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Vickram Bharrat boasts: ‘Guyana oil sector one of the better managed in the world’ Aug 16, 2024 News Minister of Natural Resources, Vickram Bharrat – despite lowest royalty rate, zero taxes on oil companies, no ring-fencing and lack of independent oversight Kaieteur News – Minister of Natural Resources, Vickram Bharrat, has defended the management of Guyana’s oil sector, asserting that it is one of the best-managed sectors globally. Speaking at a press conference on Wednesday, Minister Bharrat highlighted, “Now with the oil and gas sector, I want to say from the inception and some people may not agree but when you look at it from a neutral point of view, we would see that Guyana’s oil and gas sector is one of the better managed oil and gas sector in the world.” The minister stressed that transparency and accountability are key pillars of Guyana’s oil sector management. He also pointed out that it is rare for any oil-producing country to have its chief policymaker, in Guyana’s case Vice President Bharrat Jagdeo, to engage with the public and media through his weekly press conferences. “We did a quick check to see how many oil producing countries in the world will have the Vice President of the country who is the lead policy maker on the oil and gas sector speak on the sector every single week in a year…” Bharrat said. He continued, “But every single week, we have the chief policy maker in our country Dr Bharrat Jagdeo, speak on the sector and give the opportunity to the media and anyone else to ask questions on the sector.” Minister Bharrat underscored the government’s commitment to transparency, noting that information is regularly shared through various channels, including websites and press releases. Guyana’s Vice President and chief policymaker on oil and gas, Bharrat Jagdeo “There is nothing to hide in the management of the oil and gas sector,” he affirmed. He added that few other countries have leaders who engage with the media about the oil and gas sector as frequently as in Guyana, where “[the] few countries that do it and the countries that actually do it, they do it either to ten times a year.” To further prove his point, the minister referenced the National Resource Fund (NRF) as a testament to the PPP-administration commitment to transparency and accountability in the sector.  “If you look at the NRF for example, anyone from any part of the world can check to see how much money is in the NRF,” he said. He explained that there are only two ways in which money can be withdrawn from the NRF, through the National Budget, which must be debated and approved by the National Assembly, or in the case of a national disaster, which also requires parliamentary approval. Addressing criticisms about the management of the sector and its revenues, Bharrat countered, “They are strong measures placed in the NRF Act to ensure that there is proper accountability and transparency and for you to know how much money flows into that fund.” Bharrat attributed the success of Guyana’s oil sector to lessons learned from other countries. He continued, “It is because we have simply learned from the mistakes made by other oil producing countries; it is because we had that advantage of looking at other models around the world because we are a late starter.” “We had the advantage of looking at models that failed and models that were successful and we have drawn from different models and created one that is best suited for Guyana,” the minister stated. Moreover, the minister proudly shared that Guyana is now being recognized as a model for other countries. “So much so that Guyana today one of the newest oil producing country in the world, is being used as a model country,” he said.  Minister Bharrat mentioned a recent visit from Namibia’s Minister of Energy, Tom Alweendo who, along with a delegation, came to study Guyana’s model in hopes of adopting it for their emerging oil sector. Despite Bharrat’s boasts, Guyana’s oil contract with ExxonMbil and the management of the sector have been widely criticized globally. Earlier this year International Financial Expert, Tom Sanzillo during an interview with CNBC, the leading business and financial news network in the world, said the ExxonMobil deal is a one-sided one. “Because Exxon pays no taxes, Exxon didn’t put up the insurance they are responsible for putting up, and Exxon has a special arrangement with a maximized profit where they get their profits first and Guyana gets theirs later.” While the Guyana Government has acknowledged that the deal with Exxon is grossly in favour of the company, it has refused to demand a renegotiation. The government’s position is that asking for a revision of the lopsided terms will hamper investor confidence and sully the nation’s reputation on the global stage. The administration insists that Guyana must make do with what it has. Related Similar Articles

$275M in contracts handed out for works at new police academy Aug 16, 2024 News Official contract documents being handed over at the construction site – lecture hall, access way, barracks listed   Kaieteur News – The government will be spending over $275M to build an access-way, a lecture hall and barracks at new police academy being set up at Dora, Linden-Soesdyke Highway. Three contracts were handed out on Thursday during a simple ceremony at the construction site, to three different contractors for the commencement of the first three building projects of the new police training facility that will encompass some 228.85 acres of land at Dora. D&S Construction will be building the access way for $102,688,320. The Guyana Police Force (GPF) in a statement said that the access way is “crucial” because “it will ensure smooth and efficient movement within the facility, supporting both pedestrian and vehicular traffic”. The Lecture Hall will cost $87,830,663 and will be built by Orin’s Supreme. For that money, the lecture hall will include 4-6 smart classrooms with IT labs-providing advanced training environments for future law enforcement professionals, the GPF said. The Barracks will be built by Green Plains Enterprise for $84,973,455 and will serve the purpose of housing the trainees. The force did not say how much trainees the barracks will be able to house but said it will be a significant number. More millions of US dollars will be spent to complete the academy that, according the force’s top cop, Clifton Hickens, will revolutionise the law-enforcement training in Guyana. “The facility will feature an array of specialised buildings and amenities”, GPF stated. Top Cop, Clifton Hicken, contractors and other top brass officials from the Guyana Police Force and Ministry of Home Affairs at the construction site. These include a Security Hut with four checkpoints, an Administrative Building, complete with offices, a registry, and an IT room along with buildings for “dedicated Instructors and Junior Instructors”. A five-star dining set-both and dining area-will also be built for the trainees along with a fully-equipped gym with saunas for both men and women and a large auditorium with a multi-purpose space for approximately 1,000 persons. The new Dora Police Academy will also include a training studio for practical exercises and tactical courses. Driving simulators will be installed too. A Medical Center with examination rooms and resting areas and a Maintenance Building for HVAC, IT, and essential services will be erected as well. The force also plans to construct specialized training spaces such as a driving circuit replicating various road patterns, a drill square with an asphalt surface, an armoury and a shooting range. Recreational facilities such as ball courts and a training pool will be installed for the trainee’s learning. According to the force “the construction of the new facilities is part of a larger initiative that is aimed at enhancing the overall effectiveness and efficiency of the law enforcement agency”. Related Similar Articles

‘Govt. will not accept Exxon charging Stabroek Block account for Kaieteur, Canje expenses’- Oil Minister Aug 16, 2024 News Kaieteur News – In the second audit where the expenses were examined for the period 2018-2020 it was discovered that operator of the Stabroek Block ExxonMobil charged expenses incurred in the Canje and Kaieteur Block to the Stabroek cost bank. Minister of Natural Resources Vickram Bharrat. But Minister of Natural Resources Vickram Bharrat said the administration will not accept it. He made it clear at his mid-year press conference on Wednesday that the government will not accept Exxon charging Stabroek for expenses incurred elsewhere. He made mention that the public and the media are of the opinion that the government is not proactive in having the issue rectified but “To say that we are not doing anything about it is unfair, because there is no final report on the second audit as yet. There is no final report as yet. So it simply means we will take that cost out of the cost bank before any final report is produced. There is no way the government is going to accept expenses from Canje and Kaieteur in the Stabroek coat bank. So that should be a non issue.” Bharrat reminded the media that it was the government who initiated the audits in the first place to see if the expenses claimed by Exxon were accounted for and charged to the correct account. “The purpose of the audit is to look at these issues, whether Exxon is using revenue in the Canje and Kaieteur Block but (it) is being added to the Stabroek cost bank. That is one of the purpose of the audit and we should…in fact rather than carrying negative released or statements of this the auditors should be commended for actually finding these inaccuracies and inconsistencies of seeing expenses incurred in the Canje and Kaieteur Block under the Stabroek cost bank.,” he said. Praising the auditors for a job well done he added, “So that by itself means that auditors are doing what they are supposed to do, ensure that there is no additional expenses outside of the Stabroek Block that goes into the Stabroek cost bank, so I think they should be commended.” This publication reported previously that the audit team that reviewed ExxonMobil’s US$7.3 billion expenses, incurred between 2018 and 2020, found that the company used $323 million of the revenue generated in the Stabroek Block to purchase vehicles that were used for operations in the Kaieteur and Canje Blocks. According to the report completed by the auditors, ExxonMobil Guyana Limited (EMGL)- previously Esso Exploration and Production Guyana Limited (EEPGL)- the operator of the Stabroek Block included in its cost recovery statement 100 percent of the costs for various vehicles. The auditors, however, determined that the vehicles purchased were used for all of Exxon’s operations, including those outside of the Stabroek Block. Consequently, auditors informed the company that the costs should be allocated across the blocks. In response to the findings of the auditors, ExxonMobil confirmed that the vehicles charges were deducted from the Stabroek block. The company, however, disagreed that that the vehicle costs should be shared. Auditors said Exxon “verbally advised that the 100 percent charge to Stabroek was proper because, paraphrasing, the reason the Contractor was in the country was because of Stabroek operations.” The report highlighted that US$1,617,143.85 in vehicles were purchased during the period 2018 to 2020 from Beharry Automotive LTD, Ideal Autos Inc., and Massy Motors Guyana LTD. This amounts to just over GYD$323 million.  Even though government has said that this use of the Stabroek Block funds to offset expenses in the other blocks is illegal, Exxon will not be facing any penalties of any sort. Jagdeo had said at a previous press conference that the contract the  oil giant signed with Guyana means that the expenses will not be included in the cost bank for the Stabroek Block. “I maintain my position that it would be illegal and I repeat that. The audits would have revealed that now and as I said before there will be consequences. If you did unauthorised work you don’t go to jail according to PSA, it just doesn’t form part of the cost bank,” the VP said. Related Similar Articles

US$1.9B contract awarded to American firm to map Guyana’s mineral Aug 16, 2024 News Minister of Natural Resources, Vickram Bharrat Kaieteur News – The Government of Guyana (GoG), through the Ministry of Natural Resources, has signed a US$1.9 billion contract with United States-based firm Global Venture Consulting to conduct a comprehensive mineral mapping of the nation’s mining hotspots. The announcement was made by Minister of Natural Resources, Vickram Bharrat, during his mid-year press conference on Wednesday.  The ministry had issued a tender for the “Mineral Mapping Study of Guyana’s Mineral Resources,” targeting both traditional gold reserves and emerging non-traditional minerals. The process attracted proposals from five international companies, including Canada’s Watts, Griffis & McOuat Limited (WGM), which bid US$1,301,700 and GY$88,088,000, and Technical Management Group Limited (TMG) in partnership with Purple Rock Inc., which submitted a bid totaling US$2,806,686. Additionally, the UK’s SLR Consulting Limited bid £156,976 (excluding all fees and expenses), while Oculus Geophysical Resources, also of the USA, submitted a bid for US$1,556,500. However, Global Venture Consulting’s bid of US$1,981,218 was ultimately selected. For his part, Minister Bharrat highlighted the importance of updating Guyana’s mineral inventory, noting that the existing data is severely outdated. In mining, the mineral inventory, or mineral mapping, has not been updated for decades. So today, if we point a miner in a direction and say that there is mineral there, that data is old data that was that would have been acquired maybe 40, 50 years ago, and a lot has changed from now to then,” Bharrat stated. He underscored that advances in technology have significantly improved mineral discovery methods. “Simply the use of different technology, more advanced technology, in the survey, and the discovery of minerals by way of doing these surveys using technology that would have changed from then…,” the minister explained. Bharrat also addressed why such a project had not been undertaken sooner, suggesting that cost had been a major factor. However, he noted that the country is now in a better position to move forward with this critical initiative, especially given its commitment to the Low Carbon Development Strategy. He said, “It is important and is necessary that we start the mineral inventory process in Guyana this year.”  The mineral mapping project is expected to be a multi-year endeavor, initially focusing on the Mazaruni, Potaro, Northwest, and Cuyuni mining districts, which are home to a significant concentration of small and medium-scale miners. “We will start with specific mining districts… because we have a larger amount of our small miners and major scale miners concentrated in those four mining districts,” Bharrat said. Moreover, he stated that the project is not only about identifying existing mineral deposits but also about positioning Guyana to tap into the global demand for critical minerals, particularly those needed for renewable energy technologies. “So this is a project that will help us significantly to identify not only where our deposits are, but all minerals, and you know, in keeping with what is happening around the world, especially in the transitioning phase from fossil to renewable, critical minerals are critical. Critical minerals are needed. They are heavily in demand,” Bharrat outlined.  He pointed out the global interest in minerals such as lithium, especially in South America, and suggested that Guyana could potentially have traces of these valuable resources.  So this project is going to help us to identify all of these minerals in that we have. So, it will help us in the allocation of properties, and to ensure that we see a general forest,” the minister concluded. Related Similar Articles

Two Int’l firms bid to establish Guyana’s petroleum data repository Aug 16, 2024 News Minister of Natural Resources, Vickram Bharrat Kaieteur News – Two international companies out of the United States of America (USA) have signalled their interest in helping Guyana establish its own petroleum data repository, a project being executed through the Ministry of Natural Resources. The ministry had issued a tender seeking a firm to apply for the ‘Procurement of Data Management Services for Guyana’s Exploration and Production Data’ project. At a recent opening of bids at the National Procurement and Tender Administration Board (NPTAB) office it was revealed that Halliburton and Schlumberger Guyana Inc. were the only two companies that submitted their proposals for the contract. Providing further details about the tender at a press conference on Wednesday, Subject Minister Vickram Bharrat said that it is to establish Guyana’s own data repository in country. “Presently we have our data in Houston (USA) being held by other companies, this is like our seismic data and everything that is being held by other companies,” he said. According to the minister, many countries that have been producing for four or five years do not have a data repository in their own country and so setting up one in Guyana is “ambitious” and also not for the country’s data to be elsewhere. “After four years (of producing oil) we are already moving to establishing our own data repository in country, that we can have our own people manage it, analyze it and its money making. It’s a very lucrative investment that we are taking on because not only spending money to set up the data repository, it is about getting our people to work there and to sell that data to companies that will come and seek to do exploration in Guyana, it’s worth a lot of money, so it’s like an investment,” he said at his press conference. Noting that this is an investment for Guyana, the minister added that from the previously held bid round alone “companies had to pay US$2 million just to access the data on those ministry site of which we get a part of it but if we can have it in country it means that we will make that kind of money when we sell our data, because our data is in demand, everybody wants data from the Guyana basin.” Speaking of the data system last year February in Parliament, the minister related that the country is receiving 50 percent and not 100 percent of the revenue or service charge because of the absence of the data repository in country. He said at the time that this data management system is particularly important even as the country continues to develop its oil and gas sector as there will be more data required not only from the Stabroek Block but all other blocks offshore, onshore and near-shore. According to information provided in this year’s budget estimates – Volume 3, approximately $700 million has been allocated to set up this data management system and others projects under the Ministry’s ‘Oil and Gas Sector Development Programme’. Notably, it is being funded through a loan by the International Development Association (IDA), which is an international financial institution which offers concessional loans and grants to the world’s poorest developing countries. Related Similar Articles

Guyana achieves a score of 66.36% at the recent ICAO Safety Audit Aug 16, 2024 News Kaieteur News – Guyana achieved an overall score of 66.36% in the effective implementation of the International Civil Aviation Organisation (ICAO). Guyana’s performance surpassed its 2007 ICAO audit, and the last four audits conducted by ICAO within the South American region, the Guyana Civil Aviation Authority said in a press release. Guyana is a signatory to the ICAO​ Convention on International Civil Aviation (also known as the Chicago Convention). As a member State of ICAO and a participant in the ICAO Universal Safety Oversight Audit-Continuous Monitoring Approach (USOAP-CMA) Programme, Guyana commits to providing ongoing information related to the establishment and implementation of its safety oversight system. The ICAO audited Guyana from May 29, 2024, to June 11, 2024, under the USOAP-CMA programme. The GCAA said the audit was robust and comprehensive and covered the Convention on International Civil Aviation and the safety-related provisions of its Annexes in the following eight (8) areas: legislation, organisation, personnel licensing, aircraft operations, airworthiness of aircraft, aircraft accident and incident investigation, air navigation services and aerodromes and ground aids. With the exception of aircraft accidents and incident investigations, each audit area was assessed using eight critical elements: primary aviation legislation; specific operating regulations; state system and functions; qualified technical personnel; technical guidance, tools and provision of safety-critical information; licensing, certification, authorization and/or approval obligations; surveillance obligations; and resolution of safety issues. Eight ICAO experts in the various audit areas conducted the audit. Related Similar Articles