Opposition blasts Govt. for absence of proper plans for oil in budget 2019

While the political opposition may share in the APNU+AFC administration’s excitement over the prospects of the oil wealth to come, it is worried, however, about the government’s unpreparedness for the sector. Specifically addressing this concern today in the National Assembly was Opposition Member, Anil Nandlall. He expressed great disappointment in the fact that budget 2019 […]

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IDB lending US$11.6 M support to transform Guyana’s Energy Sector

Guyana is set to transform its energy governance with help from the Inter-American Development Bank (IDB). This will translate to an US$11.64 M loan which will prepare Guyana to transition towards becoming a major oil and gas producing State. This project, according to information released by the IDB today, is designed to support the strengthening […]

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CGX gets Canadian oil firm to farm in on blocks close to Exxon’s concessions

Cash-strapped CGX Energy Inc. appears poised to make a major come back in Guyana’s petroleum industry, as it announced today that it entered into a major joint venture agreement with Frontera Energy Corporation. Like CGX, Frontera is a Canadian public company but is considered to be a leading explorer and producer of crude oil and […]

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EIA findings must not be ignored –Mexican Regulator urges

Environmental Impact Assessments (EIAs) have become standard tools which assist industry regulators in assessing the implications of a project. “But the findings of this tool must be tied to approval. Otherwise, why is it part of your system?” This advice was passed on to Guyanese officials who are currently receiving training from Mexican Oil and […]

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NRF Bill silent on percentage of revenue to be allocated for budget stabilization, future savings – Civil Society Actors

More than 30 civil society actors are disappointed that the draft Natural Resource Fund (NRF) legislation does not clearly state what percentage of the oil money will go towards budget stabilization, economic development, and generational savings. The group which includes USA oil giant, ExxonMobil, was also keen to note that if left unaddressed, the government […]

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Education, infrastructure will benefit significantly from oil money- Jordan

Finance Minister, Winston Jordan recently revealed that the government intends to use a portion of the looming oil wealth to ramp up spending in the area of education and infrastructure. He said this during his address to the National Assembly as he presented Budget 2019. Jordan said that the money will be spent on infrastructures […]

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Agencies’ cost auditing roles for oil sector still confused-IMF

There are several agencies in Guyana which hold responsibility for auditing the oil and gas sector. These include The Guyana Revenue Authority (GRA), the Audit Office, and the Finance Ministry’s Cost Recovery Committee. When the Petroleum Commission is established, this body will also be tasked with some level of cost auditing for the sector. But […]

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ExxonMobil, 37 others want tougher Ethical Investment Standards for oil sector

After conducting a number of moderated sessions on the draft Natural Resource Fund Bill, 38 Civil Society Actors (one of which includes, USA oil giant, ExxonMobil) have identified a number of key issues which they believe are important for consideration by the government. One area of particular concern relates to the Ethical standards for investment […]

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Govt’s indecisiveness on oil funds will lead to waste, generate unfair outcomes- Canadian Oil Expert

The basic question for any country facing the prospect of significant oil revenues is how it should plan the time path of spending and saving. But Guyana is less than two years away from oil production and the coalition administration is yet to put pen to paper on this matter. According to Canadian Oil Expert, […]

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