Argus Media – May 11, 2021 Guyana is changing how it concludes agreements with international oil companies for hydrocarbon exploration and will now launch bidding rounds for offshore and onshore acreage. Until now, exploration and production contracts granted to several oil companies so far have been based on direct negotiations by the government with interested […]
The majority of the Guyanese working population work in three sectors, namely: (i) Agriculture, forestry, and fishing; (ii) Wholesale and retail trade; and (iii) Public administration and defense. Preparing a qualified workforce is the essential function of Guyana’s educational system. Tomorrow’s careers, particularly those in the emerging Oil and Gas sector, will require advanced skills […]
Preparing a qualified workforce is the essential function of Guyana’s educational system says Dr. Terrence Richard Blackman, an associate professor of mathematics, and a founding member of the Undergraduate Program in Mathematics at Medgar Evers College. In his most recent column published on OilNOW this week, Professor Blackman said tomorrow’s careers, particularly those in the emerging oil and […]
On September 30, 2020, ExxonMobil made its final investment decision to proceed with offshore Guyana Payara field development after receiving “government approval”. ExxonMobil is operator of the Stabroek, Kaieteur, and Canje Blocks offshore Guyana. According to ExxonMobil, the Payara development will cost $9 billion (US) to develop 600 million barrels of oil – the same amount of oil as Liza Phase 2, but costing $3 billion more. Of the $9 billion capital expenditure over the next 4 years, do native Guyanese companies have competence, capability, or performance to participate? If so, how much participation? The answers to these questions constitute the essence of a meaningful local content regime.
Exxon made its first Guyana oil discovery in the offshore Stabroek Block during May 2015. By December 2019, the integrated energy major had commenced production at the Liza oilfield with the capacity to pump 120,000 barrels daily. During September 2020, Exxon made its 18th oil discovery in the Stabroek Block and upgraded its estimate of recoverable oil
Already oil companies have found roughly 10 billion barrels of probable recoverable reserves of oil and gas off the coast of neighboring Guyana.Credit...Adriana Loureiro Fernandez for The New York Times
Guyana need only look to its neighbor Venezuela to see the perils of abundant oil resources. The well-known and hugely studied resource curse has confronted countries such as Venezuela for decades. In many cases, significant natural resources correlated with depressed development as other sectors are neglected and currency appreciates causing uncompetitive exports
...This time last year, Guyana’s future looked bright. The first oil from the Western Hemisphere’s biggest new find in decades was ready to flow. The economy was on track to expand by 86% in a year and, soon enough, transform one of the poorest countries in the Americas. Even corruption, Guyana’s legacy scourge, seemed to be somewhat in retreat.....
Guyana has always been one of South America's poorest countries. But now that ExxonMobil has discovered a new oil field off the coast, the tiny nation could become one of the world's richest. But will it be a blessing or a curse?
By Hauke Goos in Georgetown, Guyana
26.06.2020, 10.10 Uhr
In 2014, Royal Dutch Shell sold off its acreage in the Stabroek block for $1 and left the country after more than a decade of failed exploration. When ExxonMobil sought new partners for the Stabroek Block, only 2 out of 22 companies were interested. Prior to 2015 international firms had drilled more than 40 failed […]
The Liza-1 well in the Stabroek Block offshore Guyana is pumping oil at a rate of 120,000 barrels per day, Exxon has announced, in a belated achievement of its target for the well. Argus quoted Exxon Guyana president Alistair Routledge as saying, “We are disappointed by the number of equipment issues experienced and that, because of these […]
The Guyanese diaspora is an educated and skilled community. In the United States, over half of working-age Guyanese are in professional, managerial, or sales occupations. Key occupations and industries reported by the Guyanese population in Canada include business, finance, administration and healthcare. Unless the issue of “brain drain” can be addressed through convincing Guyanese with local tertiary degrees to remain in the country and through attracting diaspora members back to the country, development efforts in Guyana will remain undermined. The “brain drain” that has characterized Guyana since its independence has exacerbated Guyana’s chronic shortages of skilled labor. Although higher education institutions in Guyana are trying to implement more targeted education and training programs, the country’s persistent underdevelopment in recent decades and lack of professional opportunities continues to push many Guyanese to migrate overseas in search of better opportunities.
January 24, 2020
About THE SYMPOSIUM
(NEW YORK) Since officially joining the ranks of oil-producing nations just over a year ago, Guyana has moved rapidly to center stage in the international media spotlight. Recent offshore discoveries of more than 8 billion barrels of proven, recoverable petroleum reserves have fueled the prospect of explosive GDP growth and previously unthinkable per-capita income gains for the country’s 800,000 residents. Last summer, ExxonMobil announced an 18th discovery of recoverable resources less than 10 miles away from its Liza Oilfield, which is already in production. From Bloomberg News and the Wall Street Journal to Forbes, Reuters, BBC World Service and The New York Times, Guyana’s oil boom is making global headlines.
But will Guyana be able to beat the odds by overcoming the dreaded “resource curse” that has bedeviled so many other similarly endowed developing nations? How might the country learn from the missteps made by others, and what are the regulatory and policy imperatives necessary to safeguard the long-term economic, environmental, social and political wellbeing of its people?
These are among the core questions to be explored by an international panel of experts on Saturday, May 29th, 2021, when the Queens College of Guyana Alumni Association, New York (QCAANY) convenes a public symposium in Queens, New York under the theme, Navigating the Opportunities and Imperatives in Guyana’s Oil and Gas Economy. The two-hour event will be held at the Jamaica Performing Arts Center (JPAC), located at 153-10 Jamaica Avenue in Queens, NY, and will be free and open to the public.
“Guyana’s newly discovered energy resources are being heralded for their potential to transform the country’s future and greatly improve the lives of its people,” said John Campbell, President of QCAANY. “However, the realization of that potential will require careful and strategic planning, bold ideas and broad public engagement that transcend any partisan political interests or affiliations. Our symposium will provide a forum in which Guyanese nationals and other interested parties of all backgrounds can participate in a forward-looking conversation on these issues and challenges.” Campbell further noted that the Symposium will seek to promote a “public cross-fertilization of ideas” on Guyana’s oil and gas economy in areas ranging from private sector and business opportunities, workforce development and training, to local content, diasporic engagement, and environmental health and safety. Campbell added that the organizers are looking forward to a “robust, respectful and constructive dialogue” on these and other issues at the event.
Participating experts at the symposium will include:
Dennis A. Pieters, Ph.D. – International Reservoir Engineering Consultant, Professor and Author. Pieters obtained his Ph.D. in Petroleum Engineering from the Colorado School of Mines and is also a Queens College alumnus. He currently serves as a Director of Mid-Atlantic Oil & Gas Inc., in Georgetown, Guyana.
Edwin M. Callender, Esq. – Texas-based attorney and international energy consultant with more than 25 years’ experience in the areas of Oil & Gas law, energy economics, risk analysis, commercial energy transactions and business strategy. In addition to his legal qualifications and expertise, Mr. Callender holds graduate degrees in Chemical Engineering, Business Administration and Finance. He is also an alumnus of the Bishop’s High School in Guyana.
Fareed M. Amin – former Deputy Minister for Energy and Infrastructure in the Province of Ontario, Canada, and Deputy City Manager of the City of Toronto. Mr. Amin is also a former Infrastructure and Environmental Adviser to the Government of Abu Dhabi, United Arab Emirates. Mr. Amin is a graduate of the University of Guyana, with post-graduate degrees and certifications in Public Administration from the University of Toronto and Queens University in Canada, as well as the Kennedy School of Government in the United States.
Abbigale Loncke – An innovative entrepreneur and founder of the Loncke Group, a business enterprise consisting of three companies, which she heads as its Chief Executive Officer. Her fastest- growing company is MBW Energy Support Services, a comprehensive oil and gas service advisory that is an industry-leading authority providing guidance for companies entering the Guyanese energy market.
The Symposium will include a moderated discussion with audience members. However, due to social distancing and related public health protocols, in-person attendance will be strictly limited at this event. Pre-registration will be conducted on a first-come, first-served basis via our Online Pre-Registration Portal.
As we count down to this historic symposium, we encourage you to keep track of the debate and developments on Opportunities and Imperatives in Guyana’s Oil & Gas Economy by visiting our regularly updated Media / Resources menu; you may also join the conversation by posting your own comments, questions and observations. For additional information about the symposium, including sponsorship opportunities, please email us directly at firstname.lastname@example.org.
This program will be streamed on Zoom and simulcast via YouTube and Facebook.. You must register with your email address in order to receive the link to participate. An official confirmation will be sent to the email address you have provided. Please check your email for your confirmation and additional details.
Due to strict social distancing protocols, a printed or digital copy of this ticket must be displayed for in-person attendance at the Symposium. Only persons presenting a valid ticket will be admitted into the auditorium.