Category Archives: Government

The Norwegian Sovereign Wealth Fund: A bench mark for Guyana’s Natural Resources Fund

Norway flag

The following entry has been submitted by Andre Brandli, a Guyanese living in Switzerland.

The Norwegian Sovereign Wealth Fund should serve as the bench mark for Guyana’s Natural Resources Fund

The readers of Guyanese Online, who follow current affairs in Guyana, may have noticed that the new government will not accept the Natural Resources Fund Act in its current form and will either repeal or amend it sometime early next year, Minister of Natural Resources Vickram Bharat has said (https://www.stabroeknews.com/2020/10/23/news/guyana/natural-resources-fund-act-unacceptable-bharrat/). The Natural Resources Fund is fed by the Guyanese oil revenues and needs to be managed with utter care and taken out of political interference.
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GUYANA: Natural Resource Fund Act – Editorial in Stabroek News

By Stabroek News – October 19, 2020 – STABROEK NEWS EDITORIAL

It is now nearly three weeks since the last sitting of Parliament which approved a variety of bills pertaining to the 2020 budget. The PPP/C government has stated that it has a robust legislative agenda and the public must begin seeing evidence of this. Having spent five years on the opposition benches in the 11th Parliament, the new government must be acutely aware of its legislative priorities.

One of these must certainly be the Natural Resource Fund (NRF) or our version of a sovereign wealth fund to gather the revenues flowing in from the country’s natural resources. The country has already accrued over US$150m since the production of oil began in December last year and this sum is sitting in an account in the New York Federal Reserve Bank without the country and its people having access to it as the natural resources legislation has not been fully activated.        Continue reading

CSIS “The Guyanese Diaspora” reaffirms the need for a diaspora portal:

— GuyanaWorx launched and ready

The Washington based Center for Strategic & International Studies (CSIS) recently launched a report on “The Guyanese Diaspora”

Its “Key Recommendation” is “to work collectively and deliberately to establish broader communications, engagement, and collaboration between Guyana and the diaspora… this initiative should be based on a comprehensive digital strategy to harness the human capital within the Guyanese diaspora as a resource to be tapped in Guyana’s development.

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GUYANA OIL: Imports required for petroleum operations in Guyana are duty-free – GRA

Several imported equipment and supplies required for petroleum operations in Guyana are duty-free – GRA

OilNOW- 24 October 2020

The Guyana Revenue Authority said on Friday (October 23, 2020) that based on the Petroleum Agreement between the Government and ExxonMobil affiliate Esso Exploration and Production Guyana Limited, contractors and sub-contractors are permitted to import a number of equipment and supplies duty-free for use in petroleum operations, as stated in Annex D of the petroleum agreement.

READ MORE: https://oilnow.gy/featured/some-imported-equipment-and-supplies-required-for-petroleum-operations-in-guyana-are-duty-free-gra/

A Summary Of USA – Guyana Relations In Light Of ‘Oil’ And ‘2020’ Vision – by Nigel Westmaas

Introduction

The geo-political situation in the region and Guyana-US relations have attained a new level of intensity and focus amid the Exxon/Mobil contract. The 2020 elections and the apparent need of the Guyanese state (no matter the occupant) to “make good” with United States foreign policy and ideological orientation in the Caribbean region has shadowed the election and the aftermath. One dimension of this new situation has to do with the “tale of two contracts”. In 2019 the PPP announced that they had contracted Mercury LLC to assist in “strategic consulting” for the 2020 elections.        Continue reading

VIDEO: Retail Apocalypse Getting Worse: $15 Trillion Market Leads To Economic Collapse !!

Retail Apocalypse Getting Worse: $15 Trillion Market Leads To Economic Collapse !!

Epic Economist – 21 October 2020 — website: https://www.epiceconomist.com

The retail apocalypse proportions are getting so extensive that its downfall has been putting the commercial real state sector in big trouble. Experts have been warning that the $15 trillion market is at risk of bleeding over into the broader financial system as the U.S. struggles to come out of a deep economic collapse.    
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GUYANA: OIL: Small companies often farm-out acreage to raise capital – By OilNOW

Exxon Drillship in Stabroek Block Guyana

GUYANA: OIL: – By OilNOW – October 18, 2018

As interest mounts about the nature of farm-in agreements in South America’s newest oil and gas hotspot – Guyana – OilNOW takes a look this week at what the term means, why it is used and to what extent do companies enter such deals in the petroleum industry.

A farm-out agreement operates as a type of sale and purchase agreement under which a seller (the “farmor”) agrees to transfer part (but not all) of its interest in an upstream asset to the buyer (the “farmee”), in exchange for that buyer agreeing to undertake (or fund) work obligations such as acquiring seismic data or drilling wells in respect of that asset.              Continue reading

COVID-19 EFFECTS: Guyana’s 2020 growth rate toppled from 86% to 26% – says IMF

Despite massive oil finds

Oct 19, 2020 – Kaieteur News – The unprecedented economic blows that have been unleashed by the COVID-19 pandemic, has forced the International Monetary Fund (IMF) to further downgrade its growth forecasts for 2020.

According to the financial institution, Guyana’s 2020 Real Gross Domestic Product (GDP) is expected to see a 26.2 percent growth, instead of the previously announced 53 percent.                Continue reading

MEDICAL: Guyana’s coronavirus death toll now 111, amid poor enforcement of measures

The Ministry of Health said the latest fatality is a 78-year-old man from Region One (Barima-Waini) who died while receiving care at “our medical facility.”    Continue reading

GUYANA OIL: Hydrocarbon System and Major Tectonic Events of the Guyana Basin

Technical presentation by JHI Associates- a Canje Block partner.

This is a technical presentation about the formation of oil reservoirs in Guyana and Suriname.  It has an excellent presentation of how the oil deposits of Guyana and Suriname were formed after millions of years with the continental shifts which separated South America from Africa. It may be a good idea to save the 23 page PDF PowerPoint presentation that fully explains the processes with colourful diagrams.

Hydrocarbon System and Major Tectonic Events of the Guyana Basin

Guyana/Suriname Basin Hydrocarbon System Three Rivers and Two Source Rocks

By K Nibbelink, D Boyce, M Nasser, J Boyce, R Webster and F Cedoz JHI Associates (BVI), Inc.             Continue reading