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.