for that oh, he worked at one time with Exxon.” Meanwhile, Reuters reported CNOOC Ltd as saying that fossil fuel will be a stabilising factor in global energy demand for the foreseeable future. CNOOC is a state-run company aimed to pump 700 million to 720 million barrels of oil equivalent for 2024, or 3% to 6% above the level of last year, CNOOC told an earnings briefing after posting a record interim profit. CNOOC expects domestic natural gas production to maintain strong growth through 2030 and stands ready to monetise vast gas resources in Guyana, Chief Executive Zhou Xinhuai told the briefing. On new energy, Zhou said the company would focus on investing in projects that offer the best cost advantages, for example the commissioning of the world’s first 5-megawatt offshore high-temperature flue gas waste heat power plant.  CNOOC said it expected oil prices to keep in a range of $75 to $85 a barrel for the second half of 2024. It targets annual capital expenditure at 125 billion yuan to 135 billion yuan ($18 billion to $19 billion), versus last year’s 129.6 billion. We’ll be discussing that question with our guest today,  Its interim earnings at $11.2 billion were slightly below the $12.4 billion reported by PetroChina, Asia’s largest oil and gas producer, but more than double those of refining giant Sinopec, at $5.2 billion. ($1=7.0942 Chinese yuan renminbi) Related Similar Articles

Govt promises toll-free travel on Demerara, Berbice bridges next year Aug 30, 2024 News President Irfaan Ali Kaieteur News – President Irfaan Ali on Thursday evening made three announcements during the commissioning of the new Schoonord to Crane four-lane highway in Region Three. In his speech, President Ali revealed three major plans for free crossing from next year for the new Demerara River Bridge, the current Berbice River Bridge and when the Wismar River Bridge is completed. President Ali announced that once the new Demerara River Bridge is completed, crossing the bridge will be free of cost. “On the completion of the new Demerara River Bridge, the toll for crossing will be free of cost,” he stated. The US$260 million 2.8-kilometre new Demerara River Bridge, a key project to alleviate traffic congestion caused by the current Demerara Harbour Bridge (DHB), is now 64% complete and slated to be completed by next year, the Department of Public Information (DPI) recently reported. The new bridge is being constructed by China Railway Construction (International) Limited, with the Italian firm Politecnica overseeing the project. The bridge’s main span, located between Piers 34 and 35, will be 300 feet wide and 164 feet high, allowing Handymax-type vessels to pass through unobstructed. The towers supporting the span will rise 220 feet above the carriageway, making the total height of the structure 384 feet above water level. Once completed, the bridge will connect Regions Three and Four, playing a crucial role in enhancing efficiency and economic activity in the area. Moreover, President Ali also discussed the government’s plans regarding the Berbice River Bridge. He revealed, “we are in the process of discussing with the Berbice Bridge Company the possible acquisition of that bridge by the government,” he said. If the acquisition is not finalised by the time the new Demerara River Bridge is operational, the Berbice River Bridge crossing will also become toll-free simultaneously. 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. 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). Recently, 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. Additionally, President Ali announced that once the Demerara River Bridge becomes toll-free, the Wismar River Bridge will also follow suit when that bridge is completed. “We are bridging the hearts and minds of every Guyanese. We are bridging every community, and we are doing it free of cost,” he concluded. In January 2024, the government and China Railway Construction Corporation Limited inked a US$35M contract for the construction of the new four-lane Mackenzie/Wismar Bridge in the Upper Demerara-Berbice region. The four-lane bridge is expected to be completed in two years. It will be pre-cast and will measure 220 meters. It will carry all road safety signs, lighting and have a 32-meter horizontal clearage and 11.5 meters vertical clearage. It will be constructed in the vicinity of West Watooka, Wismar. Related Similar Articles

Govt. mandates more time for Math in secondary schools Aug 30, 2024 Peeping Tom – classes must now be taught in morning hours Kaieteur News – In an effort to address the declining pass rate in mathematics at the Caribbean Secondary Education Certificate (CSEC) level, the Ministry of Education is now mandating that beginning in the new school term all secondary schools and secondary departments in the primary schools must have more periods allotted for the subject which will now be taught during the morning hours. Chief Education Officer, Saddam Hussain. This is according to a circular sent out by the Chief Education Officer, Saddam Hussain which highlighted a total of 16 guidelines schools must now implement before the 6th of September, 2024 in order to improve the mathematics performances among students. The CEO in the document stated that the “Ministry of Education has observed several undesirable practices in the teaching of mathematics across secondary schools. Specifically, our monitoring mechanisms revealed that CSEC mathematics performance has been affected negatively by these practices.” Consequently, “the ministry wishes to provide the following guidelines for the timetabling and teaching of mathematics in all secondary schools and secondary departments in primary schools across the country,” the CEO related. According to the circular, (1) Mathematics must be taught in all classes of all grades, for a minimum of 240 minutes per week. Schools can choose to have more periods allocated to mathematics and the school’s curriculum schedule must be immediately adjusted to reflect this change. (2) Schools which have recorded an exceptionally high CSEC pass rate for mathematics in the last two (2) years (2023 and 2024) can apply to the Assistant Chief Education Officer (Secondary), through the established channel, for a reduction or exemption to guideline #1. Importantly, (3) all mathematics periods must be timetabled in the AM sessions (morning sessions), and (4) all mathematics periods must be timetabled in double periods, except if an exemption request is made by the school’s Head of Department for mathematics to the school’s Senior Leadership for approval. The ministry further implemented that (5) Grades 10 and 11 mathematics teachers must meet weekly to plan lessons, identify resources, design evaluation instruments, evaluate past lessons, plan remediation strategies and all other related curriculum activities. Also (6) problem-solving practice must be allocated a minimum of two (2) periods per week for all classes. “The solving of CSEC past-paper questions must commence at Grade 7. In using CSEC-type questions, consideration must be given to the topic and level of difficulty. It is recommended that problem-solving questions completed during these periods should be recorded in a separate exercise book to facilitate marking,” the ministry implemented. Additionally, the mathematics jargon must be explicitly taught as used in past CSEC papers and found in the CSEC syllabus (A glossary of terms). (8) As far as possible, schools should aim to finish the CSEC syllabus by the end of the Christmas term in Grade 11. The CEO listed in the document also that the Easter Term in Grade 11 should be used for the solution of CSEC-type questions (papers 1 and 2) and general review. It was stated that (9) Regional Mathematics Subject Committees must be resuscitated to facilitate monthly meetings, whether virtually or in-person and the main purpose of these meetings must be to explore different methodologies in teaching mathematical content. External help should be sought from NCERD, CPCE, UG, among other agencies. (10) In conducting their designated supervisory activities, head teachers and deputy head teachers must prioritize mathematics classes across grades. The document stated (11) the mathematics SBA must begin no later than the second week of the August term of Grade 10 and it can commence earlier if a school so chooses. (12) Schools must establish a committee to review a sample of mathematics SBAs, while (13) evaluation strategies, similar to the mathematics SBA, must be used in different grades for students to develop an appreciation for the application of mathematics. Further, (14) a remediation strategy must be immediately implemented for Grade 11 mathematics and Education Officers are instructed to observe and report on the implementation of the remediation strategy in all schools under their supervision, the ministry outlined. “(15) Schools are aware that certain ‘non-mathematical’ factors affect students’ performance in mathematics such as attendance and punctuality. The school’s senior leadership team is required to identify these factors and implement systems to mitigate their influence. (16) A recommendation will be made for disciplinary action to be taken against all supervisors (at the levels of the school and Department of Education) if students are not taught, though timetabled, or if the syllabus is deliberately not completed,” the CEO informed. It was reported that the Caribbean Examination Council (CXC) this year recorded an overall decline in the mathematics past rate across the Caribbean, with it dropping significantly from 43% in 2023 to 36%, which saw  most candidates achieving grade three in the subject. Additionally, releasing the preliminary results for the country just recently, the CEO had announced that the country’s performance in mathematics decline compared to last year. Hussain had stated that mathematics pass rates saw a 3% decrease, dropping from 34% in 2023 to 31% in 2024. At that results ceremony, the Minister of Education, Priya Manickchand said that there will be placing monitors at schools which continue to see students getting a Grade Four in mathematics. Related Similar Articles

Canada appoints new high commissioner to Guyana Aug 30, 2024 News Kaieteur News – Canada’s Minister of Foreign Affairs, Mélanie Joly has announced the appointment of Sébastien Sigouin as the High Commissioner (Designate)to Guyana and Plenipotentiary Representative to the Caribbean Community. Sébastien Sigouin has been appointed High Commissioner (Designate) to Guyana and Plenipotentiary Representative to the Caribbean Community Mr. Sigouin succeeds Mr. Mark Berman, the high commission here said in a release. Sébastien Sigouin (LLB, University of Sherbrooke, 1993; PhD and LLM [International Relations], Graduate Institute of International and Development Studies, Geneva, 2002) joined the Department of Foreign Affairs and International Trade in 1997 as a human rights and humanitarian affairs adviser. At headquarters, he has also served as manager of the International Programme and director of policy for the Canadian Human Rights Commission (2002 to 2010). He was also director of strategic planning and operations for Canada’s development assistance programming (2010 to 2015), deputy head of the Permanent Mission of Canada to the Organization of American States (2015 to 2018) and executive director responsible for relations with Central American countries, Cuba and the Dominican Republic (2018 to 2022). Most recently, he was executive director of the Haiti Division. Sébastien Sigouin is expected to present his Letters of Credence to the Government of Guyana soon. Related Similar Articles

Govt. under no pressure to make decision on CGX – Jagdeo Aug 30, 2024 News Kaieteur News – Vice President (VP) Bharrat Jagdeo said that the government is under no pressure to make a decision in relation to extending CGX Energy’s exploration license which has already expired. Vice President, Dr. Bharrat Jagdeo The VP was asked by the media to provide “an update on CGX’s notice of potential interest in its Corentyne Block discovery.” Jagdeo said that, “the minister made it clear that right now they do not have a license. He said that to you they do not have…So we are under no pressure because that’s the situation as of now. It’s not like the renewal of a license dependent on our decision. They do not have a license at this stage. I think he made that clear at the meeting and so we are under no pressure to make a decision now.” He further explained that he had not been to cabinet in a while but he is guessing the issue will come up there eventually. “The cabinet started the discussions they (CGX) were supposed to provide more information to the cabinet. I guess when that goes there they will make a decision and then you will be notified,” he stated. The VP said that the company was asked whether they have come up with a partner or the money to invest but they have so far not provided satisfactory answers. “The Minister of Natural Resources met with them asked them a number of questions and I think he reported that to the government.” At a previous media conference Jagdeo had said that cabinet is highly unlikely to extend the exploration license granted to CGX Energy Inc. and Frontera Energy Corporation, who are joint venture partners in the Corentyne Block offshore Guyana. “Cabinet is not inclined to grant an extension to the license,” he said then. He emphasised that while the company had been given some time to return with further updates, the information provided so far was insufficient. “We are not inclined to give any extension but [Cabinet] still wants some additional information,” he added. In December of 2023 this publication reported that CGX Energy Inc. and Frontera Energy Corporation joint venture partners have announced their plans to initiate oil production by 2030 in the Corentyne Block offshore Guyana. This goal is based on an estimate that the northern Corentyne area holds between 514 and 628 million barrels of oil equivalent (mmboe) in prospective resources, as discussed in a virtual informational presentation last week. Gabriel de Alba, Chairman of Frontera’s Board of Directors and Co-Chairman of CGX’s Board of Directors, noted that the estimate is confined to one zone of the block. “The Joint Venture believes that approximately 514 to 628 mmboe PMean unrisked gross prospective resources may be present in the Maastrichtian horizons alone,” de Alba said. He therefore noted the possibility of additional resources in the deeper Campanian and Santonian geological horizons. However, the joint venture is treating the Maastricthian as a priority zone. The news release also clarified that the estimate considers those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. This means the estimate is not purely proven barrels in the Kawa-1 and Wei-1 wells, but it is inclusive of unproven barrels from prospects yet to be drilled. CGX and Frontera have been working to find sufficient resources to support a standalone commercial oil development, following ExxonMobil’s successes. The partners are actively pursuing options for a potential farm-down of their interests, to bring in a new partner, with advisory support from Houlihan Lokey. However in June of this year it the Vice President had warned the companies that it was “crunch time”. 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. Related Similar Articles