Suriname

Krabdagu holds in-place resource of 180 MMbbl

June 21, 2022

HOUSTON —Partner APA Corp said flow test results from the offshore Krabdagu oil discovery confirm the need for appraisal drilling .

The Maersk Valiant drillship drilled the KBD-1 well on Block 58, operated by TotalEnergies. Test data collected from the Upper Campanian and Lower Campanian intervals suggest in-place reserves of respectively 100 MMbbl and 80 MMbl connected to the well.

• The Upper Campanian interval delivered 32 m (105 ft) of net oil pay in good-quality reservoir with 400-500 millidarcy permeability, 35°API and with a gas-oil ratio (GOR) of 2,000 to 2,300 cf/bbl.
• Within the Lower Campanian interval, the well encountered 32 m (105 ft) of net oil pay, 60-80 millidarcy permeability, 37°API, and a GOR of 2,500 to 2,800 cf/bbl.

APA said appraisal drilling would be needed to confirm additional resources and to determine optimal development well locations.

The exploration well penetrated another lower GOR interval in the Upper Campanian, but not in a location suitable for flow testing. This shallower zone will require a flow test from a more optimal location.

John J. Christmann IV, APA CEO and president, said,

“The results from the Krabdagu flow test in the two lower intervals are in line with our expectations and provide data that accelerates our understanding of the field and will shape future activity. The connected resource demonstrated from the flow tests at Krabdagu combined with the results from Sapakara South are a significant step forward in advancing a project in this area of Block 58.”

Maersk Valiant is drilling the Dikkop exploration well in the central portion of Block 58, with further exploration and appraisal activities likely to follow in this region.

 

CCSI, Beharry Group in subsea services JV

Jul 23, 2022

Beharry Group and Subsea Specialist Trinidad launched Caribbean Subsea Specialist Inc. a joint venture to provide the offshore industry with world-class support services and develop local skills for the oil sector. CSSI was incorporated in Guyana in 2017,. Majority shareholder, Beharry Group with Subsea Specialist formed Caribbean Subsea Specialist Inc., a leading provider of technical subsea services, subsea equipment and competency management to the Caribbean offshore market.

At the launch the company’s Operations Director, Dylan Galt said that while the company is in process of being fully local content compliant through certification, the goal is to be 100 percent Guyanese managed and Guyanese employed. Key services the company offers are ROV (remotely operated vehicles) services, commercial diving services and logistics and procurement services.

“We have been investing the money in getting the company up and running and training local Guyanese guys in ROV which was done twice in the last couple years and we actually are planning and doing a diving training for commercial divers in Guyana until the next few months. So we have been talking to some of our local Guyanese divers companies to get the guys train up and ready to work again in oil and gas industry.”.

Subsea Specialist Trinidad, the minority shareholder has been investing in getting the company up and running. US$75,000 has been invested in training local Guyanese and putting the necessary equipment in place to begin operations.

Embracing Guyana’s local content drive, Galt mentioned that they have been fighting for this in Trinidad which has a document of sorts but no law like that in Guyana. Caribbean Subsea came about on the heels of past relationships and the partnership with Beharry Group has been strategic and symbiotic.

“Couple of our Directors have realized that it would be a good fit and he (Beharry) saw the value that our team from Trinidad brings to the table with the experience that they have under their belt and it’s been a really good symbiotic relationship so far in bringing it all together and getting everything going.”

With a host of services to offer in Guyana’s oil sector, Galt stressed that a priority is to get Guyanese equipped with the requisite skills and knowledge to take charge of the industry. Already, they have held training which 13 local persons to learn ROVs services. In future, he said they are looking to train personnel in commercial diving. In providing training they have partnered with Offshore Innovators Guyana Inc. and Coast Foundation Ocean Exploration.

 

 

Treasure trove of oil lessons in T&T

Jul 20, 2022

While Guyana is committed to reducing its carbon footprint via renewable energy, complemented by the gas-to-shore power plant and a Natural Resource Fund for revenue deposits, great vision, discipline and clear communication from government are vital to protect against Dutch Disease.

Dr. Graham King, Lecturer in the Faculty of Engineering at the University of the West Indies (UWI) Trinidad explained the tightrope Guyana must walk and referenced Trinidad and Tobago as a case study. The CARICOM founder did a few things well with oil and gas resources, much like  Guyana is doing at the moment but still got caught in the tentacles of the Dutch disease—a phenomenon that sees the rapid development of one sector and the decline of others.

Positives included functional collaborations between national companies, multinational operators, locally-owned private sector companies and private shareholders. As early as the 1950s, natural gas was identified as useful for electricity production. The country was an early mover on new energy opportunities. In the mid-1970s, consultation and focused dialogue led to the establishment of priority use areas for previously-flared natural gas. Trinidad exploited a growing Liquefied Natural Gas (LNG) market and eventually had the largest LNG plant in the world at the time when there had been no other successful developments in the Atlantic basin.

Additionally, T&T made significant investments in education which included free local tertiary education, complemented by a generous system of scholarships for international study. Specialist programmes such as the Petroleum Geoscience programme at the University of the West Indies provided technically qualified, local leaders in the energy sector.

Even with these and other notable achievements, T&T still managed to drop the ball on a number of other key issues and failed to modernise its national systems.

“Over the years of success in establishing itself as a world-class energy player, two worlds have emerged in Trinidad and Tobago. In one we find the professionalism and efficiency of the energy sector, while in… well, pretty much all other parts of society, low productivity and a poor work ethic abound. For instance, despite the declared intentions by politicians of all shades, the public service has not been reformed and remains overstaffed and generally unresponsive to changing needs.”

Roads are highly congested and public transport is unreliable with a limited network. The education system also gets a failing grade when it comes to producing critical thinkers who can innovate.

Sluggishness in waking up to the potential benefits of renewable energy to a fossil-fuel based economy and regulatory hurdles prevent the uptake of something as simple as distributed solar.

Slowness to modernise has adversely affected the ease of doing business. In fact, Trinidad & Tobago currently ranks 105 in the world for the ease of doing business which has ultimately hampered the competitiveness of non-energy sectors in the country. Along with overreliance on transfers and subsidies for wealth distribution, T&T failed to engender sustained investment in research and development.

In conclusion, Dr. King noted that T&T’s efforts to become a leader in the oil and gas industry left efforts for economic diversification on the back burner thereby putting the future economic development of the country at risk. Taking T&T’s experience into consideration, he said that Guyana would be wise to remain vigilant and operate with a sense of direction, great discipline and clear communication if it is to emerge unscathed by the debilitating effects of the Dutch disease.

 

 

TT Energy Chamber – consider electricity markets

Jul 17, 2022

Trinidad and Tobago Energy Chamber warned Guyana, embarking on an ambitious scheme to generate hundreds of megawatts (MW) of electricity, surpassing current demand, to ensure it secures markets for the excess production, to avoid energy inefficiency or over consumption.

This advice came from Dr. Dax Driver, President and Chief Executive Officer (CEO) of the T&T Energy Chamber, is a panelist on the Guyana Business Journal and Magazine discussion on ‘Sovereignty and developing country’s rights to develop oil & gas sectors.”

“Make sure also that you are always continuing to push energy efficiency. You can focus on renewables but the electricity which you don’t use is the most valuable electricity so put that big extra on energy efficiency.”

“Wwhen we had our boom in the 2000’s, we built a lot of new buildings and we did not focus on energy efficiency and so there were very inefficient buildings and they waste a lot of energy so it’s important that EPA (Environmental Protection Agency) knows what Guyana should focus on.”

His advice to Guyana is “produce as much as you can, but think about how you can get that electricity to Trinidad and Tobago” for example. There is a “massive potential demand” for renewable electricity in T&T since the country is looking to produce ammonia from natural gas.

Ammonia is a compound of nitrogen and hydrogen that is produced to be used in agriculture as fertiliser. Ammonia is also used as a refrigerant gas, for purification of water supplies and in the manufacture of plastics, explosives, textiles, pesticides, dyes and other chemicals. Guyana is advancing development and utilisation of natural gas within the Liza fields in the petroliferous Stabroek Block. The gas will be used to generate 300 megawatts of electricity for the country, with the current peak demand of just over 150MW expected to increase significantly over the next few years.

The Gas to Energy project will involve capturing associated gas produced from crude oil production operations on the Liza Phase 1 (Destiny) and Liza Phase 2 (Unity) Floating, Production, Storage, and Offloading (FPSO) vessels, transporting approximately 50 million standard cubic feet per day of gas via a subsea pipeline and then to an onshore pipeline to a natural gas liquids (NGL) processing plant, treating the gas to remove NGLs (i.e., propane, butane, and pentanes+) for sale to third parties, and ultimately delivering dry gas meeting government specifications for use at the power plant.

Guyana is also pursuing strides to generate electricity via hydro, wind and solar, in a bid to transition from the use of Heavy Fuel Oil (HFO) to power the country. The Inter-American Development Bank (IDB) approved Guyana’s request to tap US$83.3 million in funds the country earned from keeping its forests intact, to develop 33 MW of power. Plans to develop the Amaila Hydro power project that was geared to add 165 MW of electricity on the grid is expected to regenerate soon, while the EPA has approved a US$45 million wind project to add 25 MW of power to the grid.

Dr. Driver has suggested that Guyana puts plans in place for the use of the electricity to be generated. Listing Trinidad as a key potential market, he explained, “The reason why there is a huge demand in Trinidad and Tobago is that we have all these ammonia plants that are producing ammonia from natural gas. There is a massive opportunity to produce ammonia from water with green hydrogen going into ammonia. There is massive demand for that in the world…we need the green electrons to do that to offset the natural gas now going in which we are now using to make ammonia and it can also offset all the natural gas that is going to electricity in Trinidad as well, so if you can land electricity in Trinidad at the right price point, there is a massive demand for it.”

It would be “very transformational” at the same time, if Guyana would seek out other markets for its resources within the Caribbean Community (CARICOM) Region.

President Irfaan Ali has already indicated that given the significant volume of natural gas discovered in the Stabroek Block and the quantity that would be piped to shore via the US$1.3 billion gas-to-shore project, Guyana is gearing to enter the gas export market. During his keynote address at the Caribbean Sustainable Energy Conference 2022, Ali noted that if nations are to pool their collective efforts and achieve the imperative goal of net zero carbon emissions by 2050, then the transition to cleaner energy sources is critical.

“This natural gas facility will be linked to the establishment of an industrial park and the creation of a liquefied petroleum gas plant to fulfill both local demand and for export.”

 

TT Prime Minister, President Ali hold talks

Prime Minister Dr Keith Rowley spoke with Guyana President Dr Irfaan Ali at the Caricom Agri Investment Forum and Expo in Guyana in May. Food security is on the agendA at the Caricom summit in Suriname.

TT Prime Minister Rowley and Guyana President Dr Mohammed Irfaan Ali held bilateral discussions in Suriname before the 43rd regular Caricom HoGs meeting on food security and energy cooperation that will benefit both countries and the wider Caricom region and a recent memorandum of understanding between Trinidad and Tobago and Guyana on agriculture.

Caricom HoGs held separate discussions on climate change and energy security with UN SG Antonio Guterres who is in Suriname to for the Caricom summit.

 

 

Energy, agriculture on Caricom agenda in Suriname

Caricom is optimistic about making headway on energy and food security issues when its leaders meet in Suriname on for their 43rd regular meeting. TT is expected to play a pivotal role in both of these matters which feature prominently within the broader agenda for the three day meeting.

Caricom-Secretary General Dr Carla Barnett said ongoing Russian military action in the Ukraine is having a negative impact on global energy supplies and contributing to fuel price increases in many countries. Caricom has not been shielded from this. Within Caricom’s quasi-cabinet, the Prime Minister of Trinidad and Tobago is the lead on energy security.” Before Dr Rowley left for Suriname he held a news conference at Piarco International Airport which dealt with some matters relating to the meeting. Barnett was confident that Caricom leaders would reach some consensus about how to address regional energy security issues.

Suriname president Chandrikapersad Santokhi agreed with Barnett. He observed that TT, Guyana and Suriname each have fossilised energy resources which include natural gas. Santokhi, the incoming Caricom chairman, said the leaders will discuss the possibility of a common strategy which could be used to speed up the exploitation of this gas for the benefit of the region.   Besides committing itself to assisting with energy supplies for the region, Santokhi said Suriname, Guyana and Belize are blessed with fertile lands which they are offering to be used to boost regional food supplies.

Noting one negative impact of volatile energy supplies arising from the war in Ukraine was the availability of fertilisers, Santokhi believed reliable regional energy supplies could ensure enough fertilisers are available to help with regional food production. He praised Guyana President Dr Mohammed Irfaan Ali for leading the charge to bolster regional security at the last Caricom leaders’ meeting in Belize and also hosting a recent agricultural seminar in Guyana. Santokhi disagreed with the views of some commentators that Caricom is fragmented and disorganised in dealing with important matters.

“Health has shown how important it is for us to have a common strategy. In the covid19 pandemic, there we saw the strength of Caricom and Carpha (Caribbean Public Health Agency).” Santokhi added that Carpha will provide leaders with a detailed report on the region’s efforts to deal with the pandemic to date.

He also identified national security and natural disaster response as other areas where Caricom has collectively distinguished itself.

Barnett said there is a misconception that Caricom lets matters linger. “There is a lot of work which goes on behind the scenes.” She indicated that one of the priorities at this meeting is examining and improving Caricom’s decision-making process and implementation of the decisions it makes. “We are doing that kind of introspection at this meeting

Coming out of the Ninth Summit of the Americas in Los Angeles, California last month, Barnett said Caricom leaders held discussions with US president Joe Biden and vice president Kamala Harris on matters of mutual interest. Arising from those discussions were agreements to form US-Caricom committees on finance, food security and climate change.

“This meeting will finalise the (Caricom) membership on those committees.”On climate change, Santokhi said with its pristine rainforests, Suriname acts like a carbon dioxide sink for the rest of the world. “Who pays for that?“

While Caricom is doing what it can to reduce carbon emissions and deal with climate change, Barnett said this is not enough. “It is the big countries that need to reduce their emissions.”

She was glad that United Nations Secretary-General Antonio Guterres would be at the meeting. This was an opportunity for Caricom leaders to speak with Guterres about what the region can do to address climate change, how larger countries can be persuaded to do their part and to prepare for the UN Climate Change Conference (COP 27) in Sharm el-Sheikh, Egypt, in November.

 

 

 

Suriname gives ‘hope and inspiration to the world to save our rainforests’

UN Secretary-General António Guterres met members of agricultural cooperatives led by indigenous women and men in Pierre Kondre- Redi Doti Village, in Suriname’s tropical forest belt.

2 July 2022

Climate and Environment
Suriname might be the smallest and least populated country in South America, but it is also one of the greenest. Considered a global leader in biodiversity conservation, with more than 90 per cent of its land surface covered by native forests, the nation’s unrivaled natural resources more than make up for its size.

Suriname is considered a carbon negative country, as its rainforests absorb more emissions than the country emits.  Thick green foliage seems to be just about everywhere, even near the outskirts of the capital, Paramaribo, which is itself dotted with bustling markets and cultural centres.

UN Secretary-General António Guterres saw first-hand the commitment of the Surinamese people to protect their natural treasures and ancestral knowledge.

“Rainforests are a precious gift to humanity. That is why from here in Suriname, I want to send a message to the world: We must honour and preserve the gift of rainforests because this is not a gift that will keep on giving”, Mr. Guterres told reporters at a joint press conference with President Chan Santokhi   at the end of his first day in the country.

The UN chief also delivered a stark warning: “If we keep seeing the [current] scale of destruction across the world’s rainforests, we are not just biting the hand that feeds us – we are tearing it to shreds”.

Mr. Guterres stressed that rampant deforestation and worsening climate impacts are increasing forest fires and droughts.

“This is outrageous and shameful.  It is global suicide in slow motion,” he said, adding that such destruction should be a global wake-up call to save the lungs of our planet.

A call from the indigenous peoples of Surinam
The Secretary-General visited the indigenous village of Pierre Kondre – Redi Doti, some 67 kilometres south of the capital. The area is surrounded by 9,000 hectares of forest, and home to about 100 inhabitants.

After driving through the iron-rich countryside, characterized by its reddish-brown soil, Mr. Guterres was received by the Captain Lloyd Read of the Kaliña peoples, along with the women and men of the community They were singing and dressed in their traditional predominantly red- coloured clothing.

“The challenge [we face] to protect Mother Earth and the Amazon rainforest is not appreciated and poses threats to our lives,” Mr. Lloyd lamented, adding that his people – through no fault of their own – are currently endangered due to exploitation of natural resources and the consequences of climate change, such as large and sustained rainfall and flooding.

He said that mercury contamination – mainly caused by illegal extractive activities – is also threatening indigenous lives and livelihoods in the region.

“In the South, life is ruined by Mercury. There is no fish, no meat and no clean water to drink. Even extremely high levels of this metal have been found in the hair of our natives,” he said.

The Secretary-General noted these concerns and asked Mr. Lloyd for more details, promising to be the ‘spokesperson’ of the community during his later meeting with Government officials.

“This is a visit of solidarity with the indigenous communities in Suriname and around the world. When we witness that we are still losing the battle of climate change, when you see biodiversity more and more threatened everywhere, when you see pollution around the world it is very important to recognize that indigenous communities are showing the wisdom, the resilience and the will to be in peace with nature”, he told those gathered in the village.

Much of Suriname’s coastal area is low-lying and susceptible to natural disasters.

Pineapples for sustainable development
Redi Doti village, partially nestled within Surinam’s savanna belt, an area of white silicate sand that is mostly infertile, manages to cultivate pineapples, passion fruit and cassava, which represent the community’s main source of livelihood.

The visit coincided with the International Day of Cooperatives, and Mr. Guterres was able to see the work of two cooperatives that are supported by the UN and its agencies, including the UN Food and Agriculture Organization (FAO), as well as the European Union.

One such cooperative, led by local women, creates organic pineapple derived products, such as jam, juices, and fruit cups. The other cooperative deals with the cultivation process, which is trying to turn the pineapple harvest into an all-year production, instead of a seasonal.

According to the UN Development Programme (UNDP), inclusion of indigenous and tribal communities in economic prosperity is critical. While they constitute only 4 per cent of the total population, their rights to land cover more than 80 per cent of the territory of Suriname, but they are not recognized officially by national legislation.

Before leaving the community, Captain Lloyd Read told the Secretary-General that he would ask Tamushi the all-mighty [the great spirit God], to give him the strength and power to go further, in a world threatened by climate change and war.

Singing a beautiful prayer in his native language Kaliña, he said goodbye and told him he hoped he would remember them.

“Indigenous peoples have not contributed to climate change, yet they are among the most affected.  At the same time, they have solutions that the world can learn so much from. They are proud guardians of some of the planet’s indispensable biological diversity, and they need support to do so,” the UN chief underscored later at a press conference.

UN Secretary-General António Guterres planted a young mangrove tree in the Weg Naar Zee mangrove rehabilitation site in Suriname.

Planting hope with mangroves
From the forest, the Secretary-General made his way to the beach, where he could see the devastating impacts of climate change fueled coastal erosion, flooding and sea-level rise.

Weg Naar Zee, an easily accessible coastal area of about 10,000 acres situated north-west of Paramaribo and part of the 386 kms of the mainly muddy coastal zone of Suriname, has suffered from extreme erosion which has resulted in an absence of soft sling mud, a preferred foraging habitat for shorebirds.

Since 2016, the UN has supported the country’s efforts, led by academics and students, to increase conservation, natural restoration and rehabilitation of mangroves. One such project, led by Anton de Kom University of Suriname, installs sediment trapping structures along the coast and plants to reverse the damage.

Walking along the muddy shore with Suriname’s Minister of Spatial Planning, Silvano Tjong-Ahin, Mr. Guterres planted a young mangrove tree. This project is being led by Professor Sieuwnat Naipal, who is one of the driving forces behind mangrove conservation in the country.

“Nature-based solutions – such as preserving mangroves, rainforests and other essential ecosystems – are vital. The world needs more such initiatives,” he told the press.

Earlier, the Secretary-General said that mangroves held a special meaning for him, because the first book he read as a child was about those hardy, uniquely beneficial trees and shrubs.

Mangroves play an essential part in the fight against climate change, as they can capture and store huge quantities of carbon in their roots and even in the soils in which they grow.

They are also extremely important to our coastal environments and habitats and nursery havens for a diverse array of species. They are called the ‘kidneys of the coasts’ because of the role that they play in nutrient cycling within the coastal environment.

Forests cover 93 per cent of Suriname’s land mass and are rich in biodiversity.

An exceptional example

“What I have seen here in Suriname gives me hope and inspiration. But what we are seeing around the globe is cause for deep shock and anger”, Mr. Guterres further said at his end of the day presser.

The UN chief stressed that unfortunately, Suriname stands out as an exception in a world that is moving in the wrong direction.

“Around the world, we are seeing the failure of climate leadership and the proliferation of disastrous climate disruption… To meet the goal of limiting temperature rise by 1.5 degrees, global emissions must decline by 45 per cent by 2030.  Yet current national climate pledges would result in an increase in emissions of 14 per cent by 2030,” he warned.

Underlining that the big emissions emitters have a particular responsibility, Guterres highlighted that Caribbean nations are on the front lines of the climate crisis and have consistently shown steadfast leadership.

“As I saw today, we have the tools and the know-how. Our world needs the political will and solidarity to make the difference that is needed. Suriname and the Caribbean region are leading the path forward. We must follow that lead – for people, for posterity and for our planet”, he concluded.

The Secretary General will attend the opening of the 43rd Regular Meeting of the Caribbean Community’s (CARICOM) Conference of Heads of Government.

 

 

CARICOM Chair backs petroleum production in Guyana

 Jul 4, 2022y Vishani Ragobeer in Paramaribo
vishani@newsroom.gy

With the development of oil and gas offering Guyana the prospect of unprecedent economic and social development, Belize’s Prime Minister John Briceño believes the country should go ahead with plans while putting in place environmental safeguards. Briceño says the 15-nation trade and integration bloc CARICOM, for which he is outgoing chair, should back these efforts.

He did acknowledge that the world should cut back on oil and gas production since this contributes to the climate crisis. But he said that the circumstances are different for the small, developing states in the Caribbean. Like many of his Caribbean colleagues, he said the Caribbean states contribute the least amount of harmful emissions but are burdened with the responsibility of foregoing economic gains now to slow the climate crisis.

“Guyana is a perfect example. Guyana now has been blessed or fortunate to have found some of the largest oil reserves and now some countries want to criticise Guyana because (Guyana) wants to exploit those resources. Guyana should be allowed to exploit those resources but to do it sustainably, do it environmentally conscious.”

Briceño underscored that those petroleum resources are needed by the wider Caribbean. The creation of a new regional energy security plan is among the priorities of the ongoing meeting of CARICOM leaders in Suriname. He believes that the Caribbean can continue its advocacy for greater climate action, including much-needed funds for disaster relief, while supporting regional oil and gas production in the three oil-rich countries.

“We should be allowed to exploit our resources responsibly for the benefit of our people. … I agree with Guyana 100 per cent and Suriname and Trinidad and Tobago and I believe that should be CARICOM’s stance when it comes to that issue.”

Guyana’s President Dr. Irfaan Ali said that Caribbean countries told United Nations (UN) Secretary-General António Guterres that regional oil and gas production should be supported.

“We raised concerns of a balanced approach to the energy transition and the whole issue of developing countries being given the room to develop their resources whether it is fossil fuels, natural gas or renewables. (The Secretary- General) understands the specific circumstances of Guyana, Trinidad and Suriname… and he understands the need to go after these opportunities.”

The UN Head is not enthusiatic about oil production but he understands the use of the resources.

Prolific exploration in a 6.6 million-acres Stabroek by ExxonMobil affiliate Esso Exploration and Production Guyana Limited, has so far led to multiple discoveries that could result in production of 11 billion barrels of oil.

The company, consortium with Hess and CNOOC, has two vessels producing, storing and offloading oil in the block. One, from Liza Phase 1, is producing an estimated 130 thousand barrels a day. The second, from Liza Phase 2, began production in February, moving production to 220,000 barrels a day. The third project, Payara, could get going towards the end of next year and the fourth project, Yellowtail, could begin production in 2025.

Altogether, the four projects could see Guyana producing 750,000 barrels of oil per day by the end of 2025

 

 

UAE may fund CARICOM ferry

July 7, 2022

WITH an initial focus on building regional trade relations, CARICOM is considering United Arab Emirates (UAE) funding to establish an intra-regional ferry service with Guyana, Trinidad and Tobago, Grenada and Barbados for the testing phase.

This initiative is among measures agreed by Regional leaders, which will advance reduction of the food-import bill by 25 per cent by the year 2025, following the three-day 43rd Regular Meeting of the CARICOM Heads of Government in Paramaribo, Suriname. Regional leaders recognize that affordable intra-regional travel remains one of the major obstacles to trade and movement of skilled labour. The Council for Trade and Economic Development (COTED) has been mandated to conclude by the end of July, the various initiatives and programmes aimed at the removal of non-tariff barriers to intra-regional trade.

“[They] welcomed an update from the Prime Minister of Barbados on advanced discussions with the United Arab Emirates regarding support for both a traditional ferry and fast ferry service for the Region and noted that a related proposal from the capital Abu Dhabi is being awaited. Heads of Government requested the Caribbean Development Bank (CDB) to commence the proposed roadmap study on the factors needed for successfully establishing a fast ferry service for the transportation of agricultural produce – with an initial focus on trade between Guyana, Trinidad and Tobago, Grenada, and Barbados.”

The meeting achieved agreement for establishment of a working group to provide oversight of the project, which will include representatives from the governments of Barbados, Grenada, Guyana and Trinidad and Tobago, the CARICOM Secretariat, CARICOM Private Sector Organisation (CPSO) and the CDB.

Heads of Government received an update on progress by the Ministerial Task Force on Food Production and Food Security (MTF) in advancing the CARICOM Agri-Food Systems agenda.

“A majority of [CARICOM] member states have developed and submitted to the MTF their national targets, which will contribute to the attainment of the 25 by 2025 targets. The MTF, through the Secretariat, has developed a reporting and monitoring tool which member states are requested to report on monthly.”

The CARICOM Private Sector Organization (CPSO) was requested to accelerate implementation for various agricultural investment projects through which 25 by 25 will be achieved.

“The MTF, working in collaboration with the CPSO, has identified 19 potential investment opportunities for displacing extra-regional agri-food imports among CARICOM member states.”

Heads of Government welcomed the draft Terms of Reference (TOR) developed by the Secretariat for establishing a Regional Youth in Agriculture Advisory Mechanism. This was agreed upon following the Regional Youth in Agriculture Dialogue during the Agri-Investment Forum and Expo in Guyana in May.

“This Advisory Mechanism will assist the MTF in ensuring that youth participation and inclusion is accounted for in all its efforts to achieving 25 by 2025. Heads of Government endorsed and encouraged participation in the Agri-Investment Forum to be held in Trinidad and Tobago from 19-21 August 2022.”

 

 

Guyana, Barbados update co-operation agreement in Suriname

July 7, 2022

At the 43rd Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM). Guyana President, Dr Irfaan Ali and Barbados Prime Minister Mia Mottley signed an updated and augmented copy of the Saint Barnabas Accord, paving the way for further dialogue and co-operation in nine specific areas.

“The specific areas include agriculture, aquaculture and food security; mining and quarrying; tourism and international transport; trade and business development; energy; manufacturing; education – technical and vocational training and capacity building; co-operation in security and bilateral integration measures.”

In October 2021 Ali and Mottley signed the St. Barnabas Accord creating one domestic space between both countries in areas across multiple sectors. The Guyana-Barbados St. Barnabas Accord, more tangibly, provides for a seven-acre food terminal in Barbados, a space to accommodate approximately 40 containers, a reservoir holding 20 million gallons of water and land for crop production.

Caricom energy security
PM Dr Keith Rowley, sealed the Dragon gas deal with President Nicolas Maduro, in Venezuela in 2018. – The Prime Minister reported that Caricom took a bold step urging the United States to remove its sanctions on Venezuela at the 43rd Caricom Heads of State meeting in Suriname.

In 2005, Venezuela launched the PetroCaribe arrangement, offering participating Caribbean countries Venezuelan oil at market value. Islands paid less than half of the cost up-front, with the remainder to be paid over 25 years at one per cent interest. Hugo Chavez envisioned the start of a new regime of regional economic co-operation and social democratic partnership. At its peak, 17 Caribbean nations signed up to participate in the PetroCaribe, with the Dominican Republic, Jamaica and Haiti being leading recipients of Venezuela’s oil shipments.

Chavez died in 2013 and the slow economic deterioration of Venezuela’s oil economy began. By 2017, oil prices were in sharp decline and the national oil company became a political tool. Amid widespread accusations of corruption, the US imposed drastic economic sanctions on Venezuela. Trade became difficult, then impossible after the US froze currency transactions in 2019 and shipments to PetroCaribe members ended along with their payments.

In May, US President Biden announced that his administration would ease some of the crippling economic sanctions on Venezuela to mitigate the political and humanitarian crisis. A cautious step forward to incrementally improve Chevron’s limited role in Venezuela’s oil sector is hoped to prompt President Nicolas Maduro back to the negotiating table. The US position on Venezuela remains shaky and the country was pointedly not invited to the Summit of the Americas. Caricom hopes to push the trade door open wider to allow some regional trade in oil and gas to resume.

TT has a keen interest in resuming work on the cross-border Loran-Manatee field but under sanctions, is currently able to access only a quarter of it. The Prime Minister wants to advance agreements with Venezuela to access more of the gas that lies across the border. He reported that the OECS has a commitment from Venezuela to restart PetroCaribe if sanctions are relaxed and trade can resume.

Despite corruption that resulted from the flow of cheap oil, PetroCaribe began as an ambitious effort by Venezuela to improve the economies of neighbouring nation-states through regional trade. The political woes of the US should not block that dream and Caricom should put its weight behind a strategic acceleration of the removal of trade sanctions that offers Venezuela a role in regional energy security.

[ However, a culture of silence among mordant ministers denies answers to valid questions on issues in the public domain and the public interest, involving colossal loss of public funds in litigation, abysmal governance and management of resources.

Priorities lie elsewhere as Angostura launched a brand new, limited edition rum, the ultra-premium rum – Angostura® Zenith. costing $3000USD. Only 195 bottles of Zenith, the newest member of Angostura’s Private Cask Collection, have been produced globally. Alcohol is a major health risk, accident risk and a cause of domestic abuse. ]

 

 

CARICOM HoGs agree on health, food, energy security

Jul 06 2022

The regional recovery from the COVID-19 pandemic, food and energy security and the situations in Haiti and Venezuela, were among key issues dominating discussions at the Forty-Third Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM), on 3-5 July 2022, in Suriname.

The Meeting was chaired by the President of Suriname, His Excellency Chandrikapersad Santokhi, and featured special guests – United Nations Secretary-General His Excellency António Guterres; His Excellency Georges Rebelo Pinto Chikoti, the Secretary General of the Organisation of African, Caribbean and Pacific States (OACPS); and His Excellency Adel bin Ahmed Al-Jubeir, Minister of State for Foreign Affairs of Saudi Arabia.

Energy
The United States was asked to consider removing its sanctions on Venezuela to allow CARICOM countries to benefit from the PetroCaribe initiative. Such a move would facilitate progress on the exploitation of cross-border natural gas fields between Trinidad and Tobago and Venezuela.

Leaders noted the importance of using and harnessing hydrocarbon resources with a view to reducing dependency on external resources and supplying the growing global needs arising out of the Russia-Ukraine conflict.

Energy diversification was acknowledged as critical, with Heads agreeing to make use of significant assets in the Region with immediate existing capacity in LNG and fertiliser for agriculture. They agreed to develop the renewable energy sector through building infrastructure to meet regional power generation needs.

COVID-19 and health security
With regard to the COVID-19 pandemic, HoGs acknowledged a substantial number of cases still are being reported across the Region. They commended the Caribbean Public Health Agency (CARPHA)’s continued comprehensive response to COVID-19 in keeping with the Agency’s mandate. They also acknowledged that the impact of COVID-19 has demonstrated that, as countries advance towards recovery and resilience, a whole-of-government and society approach was needed which carefully balanced public health measures and economic recovery programmes.

Heads urged the multi-lateral financial institutions to recognise the urgent need for assistance so Member States can strengthen social safety nets decimated by support rendered to citizens during the pandemic.  Responsible individual behaviours, vaccination, strengthened health systems and continued and enhanced vigilance, all are essential factors for successfully navigating through this current phase of the pandemic.

They also acknowledged that the incidence of Long COVID could result in a significant increase in chronic illness and disability that could potentially further overwhelm the health sector including its labour force, especially where countries already had a high burden of Non-Communicable Diseases (NCDs). Heads of Government noted the move towards pandemic recovery provides an opportunity to restructure health care services and public health programmes using the lessons learnt to respond to re-emerging and new diseases which may cause pandemics.

Food security
During the meeting, the Ministerial Task Force on Food Production and Food Security (MTF) gave an update on the CARICOM Agri-Food Systems Agenda, created to address the current food security challenges and rising food prices and to achieve the 25 by 2025 Vision—the reduction of the food import bill by 25 percent by 2025.

Several Member States have developed and submitted their national targets, which will contribute to the attainment of the 25 by 2025 targets. Member States are required to report on their progress monthly. The Council for Trade and Economic Development (COTED) was mandated to conclude, by the end of July 2022, various initiatives and programmes, aimed at the removal of Non-Tariff Barriers to Intra-Regional Trade.

The CARICOM Private Sector Organization Inc. (CPSO) was asked to accelerate implementation of its various agricultural investment projects. The MTF and CPSO have identified 19 potential investment opportunities for displacing extra-regional agri-food imports among CARICOM Member States.

Lead Head of Government with responsibility for Agriculture and Agriculture Development in the CARICOM Quasi-Cabinet, His Excellency Mohammed Irfaan Ali, President of the Cooperative Republic of Guyana, was commended for the success of the CARICOM Agri-Investment Forum and Expo held in Guyana from 19-21 May 2022.

CARICOM Leaders endorsed the Action Plan and Outcome Statement of the Forum & Expo, which called for priority action to be centred around four main areas; Food Insecurity, Regional Transportation, Trade Barriers, and Women and Youth in Agriculture.

Special Guests
During his address , United Nations Secretary-General His Excellency António Guterres stressed that the voice of the Region was very important in the discussions around climate change, as the Caribbean was on the front line of the phenomenon.
His Excellency Georges Rebelo Pinto Chikoti, the Secretary General of the Organisation of African, Caribbean and Pacific States (OACPS), addressed the challenges posed by shifts in the current geopolitical environment, climate change, and economic recovery from the COVID-19 pandemic.

CARICOM Heads agreed to continue seeking the support of the African Union and the Government of India in their quest for reparations for the victims of slavery and native genocide, and to this end, they urged the OACPS to take a leading and active role in supporting CARICOM in its quest for reparations and to obtain redress for slavery and other atrocities committed against persons of African descent.

They emphasized the importance of intra-ACP collaboration and advocacy on the global issue of migration given the wide-spread acts of discrimination and injustice against migrants.

His Excellency Adel bin Ahmed Al-Jubeir, Minister of State for Foreign Affairs of Saudi Arabia, suggested to CARICOM that an institutional framework for engagements at the level of Leaders and Ministers should be established as well as a framework for investment in the region.

Absence of OAS and US delegates is deplorable. US proximity and massive investment in the region should guarantee the bastion of democracy a seat at HoGs events. It is an insult to exclude USA envoy from discussion of the Venezuela sanctions and the PRC threat. Diplomacy can play a major role to end the deadlock. OAS includes Caricom members and should be represented to boost collaboration.

HoGs agreed to continue seeking the support of the African Union and the Government of India in their quest for reparations for the victims of slavery and native genocide, and .. they urged the OACPS to take a leading and active role in supporting CARICOM in its quest for reparations and to obtain redress for slavery and other atrocities committed against persons of African descent.

The Government of India must reject this request from shameless CARICOM beggars . Oppressive regimes are driven by racial envy of Indian dynamism, culture, business acumen and achievements in medicine, law and technology. They mocked the monarchy and committed sacrilege of heritage in Britain.

1. All humans are people of African Descent since our species Homo sapiens evolved in Africa and voluntarily migrated to other continents of the Old World. They are distingusihed by later geographic origin, race and culture.. UWI Centre for Reparation separated Africans as blacks deserving of reparation as slaves. Bronze Indians were excluded in this colour definintion , being of Caucasian ancestry.
2. On independence Caricom inherited 113 million acres of real estate with facilities and amenities, industry, agriculture and infrastructure. African diaspora dominate regimes except in Guyana and Suriname.
3. Pax Britannica bequeathed the unsurpassed English language, freedom democracy, justice, prosperity, faith and other civilised values. Britain owes Caricom zero since the Empire ended in 1947.
4. Guyana massacred British Indians in 1964, having oppressed them since 1838. Many fled to North America.
5. Trinidad & Tobago persecuted British Indians since they arrived in 1845, mocking their culture.
6. Suriname received British Indians since 1873. At independence many fled to the Netherlands out of fear of domination by descendants of slaves and elections are based on ethnicity.
7. British Indians are recorded thus : British Guiana, 238,909; Trinidad, 143,939; Guadeloupe, 42,326; Jamaica, 36,420; Suriname, 34,304; Martinique, 25,509: St. Lucia, 4,350; Grenada, 3,200; St. Vincent 2,472.
8. Decolonisers, identity politicians, torchbearers of supremacy committing sacrilege of heritage can repatriate to AU domiciles of origin and relinquish the cosmopolitan West Indies.
9. Aid-addicted Caricom is a fractured, debt-ridden, bloated bureaucracy surviving on public taxes from former imperial masters, USA and Commonwealth donors,. rolling in resources which regimes mismanage.
10. The AU abounds in assets in 1.2 billion acres where diaspora can live happily among lookalikes.

Chair of the Conference, the President of Suriname, His Excellency Chandrikapersad Santokhi presided over the proceedings of the Forty-Third Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM) from 3-5 July 2022.
Other Members of the Conference in attendance were: Prime Minister of Antigua and Barbuda, the Honourable Gaston Browne; Prime Minister of The Bahamas, Honourable Philip Davis; Prime Minister of Barbados, Honourable Mia Amor Mottley, Q.C; MP; Prime Minister of Belize, Honourable John Briceño; Prime Minister of Dominica, Honourable Roosevelt Skerrit; Prime Minister of Grenada, Honourable Dickon Mitchell; President of Guyana, His Excellency Mohamed Irfaan Ali; Prime Minister of Haiti, the Honourable Ariel Henry; Premier of Montserrat, Honourable Joseph Farrell; Prime Minister of Saint Lucia, Honourable Philip Pierre; the Prime Minister of St. Vincent and the Grenadines, Dr the Honourable Ralph Gonsalves; and the Prime Minister of Trinidad and Tobago, Dr the Honourable Keith Rowley.

Jamaica was represented by Senator the Hon. Kamina Johnson-Smith Minister of Foreign Affairs and Foreign Trade; St Kitts and Nevis was represented by Ambassador Lionel Sydney Osborne, Ambassador to CARICOM.

Associate Members : Bermuda was represented by Hon. Walter H. Roban Deputy Premier and Minister of Home Affairs; British Virgin Islands were represented by Premier, Honourable Dr. Natalio Wheatley; and the Turks and Caicos Islands were represented by Premier Honourable Charles Misick.

 

 

Oil resources belong to people

Jun 30, 2022

“Our natural ecosystem including oil and gas is God-given so it cannot be claimed or owned by any government or any political party it belongs to the people of the nation and they should benefit from the wealth that is being generated.”

Those were the words of President of Suriname, Chandrikapersad “Chan” Santokhi in his feature address at the opening ceremony of the Suriname Oil and Gas Energy Conference (SOGEC) in Paramaribo, Suriname. While President Santokhi invited persons to invest in Suriname’s oil and gas sector, he was keen to note that the new found oil and gas resources must be managed to steer the economy to the next level of development, and also deliver on common goals in a sustainable way to secure the lives of the next generation.

“We have created, in my country a wealth and a stabilisation fund that must be the financial basket for the future of our country. We are keenly aware that securing the funds for the purpose for which it was created also requires a government committed to being prudent and efficient in using those funds with cheques and balances built in.”

After highlighting that the wealth belongs to the people of the country and that they must benefit, the President underscored that the government has the responsibility to protect the good use of the resources. President Santokhi believes that the income from oil and gas should be utilised by investing in the present generation as well as that of future generations. The wealth and stabilisation fund is instrumental to save a portion of the income for the future generation.

“Furthermore, the income of oil and gas will be used to develop the transition to renewable and green energy and also that this income should be utilised to diversify our economy and industry to strengthen government institutions and to invest in human capital in order to build a resilient community.”

Oil and gas cannot be an end in themselves, and it should be seen as a means to achieve higher goals for creating stable, prosperous and peaceful societies.

“For this, the short term benefit must come from long term strategic boost and to end defining this future path we must be both and ambitious. We must demonstrate trust in our capabilities,”

The oil and gas strategy of Suriname will be a part of its vision 2060 strategy. Soon he will commission the national commission vision 2060 which will develop a road map outlining where the country wants to be in 40 years and how it can be achieved. Part of this vision must be how the country can develop and strengthen its domestic capabilities regarding labour, services and expertise. Notably, this is not the first time the Surinamese President has underscored as important that citizens of the country must benefit from wealth generated from the oil and gas resources.

In February, while addressing the opening of the four-day International Energy Conference and Expo at the Guyana Marriott Hotel, President Santokhi urged Guyana’s leaders to ensure that Guyana’s newfound oil wealth benefits all Guyanese and to secure for the future generations.

“These fortunate countries [Guyana and Suriname] have saved a major part of the revenues to be able to provide for generations to come. We have the same goal and commitment to our current and certainly, our future generations.” In addition to being able to provide for generations to come, the President urged too that the two countries be responsible in the development of the oil resources in an “environmentally-friendly and sound manner.”

World maintains coal energy sources

In the Ministerial Roundtable titled, “A Bright Future Through Energy” at the Suriname Energy, Oil and Gas Summit 2022 on 28th June 2022. TT Energy Minister Stuart Young quoted a Journal of Petroleum Technology (JPT) article on European countries burning coal this year to avoid short term power outage.

He hailed Trinidad and Tobago’s position to strike a balance between Renewable Energy and Natural Gas to ensure energy security in the region. He noted that collaboration is a fundamental principle of Caricom and the region, in particular petrostates Guyana, Suriname and Trinidad and Tobago, would advance from greater collaboration in energy including when negotiating for their countries’ benefits.

Striking a balance between multinationals, obtaining their return on investment and sovereign nations earning their fair share of resources is paramount

He gratuitously reproached Europe for preaching energy transition, while burning coal during shortages in its energy supply, attacking donors and investors whom the aid- addicted region begged for more aid at the OAS summit while seeking unity among Caricom, South American and African petrostates.

“The developed world, when they face an energy crisis rush to coal – the worst hydrocarbon fuel. But they.. put pressure on developing nations who have hydrocarbon resources and tell us about de-carbonisation, sustainability and what we must do as we try to develop. Anyone who attended COP26 last year, would have seen, ironically, on the way to Glasgow, all of the wind turbines at a standstill. Renewable energy wasn’t giving them sufficient supply in Europe. Immediately they restart coal plants that were about to be decommissioned. The conversation changed with the crisis in Russia and Ukraine.”

At the summit, launched to connect hydrocarbon producers with strategically minded companies wishing to capitalise on investment, development and project opportunities in Caricom, Latin America and Africa, a petulant Young urged new regional players in the energy industry to look out for “carpetbaggers”, and others who had the world to say about energy transition in the region.

How fair is the minister’s position? Is Europe’s energy crisis, fuelled by conflicts, shortfalls and strikes, really pushing it back to the dark days of burning coal?

A coal front

In January, France was expected to increase its limits on coal usage as power plants undergo maintenance. The BP Statistical Review of World Energy indicated that coal consumption increased by six per cent to 160 exajoules (EJ) in 2021. One exajoule is equivalent to around 23 million tonnes (mt).

China and India accounted for 70 per cent of the growth in coal demand, increasing by 3.7 and 2.7 EJ respectively, but Europe and North America increased coal consumption after nearly a decade of declines. The result is that coal consumption rose to levels higher than it was in 2019 and the highest since 2014. Global production mirrored consumption with an increase of 440 mt.

The review indicated that although renewable energy continued trending upwards to 13 per cent in 2021, coal remains as it has been for the past two decades as holding the largest share in consumption for the purpose of power generation. The share of coal in power generation increased from 35 per cent to 36 per cent. However, it remains lower than in 2019. Gas remained close to its 10-year average, at 23 per cent of the share of power generation.

Chief economist Spencer Dale said challenges and uncertainties facing the energy sector are at its highest in 50 years. Despite strides in sovereign states, carbon emissions, with coal being one of the main contributors, has risen every year since the 2015 Paris Agreement.

However, coal consumption in the EU has been reduced by a quarter in 31 years, going from just under 400 mt in 1990 to around 140 mt in 2020. Production went from 227 mt in 1990 to 57.2 mt in 2021. The EU has asserted that two thirds of coal-fired power plants must cease operations by 2030. Coal accounts for 15 per cent of the EU’s energy production, according to the 2021 Energy Industry review, with 53,000 people working in thermal power plants, and 185,000 people in mines.

Energy magazine Euractiv reported March 2021 that French power utility EDF said half of Europe’s 324 coal-fuelled power plants were either closed or announced a retirement date before 2030. These mines are expected to be replaced by nuclear power plants, and power plants that use renewable sources and even natural gas. Europe’s reduction in coal consumption has been consistent up until February 2022, when Russia invaded Ukraine.

The conflict which followed triggered an energy crisis in the EU. Sanctions on Russia resulting from the war led to Russia responding by limiting its flow of natural gas to the EU. Russia supplies the EU with 40 per cent of its natural gas supply. This means that, despite the EU’s drive to get rid of coal, it is now backtracking, especially for the coming winter months.

Austria, Germany, Italy and the Netherlands announced plans to prepare to reignite old coal plants days after Moscow reduced natural gas flows to several member states of the EU. In Germany, Vice Chancellor and Minister of Economic Affairs and Climate Action, Robert Habeck announced that government is bringing retired coal plants back online, a reluctant move to replenish gas stores which are at about 56 per cent. In Austria, state energy utility Verbund got orders to restart the Mellach coal-fired power plant which was retired in 2020. In Norway, strikes and a reduced flow of natural gas from Russia to Europe through the Nord Stream 1 pipeline and a 10-day shut-down is making an already tight gas market even tighter.

TT throws stones from a glass house

European IOCs BP and Shell , American EOG and Australian BHP keep the TT economy afloat while official neglect of food, water, security and electricty burdens citizens, enduring hunger, thirst, crime, corruption and disease.

Global coal resurgence confounded U.S. and EU policymakers who expected it to diminish as part of their plan for net zero emissions. Even gas-guzzling PRC urged domestic miners to raise output to record levels to ensure adequate fuel stocks and cut reliance on expensive imported coal and gas. Coal production climbed to a record 2,192 million tonnes between January and June.

Young eschewed denunciation of PRC, an existential threat after backing the Russian invasion as totalitarian tyrants tighten the Belt with global debt traps and theft.

Young advised Europeans to fix their own energy affairs before lecturing the region least responsible for climate change.

“Fix your home first; do what you have to do first before you come to lecture us. We will listen, but do not underestimate the power that we have together.”

While SOC Heritage produces oil and TT is negotiating with an investor to purchase the refinery, TT energy policy is now pro-natural gas, during a critical period of transition to renewable energy. With new resources in Guyana, potential resources in Barbados and abundant resources in Africa, Young said now is the time for developing countries to hold the same position.

“We have been fortunate enough to find hydrocarbon resources. Now is the time for us to band together and do what we need to do in a responsible way.”

Young expressed TT’s commitment to working with Caricom, in particular Guyana and Suriname, African and Latin American petrostates, offering assistance in developing energy sources and providing energy security in a safe and clean manner.

However, observers are alarmed that a delegation of 23 warriors from Nigeria National Defence College at the Ministry of Energy on 5 – 11 June 2022 visited the energy industry while sabotage plagues oil companies in Africa, mired in tyranny, piracy and disease, with 8.7 million hungry in Nigeria the 10th largest producer of crude oil and richest country in the AU.

Latin America is likewise in the grip of social unrest and conflict. The TT minister should follow his own advice and fix his country before trying to achieve international unity.

Although falling natural gas production caused a 44.1% decline in liquified natural gas production, as one of the top generators of GHG, TT is in no position to rebuke decarbonising countries trying to lead reduction in emissions. The Energy Ministry presided over decimation of the local oil industry by nationalist energy policies which violate free trade.

Diplomacy, respect and humility are in short supply as bureaucrats sign MOUs and create taskforces instead of jobs and prosperity. Pejorative language reflects the arrogance of the cabinet which denounces critics as the economy crumbles, kept afloat by Europeans and North Americans. Caricom unity remains elusive but is propelled by prosperity in Guyana which invites foreign investors. UWI, Sport and Trade offer bridges for cooperation, stymied by tribalism and powerlust. The volcanic island arc regularly emits toxic gases in eruptions which exceed emisions from fossil fuel.
See UN ECLAC Report below for investors-

Capital flows to Latin America and the Caribbean: 2021 year-in-review and first four months of 2022 (LC/WAS/TS.2022/1), Santiago, 2022.
https://repositorio.cepal.org/bitstream/handle/11362/47917/1/S2200485_en.pdf

• Total Latin American and Caribbean (LAC) bond issuance in international markets reachedUS$ 149 billion in 2021, breaking a historical record. It was up 3% from 2020 and 2% from the previous annual record reached in 2017.
• In anticipation of tighter external borrowing conditions in 2022, many issuers came to international bond markets to lock-in low global interest rates amid strong demand from investors. In the first four months of 2022, LAC international bond issuance slowed relative to the pace of the previous year. At US$ 38 billion, it was down 42% from the same period in 2021, as the United States Federal Reserve’s tightening monetary policy stance and the war in Ukraine contributed to push funding costs higher.
• The top three issuers in 2021 and in the first four months of 2022, corporate and sovereign combined, were Mexico, Chile, and Brazil, in that order, which together accounted for 63.8% of the total regional issuance in 2021, and 66.0% in the first four months of 2022.
• Green, Social, Sustainability and Sustainability-linked bond issuance (GSSS) reached US$ 46.2 billion in 2021, a 31.0% share of the total annual amount issued. This share was more than three times the 2020 share of 9.3%, and almost eight times the 4.2% average of the 2015-2020 period. In the first four months of 2022, this share increased further to 35.4%.
• Sustainability-Linked Bonds (SLB) – a forward-looking performance-based instrument – were the most used Environmental, Social and Governance (ESG) debt instruments by LAC issuers in 2021. They accounted for 37% of the region’s total GSSS issuance, followed by social (34%), sustainability (15%) and green (14%) bonds. The Government of Chile accounted for 88% of the region’s share of social bonds issued during the year.
• In the first four months of 2022, sustainability bonds became the most used ESG debt instruments in the LAC region. They accounted for 56% of the region’s total GSSS issuance in the period, with the Government of Chile issuing more than half of the total, leading to a bump in this category. SLBs were the second most used ESG debt instrument, as SLB issuance fell modestly, to a 36% of the total. In March, the Government of Chile issued the first sovereign SLB in the world, becoming the first country to use sovereign debt to fund its long-term climate initiatives and accelerate its energy transition. ECLAC – Washington Office Capital flows to Latin America and the Caribbean: 2021 year-in-review and first four months of 2022 6
• LAC spreads widened 13 basis points in 2021. They tightened 6 basis points in the first half of the year but widened 19 basis points in the second, as risk-off sentiment increased. While spreads tightened in the first quarter of 2022 (-2 basis points), they widened 41 basis points in April, amid rising financing costs and weaker risk sentiment. For the first four months of 2022, LAC spreads widened 39 basis points.
• Latin American equity prices lost ground in 2021. According to the MSCI Latin American Index, Latin American stock prices were down 13% in 2021. However, the MSCI Latin American Index gained 26% in the first quarter of 2022, outperforming the MSCI emerging markets and G7 indices, thanks to a combination of cheap valuations and rising commodity prices. The gains were aided by rising Latin American currencies.
• Credit quality deteriorated in 2021, although at a slower pace than in 2020. There were fourteen more negative credit rating actions than positive in the region in 2021, including fifteen downgrades and one upgrade. Credit quality has shown signs of improvement in 2022, however. As of 4 May 2022, there were two more positive credit rating actions than negative since the beginning of the year.

 

 

 

THE UWI SEISMIC RESEARCH CENTRE WINS GLOBAL AWARD

The UWI Seismic Research Centre,

St. Augustine, Trinidad and Tobago W.I. June 17, 2022

High commendation was bestowed on The University of the West Indies (The UWI) from the world’s leading global volcanological association. The regional University’s Seismic Research Centre (UWI SRC), located at the St Augustine Campus, was announced as winner of the 2022 Volcanic Surveillance and Crisis Management Award presented by the International Association of Volcanology and Chemistry of the Earth’s Interior (IAVCEI) on June 16. Director of the UWI SRC, Dr Erouscilla Joseph accepted the award in Heraklion, Greece during the Association’s 11th Cities on Volcanoes Conference (COV11).

The prestigious, peer-nominated accolade, awarded biennially, recognises the Caribbean team of experts at the UWI SRC for its outstanding management of the 2020-2021 eruption of La Soufrière in St Vincent and The Grenadines. The nomination was based primarily on The UWI SRC’s response, made particularly challenging within the context of the global pandemic. Due to UWI SRC’s state-of-the-art monitoring techniques, robust partnerships and timely communication with stakeholders, approximately 16,000 people were evacuated ahead of the explosive phase with no reported serious injuries or casualties.

A team comprising experts from UWI SRC and Montserrat Volcano Observatory was the first among a rotation of several scientific teams, deployed to St. Vincent from December 2020 following the confirmation of new dome growth detected by SRC scientists using NASA satellite imagery. Dome growth at the volcano signalled the beginning of an effusive eruption, which escalated to an explosive phase in April 2021. In addition to leading the science through monitoring, researching, educating, and advising, the UWI SRC has also been providing critical communications response that has received commendation from the international volcanological community. Leading up to, and throughout La Soufrière’s explosive phase, UWI SRC worked closely with the country’s National Emergency Management Organisation (NEMO) to help the Government and its agencies in risk communication in addition to shaping public policy and response plans. Major volcanic ashfall covered most of mainland St. Vincent and neighbouring islands, most notably Barbados among other hazards.

President of the IAVCEI, Dr Patrick Allard, commented “This Award, previously attributed to volcano Institutes in Indonesia (2018) then Ecuador (2020), recognises and honours the remarkable role UWI SRC has played for almost 70 years in monitoring active volcanoes in the Caribbean island arc and in responding to volcano-seismic crises that occurred in this region, especially the Soufrière Hills eruption on Monserrat (1995-present) then the Plinian eruptive events at La Soufrière of St Vincent in 2020-2021.”

Dr Allard added, “The successes achieved by the UWI SRC during these events—in terms of scientific monitoring, hazard assessment and even co-management of emergency response, in a context of limited resources available, are fully acknowledged by the international volcanological community and well deserve this 2022 awarding.”

Dr Erouscilla Joseph and other UWI SRC staff members convened and participated in scientific sessions and workshops at the COV11 conference in Greece. In response to the award, she commended the IAVCEI for supporting under-resourced agencies of the Global South.

“The operations of the UWI SRC are essential for the continued monitoring of the low frequency, high impact geophysical hazards affecting the Caribbean. The issue of significant financial challenges posed by inconsistent and inadequate funding from contributing territories is a longstanding one that has resulted in annual budget cuts over the past ten years, which have considerably impacted the strength of our monitoring and advisory capability.”

The successful management of the eruption stemmed from the UWI SRC’s longstanding partnership with regional authorities and its commitment to serving the region as part of the broader mandate of The University of the West Indies.

“The response to the eruption of La Soufrière is a reflection of the hard work,expertise and commitment of all staff who worked tirelessly throughout the eruption some of whom, often put their own lives at risk because we were conscious that people’s lives and livelihoods would be affected,” stated Dr. Joseph.

Congratulating the UWI SRC, Vice-Chancellor of The UWI, Professor Sir Hilary Beckles noted that he is particularly proud of the “ONE UWI” scientific capacity and response strategy of the Centre which is funded and supported through the University’s Regional Headquarters.

“Our Seismic Research Centre is a demonstration of harnessing The UWI’s mandate of service in action to the region. We are truly encouraged to have this international recognition for the Centre’s work, as yet another signal of our achievements as a global university rooted in the Caribbean, remarkably punching above our weight.”

The UWI SRC also received congratulatory messages from members of the volcanicalogical community around the world.

Dr Nicolas Fournier, Volcanology Team Leader at GNS Science (New Zealand) and member of the peer-nomination panel stated, “What UWI SRC achieved with its available resources as the eruption rapidly transitioned from dome building to explosive phases is nothing short of extraordinary. This award is an opportunity to recognise not only the fantastic work that UWI SRC did during the eruption at Soufrière but also the level of respect it gathered from around the world.”

“This combination of (UWI SRC’s) excellent, dedicated monitoring, hard physical work and inventive and empathetic approaches to communication in no small way contributed to the rapid way in which the authorities and communities moved from advice to action during that moment on April 8, before explosions started. What set (UWI) SRC’s effort apart was the fantastic level of communication they provided both to the government agencies and the public and communities of St. Vincent,” stated Professor Jenni Barclay, Volcanologist at University of East Anglia in the UK, and member of the peer-nomination panel.

 

 

UWI Charter

An award for science is welcome in the centennial year of ICTA as feckless Caricom meets amid shortages and food and fuel while UWI squanders public funds on a Centre for Reparation Research.  UK Vice-chancellors are now subjected to harsh words and prescriptive rules on advertising to steer students away from “dead-end courses”. Schemes crossed a line stoking cancel culture wars and sacrilege of heritage. Dons agree that the creep of red tape has gone too far with campaigns to change British identity and steal jobs from ethnic Britain.

Massive UK aid to Africa exceeds £1billion and can fund repatriation of diaspora to ancestral domiciles of origin, ending the current scourge of demands for reparation, mockery of the monarchy and egregious crimes devastating indigenous British heartlands.

The Caribbean Development Bank (CDB) and TechBeach have partnered to expand access to the business curriculum for entrepreneurs and start-ups across the region

 

Caribbean Development Bank

NEWS RELEASE
July 08, 2022

Caribbean Development Bank and TechBeach Launch Initiative to Expand Business Education Programming in the Caribbean

July 08, 2022, BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB) and TechBeach have partnered to expand access to the business curriculum for entrepreneurs and start-ups across the region by combining CDB’s capacity in social and economic programmes with TechBeach’s technology entrepreneur training programme TBR LAB.

TBR LAB is an initiative between TechBeach, the Inter-American Development Bank (IDB) and world-class accelerator programme, the DMZ, with a mission of being the Caribbean’s first pure tech accelerator programmme. Its vision is to radically transform the region’s digital landscape and surrounding emerging markets through a comprehensive ecosystem approach, empowering the emergence of companies as well as enabling employees, SMEs, enterprise organizations and governments to leverage technology as a driver for their own success.

According to Lisa Harding, Coordinator Micro, Small and Medium Size Enterprise Development at the Bank “CDB’s intervention will amplify TechBeach’s and our ability to offer localised, country-specific programming as well as to reach, identify and train entrepreneurs from underserved markets. This partnership is critical to position technology companies as vehicles for innovation, job creation and sustainable economic growth in alignment with the Sustainable Development Goals(SDGs) and our Corporate Strategy.”

Applications are open for the TBR LAB twice annually. Those who are accepted into the programme receive access to upwards of USD $600,000 in perks and resources from global enterprises including Amazon Web Services, Stripe, Microsoft and Google, as well as world class learning opportunities delivered by experienced success stories from the global tech industry. Since its inception TBR LAB technology companies have collectively raised in excess of USD $50Mn and are quickly becoming catalysts for economic growth and job creation.

“We are happy to expand our working relationship with the Caribbean Development Bank, which started with the very first Tech Beach conference in Jamaica” says Kirk-Anthony Hamilton, Co-Founder of TechBeach “Technology is a highly differentiated industry. The tools and resources of the past don’t always work for those building in this space. Our goal is simply to arm Caribbean Nationals with what they need to be successful in tech. This partnership is exciting because it allows us to be even more inclusive and increase the reach of that impact to islands we otherwise could not support.”

 

CDB Takes the Case for its Vulnerability and Resilience Measurement Framework to the United Nations

BRIDGETOWN, Barbados – July 12, 2022: The Caribbean Development Bank (CDB) has taken the case for its vulnerability and resilience measurement framework to the United Nations (UN), proposing that its system is the best option for determining access to affordable finance for small states where sustainable development efforts continue to be derailed by exogenous shocks including volatility in international markets, natural hazards, health crises and geopolitical disturbances.

The Bank’s President, Dr. Hyginus “Gene” Leon, addressed the UN High Level Political Forum on Sustainable Development at the UN Headquarters in New York on July 11, 2022, where he proposed the adoption of a framework currently being developed by CDB, which utilises the measurement of a country’s Internal Resilience Capacity (IRC) combined with the Bank’s Recovery Duration Adjuster (RDA) tool, to underpin access to affordable finance. The framework would provide a more equitable system for vulnerable small states currently disadvantaged by existing metrics which use Gross National Income (GNI) to determine access to concessional support.

In outlining the need for CDB’s framework, Dr. Leon said, “Many developing countries, especially Small Island Developing States (SIDS), continue to struggle with the increasing frequency of economic, environmental, and socio-political shocks. In the Caribbean, for instance, we face significant legacy structural weaknesses that have been amplified by the ongoing COVID-19 pandemic, the impact of climate change, and the fallout from the Russia-Ukraine war. These challenges have ruined productive activities, disrupted educational services, widened income and gender inequalities, and heightened food and energy insecurity as supply chains faced major disruptions.”

“Further, our countries remain among the most vulnerable and least resilient in the world, making the recovery from shocks of long duration. This combined cocktail, resulting in low competitiveness and productivity, has reduced the scope for the region to realistically achieve many of the sustainable development goals by 2030.”

The IRC metric captures the structural and vulnerability factors constraining growth and development in a country pre-shock, then the RDA evaluates the magnitude, impact, and persistence of effects once a shock occurs. The framework then calculates the nature and level of finance required to recover from the shock and put the country on a growth path.

“This framework can provide an easily understood dashboard for gauging the resilience capacity of countries (low, medium, and high), and thereby eligibility to development or concessional finance that will depend on need and resilience capacity and less on past income levels. The challenge before us is how best to navigate a safe path from legacy structural weaknesses to transformative development, while maintaining debt sustainability, enhancing macroeconomic and financial stability, and building resilience against shocks.

This requires a holistic approach to development, creating a bridge between stabilisation and long-term transformation — in essence, integrating the debt sustainability framework of the International Monetary Fund, the investment-growth framework of the World Bank, and the resilience-building framework of the United Nations. Let me add that the coherence among these frameworks has to be underpinned by access to adequate and affordable finance. Let’s take this framework forward so that we could guarantee the sustainable livelihoods of the peoples of our respective regions.”