Category Archives: foreign investment

GUYANA: OIL: Exxon makes another major oil discovery offshore

ExxonMobil finds more oil at Whiptail

(ExxonMobil image)
(ExxonMobil image)

[Stabroek News -28 July 2021] – ExxonMobil today said it has made an oil discovery at Whiptail in the Stabroek Block offshore Guyana, its 21st major find here and adding to its nine billion barrels of recoverable resources.

In a statement, Exxon said that the Whiptail-1 well encountered 246 feet (75 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling, it said, is also ongoing at the Whiptail-2 well, which has encountered 167 feet (51 meters) of net pay in high quality oil bearing sandstone reservoirs. Drilling continues at both wells to test deeper targets, and results will be assessed for future development, Exxon said.

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GUYANA: Govt. looking for investor to help revive contentious Amaila Falls Hydro project

Amaila Falls Hydro Dam

Jul 25, 2021 – Kaieteur News – The Office of the Prime Minister has published a request for proposals for the Amaila Falls hydro project on Friday, as the government looks to revive the project which has not gotten off the ground for more than a decade since it was first proposed, due to issues of feasibility and a lack of transparency.

The People’s Progressive Party Civic (PPP/C) had intended years ago, to have the China Railways First Group (CRFG) develop the project, with money coming from Norway, China and the Inter-American Development Bank (IDB). But a Norwegian ethics council had raised questions about the involvement of the Chinese company in a significant corruption case.        Continue reading

OPINION: The Gas to Energy Project: More questions than answers?

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The Environmental Protection Agency (EPA) published a Public Notice on June 25, 2021 stating that an Environmental Impact Assessment (EIA) was required for the “Gas to Energy Project” led by Esso Exploration and Production Guyana Limited (EEPGL). EEPGL is a wholly owned subsidiary of ExxonMobil, the 10th largest Fortune 500 company with 72,000 employees worldwide.

The Guyana Environmental Protection Agency (EPA) also provided a schedule of virtual as well as face to face consultations for citizens and other concerned stakeholders to contribute to a “scoping” exercise – which the EPA says will contribute to determining the scope for the Environmental Impact Assessment (EIA) for the project.      Continue reading

Guyana in search of investors for landmark gas to energy project – OilNOW

OilNOW

OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

The Guyana government is inviting Expressions of Interest (EOI) for joint participation with the administration and ExxonMobil affiliate Esso Exploration and Production Guyana Limited (EEPGL) in designing or utilizing the outputs from its Natural Gas Liquids (NGL) and Liquified Petroleum Gas (LPG) and related facilities. These structures are being built as part of the government’s landmark estimated US$900 million Gas-to-Energy project set to come on stream by 2024.    Continue reading

BUSINESS: Tech, social media and e-commerce giants companies keep flocking to Toronto

 Toronto Skyline – Click to enlarge

Toronto now second after New York in attracting companies …

Even amid the pandemic, tons of tech, social media and e-commerce giants have either expanded into or beefed up their presence in Toronto with new downtown offices in recent months, including but not at all limited to GoogleTiktokNetflixRedditDoorDashPinterestUber, IBM and Wayfair.

The ever-growing metropolis has been a boon for these companies for a reasons such as its obvious economic potential, human capital and “business friendliness,” all of which it rates extremely well on, according to a new ranking from fDi Intelligence that puts Toronto second on the list of top cities for such industries in all of the Americas.          Continue reading

GUYANA: A different kind of debt straightjacket –  Editorial – Kaieteur News

Third World societies live with heavy debt burdens and Guyana is no exception. We had more than our share before, when Guyana earned the disdainful distinction of being deemed a ‘highly indebted’ country. Generous foreign debt relief and earlier careful governmental action brought noticeable improvement.

Today, our leaders are taking this country down that same heavily indebted road again. The difference this time is that the possible debts can be sourced to Exxon’s draining deal terms, fuelled by glaring political feebleness.          Continue reading

Guyana to record highest growth rate in Latin America and the Caribbean

PHOTO: The Stena DrillMAX drillship operating in Guyana’s Stabroek block, offshore Guyana

— as World Bank increases Guyana’s 2021 growth projection to 20.9 per cent

Guyana Chronicle – June 12, 2021 -GUYANA is expected to record the highest growth rate in the Latin America and Caribbean (LAC) region in 2021, with its newly projected 20.9 per cent real Gross Domestic Product (GDP) growth, according to the June edition of the World Bank’s Global Economic Prospects report.        Continue reading

Guyana gives more than US$35M in waivers to Troy Resources in past five years

May 25, 2021 – Kaieteur News – Troy Resources, an Australian based gold mining company in Guyana, has over the past five years, saved some US$22 million in fuel imports alone and has also benefitted from another G$2.5B or U$13M in tax breaks between 2016 and 2018.

It would mean that the country gave about US$35M in waivers for fuel and tax breaks to the company during the period mentioned.
Guyana was paid on the other hand, G$17M or US$85,000 in royalties from that company during the same period, 2016 to 2018.      Continue reading

GOLD MINING: Secret contract…Govt. /Aurora tied to secrecy + Massive Concessions

An aerial view of the Aurora Gold Mines operation

GUYANA: Gold Mining: Secret contract exposed… Chinese company pays US$5 rent per acre + Duty-Free Imports

— Chinese company pays US$5 rent per acre for Guyana’s largest gold claim

Aurora Mine – Guyana

The generous concession comes as a result of a contract that was inked (by the PPP government) in November 2011 with Aurora Gold Mines, then owned by Canadian Guyana Goldfields, and since sold to the Chinese mining group.  Continue reading