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Jagdeo claims: ‘No major shift in oil reserves’ Aug 10, 2024 News Chairman of Wales Development Agency, Asgar Ally. …but US firm says oil reservoir grew by 7.7 billion barrels since 2022   Kaieteur News – There has been no significant change in the country’s oil reserve, Vice President Bharrat Jagdeo disclosed on Thursday. The Vice President who is the chief policy maker in the oil and gas sector told reporters that based on ExxonMobil’s second quarter report no major change has been seen in the reserves. Jagdeo’ s statement comes despite international experts from US analytics company S&P Global putting the current reserves at 18.7 billion barrels, an increase from a previous estimation by the Chairman of the Wales Development Agency Asgar Ali who put the reserves to at least 15B barrels in May of this year. After each revelation, the Vice President was repeatedly asked about the status of the reserves to which his response has been ‘there has been no major change in the reserves.’ Two weeks ago, he promised to provide the number of barrels in the reserve when Exxon presents its quarterly report. Vice President Bharrat Jagdeo. This week at his press conference this publication asked for the promised update and he said that, “You will get the exact figures next week from the minister, but, as I said before there has been no major change. You quoted some agency from abroad that has given a high figure, there has been no major change in the report that we receive, so the minister on Wednesday will let you know the exact of barrels of the reserve.” In contradiction to the VP’s and Exxon’s country manager Alistair Routlegde’s maintained statements of no significant change, Chairman of Wales Development Authority, Asgar Ally in January said that some 15 billion barrels of oil have already been discovered to date in the Stabroek Block. Ally, a former Finance Minister and former Deputy Governor of the Bank of Jamaica, represented Guyana at the Jamaica Stock Exchange Conference held in January. During an interview at the conference he made the disclosure of an additional 4 billion barrels of oil being discovered. “As of this point in time we don’t know the full extent of the oil deposits but it’s huge and I could explain what that means. It’s about… I would say they have identified at least 15 billion barrels of oil in the (Stabroek) Block. So at this point in time, I would say Exxon has identified about 25 to 35% of that,” Ally who is an economist stated. Although eight new discoveries were made since Guyana’s last resource update in April 2022, with one of those estimated to hold some 746 million barrels of oil, Exxon and Guyana’s Vice President have stated that the country’s estimated 11 billion barrels of recoverable resources remain with no significant improvement. Notwithstanding, Ally said that over 4 billion barrels more have been discovered. Added to this, he explained, “If you have the time, I can explain to you what has happened. You see at one stage, Africa and Latin America were joined together. So West Africa is closer to the South American coast, of which Venezuela, Guyana, Suriname, a part of and there is under that coast a basin of oil, huge basin of oil.” “Every day we are finding new oil discoveries… Nobody knows the full extent (but) everyday they are finding more,” he added. Meanwhile, in a May report American analytics company S&P Global Inc. said that Guyana’s  oil reserves has increased to approximately 18.7 billion barrels of recoverable resources since 2015. The report was compiled by S&P Global Commodity Insights analysts Fernanda Machado, Mariana Anjos and Jerry Jarvis. “In just nine years, it has established itself as the fifth largest [basin] in Latin America, while continuing to grow,” the analysts said. Production is expected to peak in 2037 at 2.3 million boe/d, with oil accounting for 90%, they said. “High-quality, low-emissions and cost-effective barrels have already reached European markets,” the analysts said. “Currently, all gas production is associated with oil and reinjected, but the marketed gas is expected to increase.” Concerns have been raised about the lack of transparency about the country’s  oil reserves. The Government of Guyana has failed to regularly update the public on the status of the reserves and how they are being managed. In April, Vice President Bharrat Jagdeo explained that while the recent discoveries made by ExxonMobil are substantial, they do not represent a significant increase in the country’s overall oil reserves. The Vice President told reporters, “Right now, there is an assumption that the information is being withheld, that’s false. I pointed out to you that we get these reports every three months and the reports that we have state what the reserves are and that has not changed materially over the past maybe year or so, so that’s not withholding information that we have.” According to him, “Information about the reserves have been part of that report and it’s around the same 11 billion barrels. I’ve pointed out that…a discovery doesn’t mean that you know the size of the reserve. That to get to size of reserve, long after the discovery, you have to do appraisal, see the type of rock, a complex process before you get to the reserve.” Related Similar Articles

Brazilian plane crashes outside São Paulo killed 61, says airline Aug 10, 2024 News (CNN) – A passenger plane carrying 61 people crashed on the outskirts of São Paulo on Friday afternoon, killing everyone on board, according to a statement issued by air company Voepass. Dramatic footage circulating on social media showed the plane’s fall and its destroyed fuselage in flames on the ground. “The company regrets to inform that all 61 people on board flight 2283 died at the scene,” Voepass said in a statement, revising the death toll down from initial assessments of 62 dead. There were 57 passengers and 4 crew members on board, according to Voepass. “There are no survivors,” Ana Cândida Briski, communications director of the nearby city of Valinhos, also told CNN, adding that there were no ground victims. Emergency responders are working at the site of the crash and an investigation is underway. Flight tracking data shows that the ATR 72-500, a twin-engine turboprop plane, dropped 17,000 feet in just one minute, but it is not yet clear why. “There is still no confirmation of how the accident occurred or the current situation of the people on board,” according to a statement by airline Voepass. Social media videos of the crash showed the plane spiraling out of the sky before hitting the ground as people in the neighborhood shouted in fear. Another video showed the wreckage of the plane in flames on the ground. Interrupting a speech at an afternoon naval event to address the crash, Brazilian President Luiz Inácio Lula da Silva called for a minute of silence to mark the apparent deaths of the flight’s passengers and crew. “I would like everyone to stand up so that we can observe a minute of silence because a plane has just crashed in the city of Vinhedo… and it appears they all died,” he said, in a video of his statement shared on X. The flight left Cascavel, in the Brazilian state of Parana, and was en route to Guarulhos, in São Paulo state, when it lost signal shortly before 1:30 p.m. local time (12:30 p.m. ET), according to Flightradar24 data. It began losing altitude a minute and a half before crashing. The plane had been cruising at 17,000 feet until 1:21 p.m. local time, when it dropped approximately 250 feet in 10 seconds. It then climbed approximately 400 feet in about eight seconds. Eight seconds later, it lost just under 2,000 feet. Then, in approximately one minute, it began rapidly descending — roughly 17,000 feet in just one minute. The last data transmission from the plane was at 1:22 p.m. local time. Authorities have found the black box at the crash site, Sao Paolo’s Security Secretary Guilherme Derrite said at a press conference. A medical team is onsite and working to identify the victims. Many of the victims’ remains are too badly burned for visual identification, he said. Officials say the fire outbreaks from the crash “and major risks have already been controlled; the main objective” Vinhedo City Hall said in a statement. “The bodies of the victims are being taken to the IML (Legal Medical Institute) in Campinas for legal proceedings,” the statement said. The governor of São Paulo, Tarcísio de Freitas, has announced the creation of a crisis cabinet to deal with the plane crash in Vinhedo, in the interior of the state. One resident recorded video of the aftermath of a plane crashing into her neighbor’s house outside of São Paulo, telling CNN’s Julia Vargas Jones she was eating lunch in her kitchen when she saw the plane going down. She ducked down in terror and started praying, she said, calling it a “moment of panic” for the whole city. Private roads leading up to the properties are now closed off to everyone, including residents, she said, and first responders are in the area. An investigation begins Vinhedo City Hall, which declared three days of mourning for the victims, said in the Friday statement that they are waiting for the Brazil Air Force team to start investigating the cause of the crash. Brigadier Marcelo Moreno, who heads Brazil’s aviation accidents agency CENIPA, told a press conference that aircraft crew had not communicated an emergency prior to the crash. “Preliminarily, we have this information that there was no information about the aircraft, that the aircraft was in any type of emergency whatsoever,” he told a press conference. According to registration data from the Brazilian Aeronautical Registry, the Voepass Linhas Aéreas flight was manufactured in 2010 and purchased by the airline in September 2022. The aircraft was “denied operation for air taxi,” according to its registration data. But it’s unclear why or when that determination was made at this time. ATR, the plane’s manufacturer, says it was aware of an accident and is working to support investigators. “What we can say at this point in time is that ATR has been informed that an accident occurred in Vinhedo, Brazil involving an ATR 72-500. Our first thoughts are with all the individuals affected by this event. The ATR specialists are fully engaged to support both the investigation and the customer,” the statement said. CNN has reached out to Brazil’s aviation authority for more details about that determination. Related Similar Articles

Miner dies after being stabbed at Kamarang Landing Aug 10, 2024 News Kaieteur News – A 27-year-old miner was fatally stabbed around 01:15hrs on Friday at the Kamarang Landing, Upper Mazaruni Region Seven. The deceased has been identified as Laurex Henry. The police reported that Henry left a bar at Kamarang Landing in the company of a friend, 31-year-old Delon Dedd Jr. who is also a miner. A short while after Henry reportedly saw the suspect and made racial remarks that offended the suspect. The suspect, who was at the time armed with a knife, dealt the victim a single stab to his abdomen. Henry fell to the ground and was picked up and taken to the Kamarang District Hospital, where he died while receiving medical attention. Upon examination, a single stab wound was seen on the lower left abdomen. Henry’s intestines were also protruding from the incision. Meanwhile, when contacted by police and told of the offence the suspect admitted to committing the act telling the investigators; “I did it because he come around me funny”. He was arrested and placed in custody as investigations continue. Related Similar Articles

GWI to spend $41.1M to drill wells in Region 9 villages Aug 10, 2024 News Kaieteur News – The Guyana Water Inc. (GWI) is planning to further expend approximately $41.1 million to drill potable water wells for three Amerindian Villages in Region Nine. This is according to an invitation for bids issued by the agency seeking contractors to carry out the works. It was stated in the document that Jawari, Curicock and Wichabai which are satellite villages in the region will benefit from the project. Bids for the project are expected to open on August 27, 2024 at the National Procurement and Tender Administration Board (NPTAB) office. With a number of wells drilling in the hinterland villages this year, it was reported that the projects all form part of the governmental macro plan, which is aimed at achieving 100 percent water access in riverine and hinterland communities by 2025. At the commissioning ceremony for two water wells in Region One earlier this year, Minister of Housing and Water Collin Croal had mentioned that $1.5 billion is set aside this year to drill 40 more wells in the hinterland regions. During this year’s budget presentation, Senior Minister in the Office of the President with the Responsibility for Finance, Dr. Ashni Singh had mentioned that government spent a total of $16.8 billion last year to improve water quality and supply systems across the country. This year, government has budgeted $22.5 billion for further advancements in the water sector. Related Similar Articles

$719M in contracts awarded to repair Harbour Bridge pontoons Aug 10, 2024 News Kaieteur News – The Demerara Harbour Bridge Corporation (DHBC), an agency under the Ministry of Public Works, is set to spend $719,361,557 to repair 30 pontoons on the bridge. This is according to information obtained from the National Procurement and Tender Administration Board’s (NPTAB) website which stated that the projects will be done in two lots. The contracts were awarded earlier this week. It was revealed that Lot1 of the project which is for the rehabilitation of  28 regular pontoons was awarded to EC Vieira Investment Limited to the tune of $ 631,546,797, while Lot2 which is for the rehabilitation of two large pontoons  was awarded to S. Jagmohan Construction & General Supplies Inc. for $87,814,760. It was reported that in its initial tender document the works for Lot1 were estimated to cost $639,329,431 and Lot2 was estimated to cost $111,377,810, according to the government engineer. This publication understands that the pontoons are being repaired to ensure safety on the 45-year-old floating bridge. General Manager (GM) of the DHBC, Wayne Watson had told Kaieteur News that the pontoons are the last set to be rehabilitated. “After a period, you have installed a new pontoon, you have to rehabilitate those pontoons they have a lifecycle. So, for the last three years we have been rehabilitating pontoons, so these are the remainder of the set that would have passed that rehabilitation period,” he briefly explained. Watson noted that the repairs must be done to ensure commuters’ safety on the bridge. When asked if the rehabilitation works on the pontoons would affect the flow of traffic on the bridge, the General Manager assured that this would not be the case. He explained that when the pontoons go for repairs, temporary ones would be installed, and the cycle would continue until all are repaired. This publication understands that apart from other structural works, there would also be the replacement of 20 anodes per pontoon. At his year-end press conference in December, Minister of Public Works Juan Edghill stated that in 2023, the DHB would have rehabilitated some 56 pontoons. Watson related that each year they would try to repair 25 to 30 pontoons, and the set that is out to tender now would be the last to be rehabilitated. Watson also said that the DHB’s 2024 budget is expected to last for the life or operation of the bridge, which would see them carrying out maintenance works from time to time on the carriage of the bridge. This year, the DHBC was allocated $935 million for rehabilitative works. The floating bridge would soon be replaced by the new Demerara River Bridge which is currently under construction. Picture: DHBCaption: The current Demerara Harbour Bridge. Related Similar Articles

Black Entrepreneurs Association Elects New Leadership Aug 10, 2024 News Kaieteur News – The Black Entrepreneurs Association (BEA) successfully held its inaugural Annual General Meeting (AGM) on Saturday, June 27, at Herdmanston Lodge Hotel in Queenstown, Georgetown where it elected a new executive to lead the organization. The event marked a significant milestone for the organisation as members gathered to elect a dynamic team of leaders to steer the Association forward, BEA said in a press release.  According to the release a diverse pool of talented entrepreneurs was nominated by their peers to contribute their expertise and passion to the BEA. Following a rigorous election process, the following members were elected to serve on the Board of Directors: Abbigale Loncke-Watson, Ayodele Dalgety-Dean, Yonnick David, Daneile Hicks-Burnett, Lance Hinds, Richard Collymore, Rowen Willabus, Stacey Mollison, and Joel Simpson. Subsequently, the newly-elected Board of Directors convened its first meeting last Saturday, August 3, to elect the executive roles on the Board of Directors and the results were: Chairperson, Rowen Willabus; Vice-Chairperson, Ayodele Dalgety-Dean; Secretary, Lance Hinds; Treasurer, Daneile Hicks-Burnett; and Assistant Secretary, Joel Simpson. This newly elected team is poised to drive the BEA’s mission of empowering Black entrepreneurs, fostering economic growth, and creating a thriving business community in Guyana. The Association is excited about the opportunities ahead and looks forward to collaborating with its members and other stakeholders to achieve shared goals.  The Black Entrepreneurs Association (BEA) is a non-profit organisation dedicated to supporting and uplifting Black entrepreneurs in Guyana. Formed in May 2020, BEA aims to create a robust ecosystem for Black-owned businesses to thrive through mentorship, networking, education, and advocacy. Related Similar Articles

Thousands to receive land titles at 2024 International Building Expo – Minister Rodrigues Aug 10, 2024 News The Minister within the Ministry of Housing and Water, Susan Rodrigues Kaieteur News – Thousands of Guyanese are set to receive Certificates of Titles at this year’s International Building Expo, Minister of Housing and Water Susan Rodrigues said on Thursday. Rodrigues made the disclosure during her address at the opening of the International Building Exposition 2024. “As it’s customary, thousands of Guyanese will walk away as proud land owners joining the already 34,000 recipients of house lots and homes in the last 4 years. Guyana has begun to experience phenomenal change as we build the infrastructure for a sustainable future,” the minister said. The 2024 Expo, themed “Building on Sustainability and Unity,” brings together professionals, enthusiasts, and stakeholders with a shared goal of innovation in construction. Minister Rodrigues underscored the mix of local and international exhibitors, promoting collaboration and knowledge sharing. Additionally, the Minister highlighted the Expo as a great chance for small businesses to connect and grow. Further, the minister said that the Expo is designed to ensure a smooth flow, highlighting sustainable, environmentally friendly concepts, all aimed at improving the experience of the visitors and exhibitors. According to the Minister, this is done by providing a platform for exhibitors to demonstrate the latest affordable, low-carbon building techniques and solutions. Additionally, the event aims to support various construction projects and encourage engagement with industry experts. She further highlighted the Expo’s reputation as a prime opportunity for entrepreneurs, including small and medium-scale businesses and startups, to launch, expand, and network within the industry. Silica City, known for its sustainable and climate-resilient design, will once again be a centrepiece, embodying President Irfaan Ali’s vision of a sustainable and resilient future. The Expo is not only about innovation but also about empowering Guyanese with homeownership. Minister Rodrigues reiterated the government’s commitment to providing opportunities for citizens to own land, preparing them to prosper in a future focused on sustainability and community development. Related Similar Articles