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Guyana’s oil reserves increase to 18.7 B barrels – S&P Global Jul 21, 2024 News …Govt. yet to update country Kaieteur News – American analytics company S&P Global Inc. in its May report 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 last resource count, dated April 26, 2022, declared the recoverable resource for the Stabroek Block at nearly 11 billion oil-equivalent barrels. Since then, Exxon announced eight discoveries, the Seabob-1 and Kiru-Kiru-1 wells, Sailfin-1, Yarrow-1, Fangtooth SE, Lancetfish-1, and Lancetfish-2 wells, along with the recently announced Bluefin discovery. It was revealed that the Lancetfish discovery, which was made in April 2023, averaged some 100 million tons, which is equivalent to 746 million barrels, according to the conversion formula of the Independent Petroleum Association of America. 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.” In contradiction to the VP’s words in May of this year Chairman of Wales Development Authority, Asgar Ally said that some 15 billion barrels of oil have already been discovered in the Stabroek Block. This is despite Vice President (VP) Bharrat Jagdeo and ExxonMobil Guyana Limited (EMGL) Country Manager, Alistair Routledge maintaining that the country’s resources have not significantly moved since the last update in 2022 when it was at 11 billion barrels. The Former Finance Minister and Former Deputy Governor of the Bank of Jamaica represented Guyana at the Jamaica Stock Exchange Conference held back 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. Related Similar Articles

Draft oil spill legislation may be open for scrutiny by local stakeholders – VP Jagdeo Jul 21, 2024 News Vice President, Dr. Bharrat Jagdeo Kaieteur News – Stakeholders may have an opportunity to review the government of Guyana’s draft oil spill legislation, Vice President Bharrat Jagdeo disclosed on Thursday. The Vice President was at the time speaking with reporters at his weekly press conference held at the Freedom House, Robb Street, Georgetown. Notwithstanding, Jagdeo said the likelihood of oil companies being able to comment on the draft Oil Spill Act is slim. The draft legislation aimed at ensuring the country is protected during the transportation of crude oil is expected to be tabled in the National Assembly before the House goes to recess. “It may be tough to pass it because we may not have the requisite period for notice but I think we have enough time to table it. I expressed that concern, we don’t want to also rush it through the parliament because the other side would say that we are rushing it through the parliament but we would have enough time to table it,” he said. The VP further explained that while the oil companies would love to have the chance to comment on the draft legislation since they have restrictions on how they operate in the sector. “Well Exxon would love to give comments on this; I think they probably sent that question to Oil. Now and your editor asked you to do that, but we may solicit…I am not sure that we will open this one up for comments, especially from the oil and gas companies because they don’t want legislation of this nature. Maybe (we will) open it only for comments from the locals,” the VP added. This draft legislation is expected to address key concerns surrounding oil spills and will play a crucial role in the country’s oil industry. With the government aiming to table this legislation before the parliamentary recess, it signifies a significant step towards ensuring environmental protection and safety within the sector. Previously, the Vice President said, the new Oil Spill law will protect Guyana from “all sorts of liabilities”. He explained, “We have been working to have legislation in place, and those will come probably before the next recess to cover all sorts of liabilities. A law in place like they have in the US and some other countries that will cover also transportation because we have more crude being transported in our jurisdiction so it’s not just liabilities of the oil companies but transport companies, etcetera and that’s been in the works a long time so that we can protect this country.” Last week, Kaieteur News reported that the oil spill legislation is still on Government’s agenda before the Parliamentary recess. Minister of Parliamentary Affairs and Governance, Gail Teixeira in an interview with Kaieteur News said that there are a number of bills the government intends to pass before the parliamentary recess. “There are some that will have to layover to October and we’ll have to make judgments based on the urgency or the requirements. The oil spill one is one that has many interests and so I’m sure that once it’s ready and it has passed the Cabinet review and it fulfills what we want it to, then it will be tabled,” Teixeira said. Related Similar Articles

Civil Society Activist Ramon Gaskin has died Jul 21, 2024 News Kaieteur News – Civil Society Activist Ramon Gaskin died on Saturday following a period of illness. He was 82-years-old. Civil Society Activist, Ramon Gaskin News of his death has been met with messages of condolences from politicians, businessmen, lawyers and other prominent figures. Attorney-at-Law, Sase Gunraj described him as an individual who was “Feisty” until the time of his death. Vice President, Bharrat Jagdeo via his official Facebook Page extended condolences to the friends and family of the activist and former Presidential advisor. Meanwhile, the Alliance for Change (AFC) said that the news of Gaskin’s death has caused the party to “reflect on recent history and the power of a single individual to hold leaders accountable”. “Gaskin, or Rambo as he was affectionately called, was known for his outspokenness and strong opinions,” the AFC said while adding “He was an activist and protagonist unlike any other.” Gaskin, according to the AFC, fearlessly challenged the Government and Opposition alike to do better to improve the lives of Guyanese. “Not afraid to speak or write what was on his mind, Gaskin became a household name as an advocate for ordinary working class Guyanese. He will be missed,” AFC said. In recent years, Gaskin played a key role in advocating for the Government to be transparent with its management of the oil and gas sector. He also clamored for a better oil deal and fought to hold the oil companies, especially ExxonMobil Guyana accountable when it comes to protecting the country’s environment, and making sure that the Guyanese people get fair share of it resources. He had warned in a Kaieteur News 2023 report that secrecy of contracts-oil and mining- can endanger Guyana’s pockets.  He had also called for the government to thoroughly audit ExxonMobil’s expenses. Gaskin had filed an appeal with the Caribbean Court of Justice (CCJ) over absence of environmental permits for Exxon partners – a case which was later dismissed. Kaieteur News extends its condolences to the family and friends of Ramon Gaskin. Related Similar Articles

Man shot dead at Land of Canaan bar Jul 21, 2024 News Kaieteur News – A 49-year-old man identified as Sherwin Hamilton on Saturday morning was shot dead while exiting a bar at Land of Canaan, East Bank Demerara (EBD). Dead: Sherwin Hamilton Police said the shooting took place around 03:00 hrs. The bar’s security guard reportedly told investigators that, at around 02:30 hrs. Hamilton and his shooter had a heated argument in the bar. The guard reportedly put the suspect out of the bar because he was the aggressor. At around 03:00hrs, the DJ turned off the music and told the patrons that it was time to leave the bar. The patrons complied and began exiting through a western door. Hamilton exited at the same time. However, the suspect reportedly waited outside of the bar for the victim. According to eyewitnesses, as soon as Hamilton existed the building the suspect shot him in the upper thigh and made good his escape on a XR motorcycle. Hamilton fell to the ground and a 25-year-old nurse who was at the bar rendered first aid assistance by tying the injured leg with a vest. Hamilton was subsequently picked up by his wife and taken to the Diamond Diagnostic Centre, where he was pronounced dead on arrival. Investigators reportedly processed the area, and a 9mm spent shell was found about twenty feet away from the Bar’s Entrance. Investigations are ongoing. Related Similar Articles

Govt. seeking contractor, supervisor for IDB funded Kamarang Hospital Jul 21, 2024 News Kaieteur News – The move to build a state-of-the-art hospital in Kamarang, an Amerindian Village in Region Seven, is underway as the Government of Guyana (GoG) through the Ministry of Health is now seeking a contractor and a supervisor for the project. This is according to two tender documents published on the Department of Public Information website recently. The first document said the government is seeking bidders for the design and building of the Kamarang Hospital. The document stated that the Guyana Government has received financing from the Inter-American Development Bank (IDB) toward the cost of the ‘Health Care Network Strengthening in Guyana’, and intends to apply part of the proceeds towards the project. The document informed that bidding will be conducted through the International Competitive Bidding (ICB) procedures specified in the IDB policies for procurement. It should be noted site visit will be conducted on Friday, August 9, 2024 at 11:00 hours at the Kamarang. The designing and building of the hospital is expected to be opened on September 19, 2024 at the National Procurement and Tender Administration Board (NPTAB) office. Meanwhile, in a separate document, the ministry noted that part of the proceeds will also go towards engaging the services of a consulting firm to oversee the project. The document states that consultancy is expected to commence in November 2024 and should continue for approximately 48 months. The advertisement explained that the consultant, once selected, is expected to execute services such as supervising the design process including ensuring relevant construction permits are obtained by the Construction Company, overseeing civil works and equipment installation necessary for the construction of the hospital. In this regard, the consulting firm will provide technical assistance in the socio-environmental, administrative, financial planning, acquisition, strengthening in management, technical development and project operational and administrative areas to support the Health Care Network Strengthening in Guyana project. Kaieteur News understands that the Kamarang Hospital is expected to provide services of a level four hospital. The hospital project which forms parts of the government’s vision of providing a world-class healthcare to the citizens is set to offer services such as X—rays, CT scans, testing, and ultrasound among others. It was reported that the US$97 million loan Guyana secured in 2022 will be used to improve the health of the Guyanese population through increased access, quality, and efficiency of health services by improving health outcomes associated with low and high complexity procedures. This will be done by expanding the capacity of strategic hospitals, by extending coverage of diagnostic, medical consultation, and patient management services, inclusive of the country’s hinterlands, through digital health; and by increasing the efficiency of the public health system, by strengthening key logistic, management, and support processes and inputs. The project is also expected to target infrastructure improvement and expansion in seven priority hospitals, namely the Georgetown Public Hospital Corporation (GPHC), the New Amsterdam Regional Hospital (NARH) and the Linden Hospital Complex  (LHC), as well as four District Hospitals located in the hinterland (Moruca, Kamarang, Kato, and Lethem). Related Similar Articles

GWI to spend $19M for water supply project in Reg.8 Jul 21, 2024 News Kaieteur News – During a recent opening of tenders at the National Procurement and Tender Administration Board (NPTAB) office it was revealed that the Guyana Water Inc. is planning to spend approximately $19 million on a water supply and improvement project in Region Eight. At the opening, it was disclosed that eight contractors have bid for the project. It was reported in the media that the government plans on having every hinterland community have access to potable water by the end of 2025. Below are the companies and their bids: Ministry of Home Affairs Procurement of fire fighting kits for the Guyana Fire Service. Guyana Water Inc. Water supply and improvement project in Region Eight. Supply and installation of 250mm main from North Ruimveldt to Cummings Lodge Water Treatment Plant. Guyana Power and Light Supply of materials for the relocation of HV and LV network from Friendship to Garden of Eden. Supply and delivery of line hardware. Ministry of Agriculture Consultancy service for the final evaluation of the Sustainable Agriculture Development. Guyana Sugar Corporation Supply and delivery of herbicide. Supply and delivery of Chain Steel for #5 mill dock gang at Albion Estate. Supply and delivery of tar coal for #5 mill dock gang at Albion Estate. Related Similar Articles

Govt. consults with East, West Ruimveldt residents on Cemetery Road Project Jul 21, 2024 News The Cemetery Road Project under construction DPI – The Ministry of Public Works is working assiduously to ease the frustration being experienced by residents of East and West Ruimveldt, Georgetown as it pertains to the Cemetery Road Project. The project is currently being executed by Avinash Construction and Metal Works, which has failed several times to make progress on the road. The contractor continues to move at a slow pace, which has so far resulted in the time period for completion of the project being extended twice. Minister of Public Works, Bishop Juan Edghill, during a recent community meeting with residents of Roxanne Burnham Gardens and surrounding communities of South Georgetown, noted that he will soon be consulting with the Attorney General on the way forward. “I am saying it here loud and clear; we will not allow that contractor to continue to frustrate the people of East and West Ruimveldt. We will have to take over the project and we will finish Cemetery Road,” the public works minister robustly stressed. The last deadline for the project was then given as March 31, 2024. However, the contractor continued to fail at progressing works on the road, citing persistent rainfall. During an inspection earlier in the year, Minister Edghill had noted that if the road is not completed by the adjusted time period, then it would be terminated and given to a contractor of the ministry’s Special Project Unit. As such, he has since assured the residents that within the next two months, the thoroughfare will be officially completed. “By September when school reopens, four lanes of traffic must be flowing in Cemetery Road. And that is the commitment that we are giving to you,” Minister Edghill promised. Currently, the road is being used as a two-lane roadway. Upon completion of the four-lane, the road is expected to decrease the traffic woes that occur during peak hours. Related Similar Articles