Presidents of Suriname and Guyana meet Indian PM

09 Jan 2023

NEW DELHI : Prime Minister Narendra Modi held separate bilateral talks with Surinamese President Chandrikapersad Santokhi and Guyana President Mohamed Irfaan Ali on the sidelines of the Pravasi Bharatiya Divas (PBD). Santokhi and Ali are attending the mega event as the chief guest and special guest of honour. At Modi’s meeting with Santokhi, leaders held discussions on cooperation in areas of mutual interest including hydrocarbons, defence, maritime security, digital initiatives and ICT, and capacity building.

“Suriname appreciated restructuring by India of Suriname’s debt arising from Lines of Credit availed by Suriname,” it said.

President Santokhi will hold discussions with President Smt. Droupadi Murmu, and attend Valedictory Session and Pravasi Bharatiya Samman Award Ceremony on 10 January 2023. He will also attend the inaugural session of Global Investors Summit in Indore then visit Ahmedabad and New Delhi.

Modi and Ali held comprehensive discussions on a wide range of issues including cooperation in energy, infrastructure development, pharmaceuticals, healthcare, technology and innovation, and defence cooperation.

“Both leaders recalled the 180 year old historical bonds of friendship between the people of India and Guyana and agreed to deepen them further,” it said.

President Ali will hold bilateral discussions with President Droupadi Murmu and attend the Valedictory Session and Pravasi Bharatiya Samman Award Ceremony on 10 January 2023. He will participate in the Global Investors Summit 2023 in Indore on 11 January and visit Delhi, Kanpur, Bangalore and Mumbai.

 

 

President of Suriname admired PM Modi

Jan 14 2023

President Santokhi said that India is now very important as the President of G20, not only for G20 members but also for countries that do not have seats and cannot raise their voices on such a big stage. PM Modi has started a very good strategy to involve all of us in this. ‘My country supports India’s membership in the United Nations Security Council (UNSC).’

India has shown its capability and strength to the world in the field of peaceful resolution of many issues. India has shown that it is the world’s largest democracy. President Santokhi said that in the field of leadership, we have seen that India has always historically walked on the path of peace and dialogue. At this time when there is turmoil and conflict between us, you have to look for such a leader. Corona and the subsequent Russo-Ukraine war have changed the international situation. After the Corona epidemic, the economy of many countries collapsed. At the same time, India has stood strong. “I think PM Modi is the right person to lead the country at such a time.”

 

Good management can jumpstart economies

Jan 13, 2023

Acknowledging that Guyana and Suriname are blessed with billions of proven oil and gas resources, Suriname President Chandrikapersad Santokhi told the Inaugural Session of Global Investors Summit 2023, in Madhya Pradesh, India, that with good management both countries will be able to jumpstart their economies to a new level of development.

“The Diaspora community must be involved in taking our economies to a new level of social responsibility and sustainable development of our societies in the future. I am delighted that the Caribbean region is represented at this event by both Guyana and Suriname. Our presence here only underlines our commitment to strengthening the synergies between our countries and region to forge partnership and build long-term cooperation.”

Suriname stands on the cusp of promising development in the oil and gas industry.

Guyana and Suriname are neighbouring countries in South America, now in the limelight owing to the billions of proven barrels of oil discovered in their basins.

While Suriname has a favourable contract and will be able to benefit from its natural resources – Guyana has signed a Production Sharing Agreement (PSA) with American oil giant, ExxonMobil. .

President of Guyana, Irfaan Ali, told the gathering that Guyana is ready to exploit its oil and gas resources “as fast as possible. Our policy is very simple, we must exploit this resource as fast as possible in ensuring that the revenues that come will build an economy that is strong, resilient and sustainable and standing on many other pillars in a world 2030 and beyond.

Guyana Energy Chamber signs MOU with Suriname Energy Chamber

Jan 19, 2023

Guyana Oil & Gas Energy Chamber (GOGEC) and Suriname Energy Chamber (SEC) signed a historic cooperation agreement . The objective of this Memorandum of Understanding is to provide a framework for cooperation between the Suriname Energy Chamber and the Guyana Oil and Gas Energy Chamber to facilitate business development support, including timely access to incentives for the energy sector, to promote joint ventures and partnerships between local and foreign investors, and to undertake joint activities aimed at investment promotion at the national and regional level.

The signing marks the culmination of two years of efforts to ratify a shared vision and framework for enhancing private sector opportunities across the two countries. The Memorandum is not legally binding, it sets the platform for deeper cooperation bilaterally and regionally that will see the energy-related private sector bodies for both countries address issues such as enhancing ‘local effects’ of resource extraction, accelerating energy transition through the private sector, and championing energy companies’ adoption of robust environmental, social, and governance.

The partnership will also see a continued push toward maximizing relationships across the energy value chain, deepening existing relationships in traditionally developed economies and promoting new relationships across the global South.

The signing at the Ministry of Natural Resources (Guyana) was witnessed by the Minister Vickram Bharat and ratified by the President of GOGEC, Mr Manniram Prashad, and President of the Suriname Energy Chamber, Mr Orland Olemberg. Also in attendance were Ms Luanna Persaud, Vice President of GOGEC, Mr Joel Bhagwandin, Director of Finance and Planning, Mr Rennie Leow Director of Information technology and Distributed Generation, and Mr Dillon Clarke Director of Energy.

 

 

Guyana urges PRC bid for oil blocks

CMC January 14, 2023

President of Guyana Dr Irfaan Ali invited investors from PRC to capitalise on the country’s oil industry with 14 oil blocks being auctioned this year.

The President, pointed to the deep ties between the two countries, noting that PRTC has been a key developmental partner for years.

Guyana seeks to ramp up activity in its nascent oil and gas sector while supporting other sectors of the economy.

Part of those efforts include the auction of oil blocks offshore this year.

“We encourage China to participate in the public process… the bidding process. We will be auctioning off a number of new blocks and we hope that many firms around the world will participate in that process.”

The bid round for 14 new oil blocks was launched last December and it is expected to close by April 2023.

Guyana’s government hopes to award contracts by the end of May 2023. The oil blocks on auction are for shallow and deep-water areas.

Guyana is developing its natural gas resources and it hopes that Chinese investors will be part of that process. The government does not believe that development of Guyana’s oil and gas resources conflicts with the country’s low-carbon ambitions.

Guyana, he said, is keen on managing these resources well. You must not go on a wild spending spree. You have to exercise good judgement (and) good fiscal responsibility. “It is not a resource curse, it is a blessing.”

Antigua and Barbuda

Jan 19, 2023

(CMC) – Prime Minister Gaston Browne led his ruling Antigua and Barbuda Labour Party (ABLP) to victory in a general election, winning nine of the 17 seats for a third consecutive term in office. The party won 15 of the 17 seats in the 2018 general election.

He said the results will give the ABLP government the opportunity to re-align “and also create the opportunity for fresh talent.

 

 

WIOC

December 17, 2022

West Indies Oil Company’s (WIOC) was able to source Liquefied petroleum gas (LPG) to meet the demands of hotels and households and the first refiller vessel arrived. .For almost three weeks, rough seas and groundswells prevented Liquefied Natural Gas (LNG) and LPG re-filler vessels from re-supplying the WIOC storage tanks in the Eastern Caribbean islands.

 

Caribbean Sea     -Strong mag. 6.2 earthquake

Jan 20, 2023

Magnitude . 6.2 earthquake – 71 km west of Guadeloupe

The United States Geological Survey reported an earthquake of magnitude 5.8 at an intermediate to considerable depth of 165.3 km beneath the epicenter near Baie-Mahault, Guadeloupe, on Friday, January 20th, 2023, at 7:23 am local time. The strength of the earthquake may have been tempered by its relative great depth below the surface, which makes it feel weaker in absolute terms. The exact magnitude, epicenter, and depth of the quake might be revised as seismologists review data and refine their calculations, or as other agencies issue their report.

A second report from France’s Réseau National de Surveillance Sismique (RéNaSS) listed the quake at magnitude 5.7. University of the West Indfies Seismic Research Centre reported a quake 53 km west of Point-a-Pitre. at magnitude 6.1

Agencies reporting the same quake include The Incorporated Research Institutions for Seismology (IRIS) at magnitude 5.8, the German Research Centre for Geosciences (GFZ) at magnitude 6.1, and the European-Mediterranean Seismological Centre (EMSC) at magnitude 6.2.

Based on preliminary seismic data, the quake should not have caused significant damage but was probably felt by many people as light vibration in the area of the epicenter.

Weak shaking might have been felt in Pointe-Noire (pop. 7,700) located 24 km from the epicenter, Basse Terre (pop. 11,500) 40 km away, Baie-Mahault (pop. 30,600) 46 km away, Abymes (pop. 63,100) 55 km away, Saint John (pop. 24,200) 100 km away, Roseau (pop. 16,600) 124 km away, and Basseterre (pop. 12,900) 140 km away.

 

Grenada: fuel shortage on Carriacou

January 4, 2023

A SOL Petroleum fuel tanker is expected to arrive “to ensure fuel needs are met”

Dominica

January 6, 2023

The Government of Dominica has taken tangible steps in dealing with the recent shortage of gasoline .

This has included leasing new storage facilities at DCP and purchasing 10,000 barrels of gasoline from none traditional sources.

GIS Dominica stated that on January 5, 2023, there were two ships in port offloading gasoline supplies to Petro Caribe at Jimmit and the new storage facilities at DCP.

This will ensure gasoline supplies for the coming weeks.

The Dominica Chamber of Industry and Commerce (DAIC)on December 22, 2022, issued a statement on the fuel shortage and stated the gas disruption had the potential to cripple businesses as well as impact the public’s ability to access health and other essential services.

 

 

ECLAC

Ferry service in the Eastern Caribbean

A report titled, “Proposal for the implementation of a ferry service through Public Private Partnerships (PPP’s) in the Eastern Caribbean Region by the ”Economic Commission for Latin America and the Caribbean (ECLAC) stated that

T&T has the potential to be part of a well-connected regional port transportation system, facilitating travel among the islands of the West Indies. Ferry services are an important alternative to improve connectivity but the options currently offered are usually operated over short distances and between islands of the same country or its neighbours, with very few exceptions such as the route between Puerto Rico and the Dominican Republic.

Air transportation services are expensive, mainly impacted by the small and fragmented size of the market, with high costs, low frequency and inconvenient itineraries being a barrier to regional connectivity. The average airline revenue per passenger and per kilometre is much higher than the global average. Moreover, intra-regional figures are generally even higher than the extra-regional revenue. High taxes, fees and charges represent approximately 35 per cent of the cost of a one-way airfare, exceeding the worldwide average of approximately 15 per cent.

To assess the implementation of a ferry service that could improve connectivity in the Eastern Caribbean, the report provided a technical proposal of four different routes, with the evaluation of its possible economic benefits, impacts, and limitations.

The study also considers that both the current port infrastructure and the connectivity services available in the region are not adequate and would require investments to handle the higher volumes of passengers and cargo as it analysed the possibility of private sector participation in the development of such a system or government subsidies for the financing and operation of ferry routes and ports.

Ferry service proposal
The study recommended the most distant ports with higher cargo volumes are connected through already existing lines in the region, forming a rotation through the existing ports between Puerto Rico and T&T.

Possible integrating ports of smaller Caribbean islands would be Caucedo, in the Dominican Republic and Port-of-Spain.

It suggested the port of Castries, in Saint Lucia, as a minor hub, taking advantage of the connectivity it has with the nearby islands.
It outlined several proposed routes:

• Route 1: Colombia, Aruba, Bonaire, Curaçao, T&T

• Route 2: T&T, Guyana and Suriname.

• Route 3: Puerto Rico, Antigua and Barbuda, Guadalupe and Saint Lucia.

• Route 4: Saint Lucia, Saint Vincent, Grenada and T&T

The first and second rotations would use Port-of-Spain, as a main hub to integrate Colombia, Aruba, Curaçao and Bonaire in one direction (Route 1), with Suriname and Guyana in the other (Route 2).

The third and fourth rotations use the port of Castries, in Saint Lucia, as secondary hub. To the north, it would connect Puerto Rico through Antigua and Barbuda and Guadeloupe (Route 3).

To the south, through Grenada and St Vincent and the Grenadines to Port-of-Spain. It integrates these islands into the rotation of the main line.
This service proposal was based on the maritime trade already in place 2019 between each location.

Chairman of the Port Authority of T&T (PATT) retired Col Lyle Alexander said that the facility already is one of the most connected in the region.

“We have traffic going throughout the Caribbean to Europe to the west going to the US to the Panama Canal so we are already identified within the sector as very connected.”

However, he admitted more can be done to improve the port’s capacity given its current limited size.

“From the physical point of view the infrastructure is always an issue. If we are able to attract more movement through the port that will of course help us so the areas that can impact the improvement will be infrastructure development that can be as wide as it is broad.”

Additionally, there must also be logistical support and greater efficiency regarding processing which will also be more attractive to the business community.

Asked when improvements to the infrastructure can begin Alexander said a “lot of moving parts are required. And especially when you are operating within the public service-type financing situation system that impacts the speed at which things can happen.”

He agreed that PPPs are a good start to get things going, saying if there’s an investor with funding some of the delays, for instance, will not apply but giving a timeline to expand the port to create greater capacity could not be given.

“It is not a simple answer to say by next week or by next two years. That gives the wrong impression and the reality is there are things to be done that require financing and there are processes involved in that. Doing that in the public space is not always as speedy as we would like it to be.”

Regarding new routes from the port he explained these are not dependent on the facility itself. Rather, these depend on the shippers and where they need to go.
However, there are ongoing discussions to establish maritime routes throughout the Caribbean aimed at improving the region’s food security.

Air transportation progress
Tourism Minister Randall Mitchell noted progress in the recovery of the air transport and tourism sectors.

• In October 2021, KLM introduced a new route between Amsterdam, Netherlands and Port-of-Spain which is receiving positive reviews.
• Condor Airlines resumed flights between Frankfurt, Germany to Crown Point, Tobago in November 2022, over the winter season, and flights are expected to end in April 2023.
• British Airways announced plans to operate non-stop flights between Gatwick, UK and Port-of-Spain effective March 26, 2023. Further progress has been made as new airlines have indicated interest in the destination.
• Air Belgium is interested in operating a flight to T&T, following a meeting with the Embassy of T&T and Air Belgium. This is positive news for the destination as the Ministry of Tourism will continue to pursue these leads.

The Tourism Minister also agreed that air transport lies at the heart of modern, globalised economies and is one of the world’s most important economic sectors, noting that aviation provides the only rapid worldwide transportation network, which makes it essential for global business and tourism.

Airports Authority of T&T said airlines which currently provide service into the Piarco International Airport include American Airlines, British Airways, Caribbean Airlines, COPA, Jet Blue, United Airlines, KLM and Condor—service scheduled for the winter season, covering November 20, 2022 to April 23, 2023.

Foreign airlines which were formerly providing service originating from Toronto, Canada, Caracas, Venezuela and Paramaribo, Suriname (West Jet, Suriname Airways and RUTACA) have not recommenced service to Port-of-Spain, Trinidad and Crown Point, Tobago.

• Surinam Airways signalled its intention to reintroduce flights to T&T in March after suspending its services last May.
• Caribbean Airlines is providing scheduled flights between Toronto, Canada and Port-of-Spain and Paramaribo, Suriname and Port-of-Spain.
• COPA offers indirect service to Caracas, Venezuela via Panama. Port-of-Spain, Trinidad and Crown Point, Tobago continue to receive service by British Airways from Gatwick via St Lucia.

 

CDB US$43 Million loan for Bahamas Education

BRIDGETOWN, Barbados, December 20, 2022:

The Caribbean Development Bank (CDB) is putting US$43.3 million into the construction of a brand-new comprehensive school and the rehabilitation of two others in East Grand Bahama-, to accommodate students whose schools were destroyed by Hurricane Dorian in 2019.

The Bank’s board of directors approved the loan to the Government of The Bahamas at its December 9 meeting. East End Primary School will be rehabilitated and a new East Grand Bahama Comprehensive School will be constructed., 2,000 teachers and principals will be trained in learning recovery and enhancement to support student-centred, differentiated accelerated learning to address the learning loss occasioned by the impact of COVID-19. The total cost of the project is US$48.08 million with the Government contributing counterpart funding of US$4.76 million.

The facilities will fill the critical need that arose in East Grand Bahama- after Hurricane Dorian’s passage destroyed four schools in the area – the East End Preschool in Freetown, the East End Primary School in High Rock, the East End Junior High School in McClean’s Town and the All-Aged School in Sweeting’s Cay. For much of the past three years, students have been forced to rise as early as 4:00 a.m. to commute by bus and ferry to Freeport to access educational services. The over 60-mile commute is a challenge for students to keep up with schoolwork, exacerbated by the impact of the COVID-19 pandemic on schooling.

CDB’s Division Chief, Social Sector Division, Dr Martin Baptiste emphasised the challenges which the lengthy journey had on the educational pursuits of the displaced students.

“This new norm is inconvenient, more expensive, and has been thought to affect the day-to-day activity of the students depriving them of a total of two to three hours spent travelling to and from their destinations. Providing a school plant will eliminate the need for students to commute these inordinate distances each day, thereby allowing more time for extra-curricular activities which are central for student life, and balanced personal and academic development.”

The new comprehensive school complex will include a multi-purpose hurricane shelter designed to function as a cafeteria during school hours which can be seamlessly transitioned for use as a hurricane shelter in the event of a natural hazard .

Dr Baptiste highlighted the potential overall social benefits of the project, noting: “Given the intersectionality between the home, community and the school, the investment in new school infrastructure will also play a significant role in the general improvement of respective communities, enhancing skills training programmes, social protection initiatives and promoting social cohesion.”

 

 

As its only remaining elected officials depart, Haiti reaches a breaking point

January 18, 2023

 

A barricade burns in Port-au-Prince during a protest against  Haitian Prime Minister Ariel Henry, with demonstrators calling for his resignation.

Haiti, a country long beset by catastrophe and political turmoil, is facing perhaps its steepest challenge in recent decades as its piecemeal government, now lacking any democratically elected officials, struggles to chart a path forward amid gang violence and a cholera outbreak.

The constitutional mandate of Haiti’s de facto ruler, Prime Minister Ariel Henry — which some viewed as questionable from the start, as he was never technically sworn in — ended more than a year ago.

The country has had no president since its last one, Jovenel Moïse, was assassinated in 2021. Its Senate is supposed to have 30 members, and its lower legislative chamber should have 119; all of those seats are unfilled. Haiti’s elected mayors were all reappointed or replaced in 2020.

Last week, its 10 remaining senators departed office after their terms ended, leaving behind a nation’s worth of elected offices that now sit empty after years of canceled elections. Robert Fatton, a Haitian-born political scientist at the University of Virginia, said,

“The situation is catastrophic. It would not be an exaggeration to say that the current crisis is one of the most severe crises that Haiti has ever confronted.”

Since the country of 12 million people last held national elections in 2016, the turmoil — political and otherwise — has been relentless.

Gang violence displaced more than 150,000 people from their homes and forced aid groups such as Doctors Without Borders to close facilities and relocate staff. A new outbreak of cholera is suspected to have infected nearly 25,000 Haitians since October. In 2021, an earthquake killed 2,000 people and wrought new devastation to a part of the country that had been hit five years before by a Category 5 hurricane.

Rampant inflation sent the cost of food and gas spiralling; food insecurity is so widespread that about 40% of the population do not have enough to eat. The disasters combined to keep thousands of schools closed, meaning millions of children lacked steady education and meals since the beginning of the pandemic.

“I grew up under dictatorship, so I’m not idealizing the Haiti I grew up under. But this is the first time I think we have seen this level of lawlessness, this level of gang violence where people’s lives do not matter,” said Cécile Accilien, a professor of Haitian studies at Kennesaw State University, Georgia, USA.

Children took refuge at a Catholic school in Port-au-Prince, Haiti, after escaping  gang violence in the Cité Soleil area.

Unending political turmoil
Even before the shocking assassination of President Moïse in July 2021, in his private residence in Port-au-Prince, Moïse had been ruling by decree. He declined to call elections in 2018, then again in 2019, causing the terms of most legislators and mayors to expire in January 2020.

That had already made him increasingly unpopular. Shortly before the still-unsolved assassination, Moïse appointed Dr. Ariel Henry, a neurosurgeon and former government minister, to serve as prime minister.

Lacking a quorum in the legislature to consider his appointment, Henry was never formally sworn in. After Moïse’s assassination, Henry emerged from a power struggle as de facto ruler. Even that shaky constitutional backing ended long ago; Haiti’s constitution requires elections to be held within 120 days of a presidential vacancy, a period that ended in November 2021. Now, Henry stands alone at the head of a fractured, weakened government that appears powerless to address the many challenges: gang violence, cholera, inflation.

“It’s a collapse,” said Patrice Dumont, one of the 10 senators who departed office this month. Dumont said rampant corruption had kept Haiti from making progress. “The situation that we are facing now, it’s made because of the bad choices made by Haitian actors, Haitian political leaders.”

A small group of elites have long controlled Haiti’s ports, customs and government welfare agencies. “And they live almost in paradise,” even as millions of Haitians live in poverty. Other key ports and roads are held by gangs, who control an estimated 60% of Port-au-Prince.

Dumont compared Haiti, with its widespread social injustice and wealth inequality, to a pressure cooker always at threat of explosion.

After Moïse’s assassination, a group of civil society organizations and political parties convened to chart a different path forward for Haiti. Together, in late 2021, they proposed the Montana Accord: a two-year interim government, led by a president and prime minister, to provide stability and oversight until new elections could finally be held. Negotiations between the group and Henry have not yet borne fruit. Meanwhile, myriad humanitarian crises have worsened since the political chaos began.

Last October, amid a fuel crisis set off by the elimination of fuel subsidies and gang control of a key terminal, Henry requested foreign military intervention to help stabilize the situation.

The U.S. and U.N. said they would consider Henry’s request. Among Haitians, that call was widely unpopular; much of the population views foreign groups with distrust after years of ineffective — or downright harmful — interventions by international organizations and governments. Haiti’s national police regained control of the fuel terminal in November.

Henry has called for elections in 2023, but many are skeptical
Now, all eyes are on Henry, who recently agreed to hold elections this year with the aim of swearing in a new government in early 2024. On New Year’s Day, Henry called for a new round of elections, writing on Twitter that they must be done “without prejudice” and “in transparency.” Henry has not said when such a vote would happen — instead, he has promised to reestablish a long-disbanded electoral council to plan and propose “a reasonable timetable” for elections. Henry’s pledges have drawn wide skepticism. A similar commitment in 2021 failed to materialize.

“It is highly unlikely that Henry can deliver on any of these new promises,” said Fatton . Given the terrible security situation and the lack of popular support for Henry’s government, the idea of elections in the immediate future is “frankly preposterous. Having elections after six or seven months would recreate the current mess and the prevailing zero-sum-game politics.”

The United Nations said last month it would appeal for $719 million for Haiti in 2023, about double the amount in 2022. Ulrika Richardson, U.N. humanitarian coordinator in Haiti, said that efforts to combat the worsening crises would be ineffective unless the root causes of Haiti’s problems are addressed.

 

 

Guyana transitions towards options

Jan 24 2023

At the Trinidad Energy Conference, President Irfaan Ali said natural gas and fossil fuels are not out of the conversation yet and while Guyana will do its part and embarked on projects to reduce emissions, there is still a role for hydrocarbons at this time.

“I see the energy transition as a mix between the fossil fuel industry that still has a foreseeable life and natural gas, of course. Guyana already moved to solar,.. examination of wind.. A new hydro electric plant will be 165 megawatts.”

“Yes, the transition has to take place, but transition debate must not take place outside of the continued need for fossil fuel and natural gas and that is the balance we have to bring. Ensuring that in this entire transition and greening debate, the need for fossil and natural gas is not taken out of the equation.”

The President highlighted the difficulty for oil and gas companies to secure financing for future projects.

“It is reality, oil and gas companies, are having a greater challenge these days raising capital and we had a recent example in Guyana, where a loan to an oil and gas company operating in Guyana through the IDB was vetoed and that loan was not approved because the US vetoed that loan. We have real examples. If you look at the global trends and the narrative, you would see that there is less willingness , or less appetite for that, promoted to a large extent for lending in the oil and gas sector and even where there is lending, the cost of capital is very much different from a decade ago or less.”

Despite these challenges, Ali was eager to partner with any government willing to do business with his country.

“We have been toying with a number of options. We have gone out publicly to the bid round but there is also that room that we are looking for more government-to- government collaboration. There is a number of blocks still available and we are having conversations with various governments to see the appetite for government-to-government. It involves any government that has an interest. India has expressed an interest in the oil and gas sector, not just the lift but the entire ecosystem surrounding oil and gas.”

He was keen on seeing T&T’s ability to explore and maximise its oil and gas resources, as he urged greater collaboration between CARICOM nations in the sector

CDB interest in financing Guyana energy

January 19, 2023 -Energy

The Caribbean Development Bank (CDB) signalled strong interest in funding renewable energy projects through financing and technical support in Guyana where it supports ongoing work on several major projects. Daniel Best, Director of Projects at the CDB, said that the institution shares an excellent relationship with the Guyana Government and will be open to developing projects in renewable energy.

On the sidelines of the CDB’s annual press conference at CDB headquarters in Barbados, he said, “Given our expertise and given the commitment of the Government of Guyana, we are excited about the prospect of working closely with them to develop initiatives in the renewable energy space. It would be no different from what our approach is to financing renewable energy projects in any of our Borrowing Member Countries (BMCs). We see the importance of it and we have an excellent relationship with the administration in Guyana and we know how they value the CDB.”

In Guyana, the government is currently striving to lower energy costs by at least 50 per cent through an energy mix which includes renewable energy initiatives that incorporate solar, wind, and hydropower. The energy mix being crafted by the government is geared at looking well beyond current energy needs, focusing on catering for well- forecast future demand. In the development of hydropower, the Amaila Falls Hydropower Project (AFHP) is transformational and highly anticipated. Under the Hinterland Electrification Programme, in excess of 19,000 solar PV systems were installed in nearly 200 communities.

The government is constructing eight large-scale solar farms. The eight utility-scale, photovoltaic solar projects totalling 33M Megawatts- peak (MWp) with associated 34 Megawatt hour (MWh) energy storage systems are distributed across three areas.

The CDB currently has a number of multimillion-dollar projects ongoing in Guyana, with the US$190 million Linden to Mabura Hill road, one of the largest funded project in the history of the Bank.

The CDB is nearing completion of the US$14.04 million Skills Development and Employability programme, which aims to assist the government to enhance access to and improve, the quality and effectiveness of the technical and vocational education and training in Guyana. The project includes the establishment of six practical instruction centres (PICs) across the country to boost TVET delivery.

The CDB is funding the building of Guyana’s Hospitality and Tourism Training Institute to the tune of U$11.656 million and injected US$30.902 million into Guyana’s Sea and River Defence Resilience Project.

 

 

CDB urges implementation of CSME, improved regional travel

Jan 20 2023

President of the Caribbean Development Bank Dr Hyginus Leon in their Annual Press Conference in Barbados emphasised the need for connectivity as the Caribbean seeks to recover following the COVID-19 pandemic. He urged regional governments to step up with regard to the implementation of the Caribbean Single Market and Economy.

“Given the region’s experience over the 2020 to 2022 period, now is the time for us to re-imagine regional co-operation and integration. And what this could mean for us as Caribbean citizens. I, therefore, call for a renewed commitment to advance the implementation of the Caricom and Single Market Economy CSME, thereby improving the lives of the region’s citizens through one, increasing market access for goods, services and people providing economies of scale, offering greater employment and business opportunities and providing a platform for increased innovation and digitalisation.”

He hoped governments to fill the void left by the liquidation of Liat in 2020, as the absence of the airline left transportation within the East Caribbean at crisis level.

“The demise of Liat in 2020 meant the loss of airlift from an average of 500 weekly flights in 2019 to 50 flights in 2022. CDB, therefore, views dependable and cost-effective air transportation services as essential for the transformation of several of the region’s economies. Consequently, to safeguard the region’s future, governments need to take decisive and integrated action to reform the air transportation operating environment.”

Food security was also a concern raised by Leon, who echoed Caricom leaders on the need to reduce our food import bill.

“Recent global data from the United Nations indicates that the cost of a healthy diet is highest in Latin America and the Caribbean, with the Caribbean, currently importing more than 80 per cent of the food we consume. Food sovereignty must be a key collective objective.”

 

 

Another window for Caricom to advance

Jan 23 2023

A journey back in time: 1989 Grand Anse in Grenada to rekindle the enthusiasm and promise of the then leaders of Caricom to establish and have functioning, the Single Market and Economy. It was the ideal, and remains so for the 15-member regional grouping to bring together individual resources, human and material, to achieve the best possibilities for the seven to eight million citizens of the region.

Yet, 34 years later the President of the Caribbean Development Bank, Dr. Hyginus Leon pressed regional states to finish and implement the elements of the CSME left outstanding.

“Given the region’s experience over the 2020-2022 period, now is the time for us to re-imagine regional co-operation and integration. And what this can mean for us as Caribbean citizens,” said the president of the regional bank which has the responsibility to fund development projects in member states.

As conceived of and set out by the founding economists and early leaders of the regional integration movement, . William Demas, Sir Shridath Ramphal, prime ministers Michael Manley, A.N.R. Robinson, Owen Arthur, John Compton and their colleague prime ministers, the CSME was established to combine regional resources to create value-added products to replace certain imports and to build an export platform.

“I therefore call for a renewed commitment to advance the implementation of the Caricom Single Market and Economy through the increase of marketing access for goods and services and people providing opportunities providing economies of scale,” said the CDB President.

Conclusion of the outstanding elements of the CSME such as free movement of skills and capital across member states “will offer greater employment and business opportunities and provide a platform for increased innovation and digitisation.”

He identified the liquidation of the regional airline, LIAT in 2020, as leaving air transport in the Eastern Caribbean in crisis. From 500 weekly flights in 2019 to 50 in 2022 has been one result of LIAT’s demise. The CDB president advised regional leaders to “reform air transportation environment,” desperately needed to transform economies of member states.

As a result of LIAT’s absence, the CDB President says “80 percent of the food now consumed by citizens and our guests is imported; leaving the region open to food insecurity into the future.”

Once again, Caricom is being presented for a take off by a member state having the financial capacity, and on this occasion, the geographical and material base to spur meaningful development. Guyana now has the potential to unlock its physical environment, finance development projects across the region and engage member states to produce goods and services for internal consumption and export.

This is not about charity, but rather a means of harmonizing the resources of capital, land, skills, internal and external trade and developing products to achieve what the Single Market and Economy was envisioned for. In its own interest, Guyana has to be careful of merely covering the landscape with malls for the consumption of foreign goods.

New leadership impetus is desperately needed to revive the possibilities of Caricom

 

 

Trinidad investors to help Guyana develop oil sector

Jan 24, 2023

Chairman of the Energy Chamber for Trinidad and Tobago, Jerome Dookie. told the Energy Conference that Trinidad companies observing the rapid pace of Guyana oil and gas development are eager to leverage their technical capabilities and technology for mutual gains.

At the event, organised by the Chamber under the theme: Navigating a complex energy future he said that developments globally and regionally will be key to the future of the CARICOM member state. The Chamber noted positive developments around regional integration. Of particular interest, is the unprecedented growth of the oil industry in Guyana and the potential in Suriname and beyond.

With a significantly increased regional market for energy services, there is now a much greater chance that Trinidad firms can retain more value from investments within respective economies. With a bigger market, services that had been previously sourced from outside the region could now be hosted within the CARICOM single market.

“Investments in infrastructure, equipment and people to support the energy industry within the region will be to all our collective benefit.”

Speaking directly to President Irfaan Ali who was there to deliver an address, Dookie said, “There is significant capacity already here in T&T which is available to support the development of the industry in Guyana. Many of our members are looking to invest in Guyana to support the extremely exciting growth that is taking place, not just in oil and gas but in many other sectors as well.”

Reliance on economic growth is not all Trinidad firms are doing, as he noted that a six point plan was submitted to the Government last year to improve overall production which has been in decline. That plan included:

1. Speeding-up approvals to bring gas to market faster;
2. Fiscal reform to encourage upstream investment;
3. Investment in decarbonization to ensure access to international markets;
4. Diverting gas from electricity generation to petrochemicals and Liquified Natural Gas (LNG), through efficiency and renewables;
5. focusing on small gas field developments;
6. and securing access to imported pipeline gas, especially from Venezuela.

Dookie told a closing panel there was close alignment on these points between the Government and the industry, towards a common objective.

There was also a shared sense of urgency in taking actions to achieve tangible results. “As we consider the theme of this conference – navigating a complex energy future – that push to move much faster must be a central priority. If we can reduce the time taken to approve new projects or to go from a bid round to the first exploration well and – if things work out – on to first gas, then we will create much higher value from our resources.”

Such an approach would surely provide a direct benefit to the people of Trinidad & Tobago

 

 

Regional collaboration is key

Jan 22 2023

Guyana’s Natural Resources Minister, Vickram Bharrat exulted as Guyana experiences the “most exciting period” in its history with oil production anticipated to exceed one million barrels a day in the next four years

“Presently we are producing on average 380,000 barrels per day. Our third FPSO (Floating production storage and offloading) -Prosperity-, should be in Guyana waters in my estimation mid-2023 for start-up and production late third or early fourth quarter this year and that third FPSO will take production to a minimum of 560,000 barrels a day. We have already signed a fourth production licence, Yellow Tail, that is under construction and that should take us up to, in my estimation, close 900,000 a barrel a day in 2025.”

Dr Ashni Singh, the Senior Minister for Finance, delivered Guyana’s budget statement in which the oil and gas sector is estimated to have expanded by 124.8 per cent last year with a total of 101.4 million barrels of oil produced, compared with 42.7 million in 2021.

This performance was attributed to the commencement of production on the second FPSO vessel–Liza Unity. Last year Liza Destiny FPSO produced crude oil at an average rate of 128,000 barrels per day, compared with 117,000 in 2021 and the Liza Unity FPSO produced at an average rate of 169,000 bpd, reaching a peak monthly rate of over 233,000 bpd in December.

Last year, Guyana’s Natural Resource Fund received US$1,099.1 million in oil profit, US$510.2 million from Liza Destiny and US$588.9 million from Liza Unity. The NRF was established, by the Natural Resource Fund Act 2019, to manage the natural resource wealth of Guyana for the present and future benefit of the people and for the sustainable development of the country.

“We are currently reviewing the fifth development, the Uaru development so this is being reviewed for approval” .

It is anticipated that this platform will produce another 250,000 bpd following start-up in 2027.  These will enable Guyana to generate just over one million bpd.

This bright future will not be limited to Guyana and regional integration is at the top of the agenda for Guyana.

T&T has a major part to play in that integration. Guyana’s commitment to the region will be shown as president Dr Mohamed Irfaan Ali addresses the opening ceremony on the first day of the T&T Energy Conference.

“President Ali has placed a lot of importance, and emphasis on the Caribbean and regional integration and we have seen that since he took over as president. And every time he speaks, he speaks about development not only for Guyana but for the region and we see our Caricom sister countries as important to us in this developmental process especially since T&T is close to us, Barbados is close to us, Suriname is close to us and there are synergies among us too now especially now that Guyana is an oil producing country and there is a lot that we can learn from T&T as well too.”

“We know that a lot of T&T companies have already been established in Guyana, either by themselves or partnering with Guyanese here so we have a lot of Trinidadians bringing their skillset and their expertise to Guyana to help develop the oil and gas sector here too, so we don’t see the resources in Guyana as being resources to develop Guyana only but we know that the resources can be beneficial for the entire Caribbean community and president Ali has mentioned that he is demonstrating that in the way he is going about doing business basically in Caricom and in Guyana.”

Bharrat sees it as “building a better partnership and forging more integration by and among our countries.”

“I want to wish all the people of T&T well at the Energy Conference and I hope that we will have a return visit.”

Guyana will be hosting its own Energy Conference next month where Dr Keith Rowley and Suriname’s President Chandrikapersad Santokhi are listed as speakers.

“I know that we have had a lot in common over the years, we have had a good relationship with T&T and Guyana over the years we have a lot of Guyanese living in T&T and we will like to build on that relationship and find ways of working together for all of our people.”

Energy Minister Stuart Young also lauded the benefits of regional collaboration with respect to energy.  His goal in attending the conference is two-fold.

“We have been working on the regional relationship with Guyana and Suriname. T&T, Guyana and Suriname in my humble opinion have to lead the way for energy security in the Caricom with potential in Barbados, they have found some gas in Grenada that T&T has already signed an MOU for. We have to lead that conversation and I think we will be stronger, that is T&T, Guyana and Suriname, working together on the global platform and in dealing with multinationals.”

Young said T&T had significant experience dealing with multinationals. Since 2016 he has spent a lot of time renegotiating with multinationals to the benefit of T&T.

“The relationship on the governmental level between T&T and Guyana is extremely strong. President Ali is constantly in conversation, and communication with Prime Minister Rowley and we have developed an excellent relationship with president Ali and his Cabinet members so there is a very close relationship there, one of the closest that I have seen in my transactions in Caricom over the last few years and there is mutual respect and we are here to help in whatever way we can and we will work with them.”

Young said the government wants to assure all stakeholders, that it is committed to continuing to work with them for the development of this province.

“We are a mature province which means we have been exploiting oil for over a 100 years and gas for decades. It depletes so there are fewer reserves and it becomes more and more difficult to find to produce, to monetise but we as a government have shown by our track record. When you ask the stakeholders, we are prepared to sit down to work out terms that are beneficial to both sides, the people of T&T, as well as we understand that every multinational has to produce returns and profit but we are not going to give away our resources and we will work with them to continue exploration and production and that is the messaging that I want to come out in the energy conference.”

 

Guyana President: Region must reject world bias

“In answering the question as to the remaining life of fossil fuel and natural gas, when we have this open and honest conversation, we will see how lopsided that conversation is in relation to the end of fossil fuel and gas.”

The pandemic, climate challenges, imported inflation and higher energy costs left the world grappling with energy and food insecurity. He said the world recently saw “some strange movements,” not rooted in reality but in a policy agenda driven by a few countries.

“We have seen an unwillingness to lend to companies related to oil and gas. We have seen the cost of capital increasing for companies related to oil and gas.”

He lamented that tight capital meant companies would have to pass on costs to the consumer, that is, all industries supported by the energy sector.

“So we must have very strong statements coming from both (regional) industries and governments, that are balanced and rooted in the reality of the world we live in. Those statements must be strong, they must be responsible but they must be in keeping with the realities we face as a global community.”

Ali said global energy consumption fell by 4.5 per cent in 2020, but rose by five per cent in 2021 to reach 176,431 kilowatts. Energy sources to feed this energy need were, respectively, oil at 29 per cent, coal at 24 per cent, natural gas at 22 per cent, and hydroelectricity, at six per cent.

“This is not guesswork, this is facts. So let’s have a conversation as to how we first move away from 25 per cent dependence on coal. Why isn’t that conversation the reality? If coal is the worst form of energy (in terms of pollution) how do we transition? For the energy needs and security of this region, I once again reinforce the call that every country in the region with potential in natural gas should be allowed to aggressively explore that potential to the fullest, to ensure the energy security of this region.

“Here in TT that opportunity exists and that opportunity should be allowed to blossom for the benefit of the people of this region and the globe. In this region, fossil fuel and natural gas have a long future ahead of us. Many times when you think about food insecurity and hunger, our minds are automatically programmed to go to Africa. But if you look at the data now, the Caribbean and Latin America region is becoming the fastest, most aggressive food-insecure region in the world. That’s the complexity we are faced with.”

Guyana wants to implement an energy plan that requires a lot of investment and its government is establishing a framework to accommodate investors

Targets for renewable energy in Guyana were 20 per cent for 2020, 28 per cent for 2022 and 47 per cent for 2027. However, Guyana had only reached 11.5 per cent by 2020. He lamented the only funding for this ambition was a US$1.4 million loan from the Caribbean Development Bank (CDB), but nothing from global financial agencies.

Ali concluded by saying the conference should issue an outcome document, “to tell the global system how the region is thinking.”

 

 

 

UK helps to develop maritime economy

Jan 21, 2023

UK Minister of State Overseas Territories, Commonwealth, Energy, Climate and Environment), the Rt Hon Lord Goldsmith disclosed that the United Kingdom is working in partnership with Guyana to develop a bespoke plan as part of the UK’s commitment to helping countries, especially Small Island Developing States, to develop their marine economies in a sustainable, resilient, and integrated way.

“We are delighted that this national Maritime Economy Plan, alongside Guyana’s updated Low Carbon Development Strategy articulates a strong vision of the Government to build a robust Blue Economy.”

Goldsmith said the UK knows that effective ocean protection will be critical in turning things around for climate, for nature and for people.

“The UK Government remains committed to maintaining its track record as a reliable and committed development partner with Guyana in navigating this rapidly developing maritime sphere. We share one global ocean – so we need a whole earth effort to sustain it.”

 

 

 

Indian, European Oil Firms to Bid for Offshore Blocks

Marianna Parraga and Nidhi Verma January 18, 2023

As the government continues to finalise terms for the upcoming bidding round for Guyana offshore, the auction caught the interest of energy giants from Asia to Europe. The South American petrostate wants to quickly expand its oil industry and recruit developers to counterbalance an Exxon Mobil Corp-led consortium that now controls all production. The Exxon group plans to install at least seven vessels to tap more than 11 billion barrels discovered to date.

India’s ONGC Videsh, the overseas investment arm of SOC Oil and Natural Gas Corp (ONGC), is considering a bid for some of the 14 exploration blocks on offer. Refiner Indian Oil Corp is hoping to work in Guyana in collaboration with ONGC Videsh.

President, Irfaan Ali travelled to India and encouraged energy companies to participate in the auction, extending the same invitation to PRC firms later. Guyana might consider allocating areas directly to strategic partners through government to government negotiations, officials said.

“ONGC Videsh continues to consider, evaluate and process several global business opportunities,. For reasons of confidentiality and as a policy, we do not comment on specific opportunities until there are definitive agreements in place”  a spokesperson said.

Guyana is offering three deepwater and 11 shallow-water blocks, each averaging 2,000 square kilometers (722 sq miles). Bids are expected to be opened in April in Georgetown.

European companies have researched the auction’s terms to consider bidding.

Exxon is considering bids on the blocks, said the Guyana country chief, Alistair Routledge. “Of course, we will look at it.”

Many bidding decisions are contingent on Guyana clarifying terms of a new production sharing agreement (PSA) that differ from that signed with the Exxon consortium for its 26,800 sq km Stabroek block.

Oil analysts and experts say they are not expecting the new PSA model to meet a Jan. 31 deadline amid unfinished contract language, legislative changes needed to reflect the new framework and work pending to organize the auction.

Guyana finance minister, Ashni Singh, said the licensing round will be open through April 14, with successful bids to be awarded by the end of the first half of the year. U.S. firm IHS Markit was selected as the lead consultant for the auction.

To bring more companies into the auction, Guyana did not restrict the number of blocks companies can bid for, but will limit the awards to three per company. Winners will be required to submit work programs as part of their bids and present guarantees on those programs. If winners have not fulfilled the investment programs as required, the government could impose penalties or claw back acreage for future auctions. Vice President Bharrat Jagdeo said in November,

“We want a greater turnover,. This is trying to solve a lot of the problems we have had with other areas where people just sat on these and then they relinquished them after a long period.”

Last year, Exxon, Hess Corp HES.N and CNOOC of PRC ramped up oil output and exports with their second production vessel. The increased output began just before acceleration of global demand in the aftermath of the invasion of Ukraine and sanctions derived from it.

 

 

India offers plethora of collaborative opportunities

January 18, 2023

Discussing the outcome of his seven-day Official Visit to India, President Irfaan Ali told media that India can be seen as an important strategic partner in the development aspirations of the Government and the private sector for the benefit of all Guyanese. Engagements with Indian officials, including Prime Minister, Shri Narendra Modi, were aligned with Guyana’s development trajectory.

The Guyana delegation of government officials and members of the private sector, “had engagements with some of the leading private sector organisations, companies, industries” and senior members of the Indian Government, “in pursuing a very targeted approach to what we wanted to achieve as a country, and to see how India can be an important strategic partner in the development aspirations of our country, our private sector, and our people”.

AGRICULTURE AND FOOD PRODUCTION

Several areas were discussed with Prime Minister Modi, which are aligned with the shared vision and commitment of both countries, but that agriculture and food production was a strong pillar that underpinned the discourse.

“Agriculture and food production is a key element in our development aspirations and a key element of the leadership that we are providing in the region.”

Other major areas discussed with India’s Prime Minister and President were healthcare, including Ayurvedic and wellness, renewable energy, ICT, oil and gas, human resource capacity building, technology and defence.

There was also “tremendous interest” in close collaboration with Guyana’s agri-food system, the ecosystem surrounding our food production and agriculture and enhancing the productivity of our agriculture sector, focusing heavily on sugar.

“GuySuCo was a main area that we focused on. Aquaculture is another area that has tremendous opportunities for us and the utilisation of technology to support the increased production and bringing the best production system in our country.”

Specific, targeted discussions, were held on oil and gas and India being part of the development of the sector. The Indian Government expressed a “strong interest” in being a long-term purchaser of Guyana’s share of oil.

WORKING GROUPS

Stemming from the meeting of the leaders, it was agreed that two working groups will advance ideas and proposals. Guyana’s group, which will commence work almost instantaneously, would also include the private sector, “because there’s a lot of follow up and collaboration that is required from the side of the private sectors”.

Officials will focus on different areas of development within the working group with the Minister of Foreign Affairs, the Honourable Hugh Todd, coordinating, setting up the mechanism and finalising the terms of reference (TOR).

MOU

President Ali indicated that a Memorandum of Understanding (MoU) will be signed between the two countries in agriculture. to allow India to assess the profitability of the coconut industry, rice, dairy and sugar and other crops.

“They are willing to provide experts to come and work with us, the technology, the equipment to support, improve efficiency, yield and profitability.”

An MoU following the engagement with the Bangalore Bioinnovation Centre will allow the deployment of all the technologies, that have been tested and successful to help develop the Small and Medium-sized Enterprises (SME) and the agriculture sector in Guyana which is expected to benefit from the Indian company’s expertise in the important areas of agriculture, biotechnology for food and nutrition and environmental biotechnology.

Vice President Dr Bharrat Jagdeo, will lead a delegation to India next month to follow up on all the areas outlined.

Joining the Head of State at the press conference were:

1. Minister Todd;
2. Minister within the Ministry of Local Government, the Honourable Anand Persaud;
3. CEO of GO-Invest, Dr Peter Ramsaroop
4. and private sector representatives: PSC Chair Paul Cheong;
5. GMSA President Rafeek Khan;
6. CEO of New Hayven Merchant Bank, Floyd Haynes;
7. CEO of GAICO, Komal Singh;
8. Managing Director of Environmental Management Consultants, Shyam Nokta and
9. CEO of Jacobs Jewellery, Steven Jacobs.

The private sector spoke of fruitful and productive engagements and highlighted a common theme of enhanced networking and partnerships.

Mr Cheung lauded President Ali for the leadership shown and for “opening doors for the private sector”, while Mr Khan spoke about the opportunities and lessons learnt from the visit. He also disclosed that three strategic MoUs were signed with the GMSA, in waste-to-energy (biomass), furniture manufacturing and machinery.

 

 

 

Exxon to mirror Guyana success in India

Jan 21, 2023

Monte Dobson, lead country manager for South Asia at ExxonMobil disclosed that the supermajor hopes to repeat its Guyana success in’ in India’s upstream sector. Exxon possesses the right technology and the experience needed for the Indian conditions.

ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL) is the operator of Guyana’s lucrative Stabroek Block, which is 6.6 million acres and has over 11 billion proven barrels of oil. EEPGL holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Petroleum Guyana Limited holds 25 percent interest. Under the Stabroek Block Production Sharing Agreement (PSA) Guyana signed, Exxon pays Guyana 2 percent royalty, enjoys massive tax breaks and there is no ring-fencing provision.

Referring to the company’s ambition to replicate in India the recent upstream success it has in South America . Dobson said, “We are looking for the next Guyana. The aim is to make a big discovery in India than investing in a producing field or developing an existing discovery. The type of geology we have seen here is the same as in Guyana.”

While ExxonMobil is keen to invest in the Indian oil and gas sector, it wants the country to offer protection against expropriation, neutral arbitration and globally competitive returns that stay intact through the term of the contract.

“What we are looking to do in the Indian upstream is to move from ‘very interested’ to ‘committed’. We expect 2023 to be a pivotal year for our India plans.”

Exxon has been studying Indian geological data and engaging with the government on policy reforms for a few years. It has an agreement with state-run Oil and Natural Gas Corp (ONGC) for joint exploration in the country.

Dobson said windfall taxes do not work in the long run, referring to the imposition of such taxes on oil companies in India and other places. “Such steps can shift investments away from a country over the long term.”

Exxon wants the exploration contracts to provide a legal shield against any move by the government to expropriate assets.

“It’s really rooted in experience,” he said, citing the company’s experience in Venezuela where expropriation followed a change in government. For dispute redressal, the company also wants the flexibility to pursue arbitration in any country mutually agreed upon rather than just in India.

VP Jagdeo is expected to visit India next week to tie up agreements with the Government of India for cooperation in the blossoming local oil and gas industry. President Irfaan Ali along with a high level team were in India for a seven-day trip and entered into several new agreements with the Indian state for collaboration in other sectors, inclusive of manufacturing and power generation.

Jagdeo in announcing the auction of 14 of Guyana’s oil blocks in November last year had said the process, “is consistent with the promise we made while in Opposition that future blocks will be given out only through auction. We are not going to do this directly, except if it’s a state-to-state engagement with the government participating.