Guyana PSAs reflect commitment to conservation

March 16, 2023

The draft models of the government’s Production Sharing Agreements (PSAs) for Petroleum Exploration, Development and Production are yet another example of the Government’s commitment to ensuring the protection of the environment.

The Deep and Shallow Water PSAs help the country to manage and develop its resources more effectively by allowing the host country to retain ownership and control of its oil and gas reserves, while enabling international oil and gas companies to invest in and develop those resources.

In Article 3– Rights and Obligations of the Contractor of the 90+ page documents, the government outlines a number of obligations which oil and gas production companies must follow.

One requirement is that the contractor or company takes all necessary steps to ensure that its operations are executed with ‘as low as reasonably practicable impact on the environment’, specifying that activities must have the lowest possible Greenhouse Gas (GHG) operational emissions.

The specification is important, as Guyana has made significant efforts towards environmental conservation in recent years, particularly in the preservation of its forests and biodiversity.

These include the establishment of a network of protected areas, including the Kaieteur National Park, the Iwokrama Forest Reserve, and the Kanuku Mountains Protected Area.

Other incentives and initiatives by the government, such as the monetization of its low deforestation rate in the form of carbon credits, and the gradual shift towards renewable energy, have established Guyana as a global leader in sustainable development and environmental conservation.

The agreements also include, among other provisions, the need for contractors to repair any environmental damage that may occur as a result of their operations—activities including removal of equipment, structures and debris, pipelines, the establishment of compatible contours and drainage, replacement of topsoil, re-vegetation, slope stabilisation, filling of excavations, or any other appropriate actions; as well as the need for contractors to carry out petroleum operations in accordance with the best existing international standards and practices regarding environment protection.

These requirements include the employment of modern, efficient machinery, and the application of suitable technology to maximise the efficient recovery of Guyana’s oil and gas resources.

Companies operating offshore Guyana will also be contractually obligated to provide all information, environmental impact assessments and specific technical studies required for the purposes of obtaining applicable environmental licenses from the relevant authorities.

The agreements also emphasise the need for operators to provide descriptions of technical solutions aimed at preventing and minimising environmentally harmful discharges and emissions, as well as safety management systems, including estimates of the maximum quantity of fuels and oil that will be stored in drilling units or production facilities.

Guyana is one of only eight countries in the world to have achieved a net zero target. As the government continues to make investments in renewable energy, Guyana moves closer to the globally coveted goal of achieving 70 per cent renewable energy.

 

 

 

PRC in US backyard

March 16th 2023

PRC welcomed the latest remarks by Honduran President Xiomara Castro, who said her country is seeking to establish diplomatic relations with China. Wang Wenbin, spokesperson of the Chinese Foreign Ministry, said that 181 countries established diplomatic relations with China on the basis of the one-China principle, which fully proved that establishing diplomatic relations with China is a correct general historical and political trend.

“On the basis of the one-China principle, China is willing to develop amicable and cooperative relationships with all countries around the world, including Honduras.”

Ms Castro said she instructed Honduran Foreign Affairs Minister Eduardo Reina to undertake the opening of official relations with China, as a sign of her determination to expand frontiers freely in concert with the nations of the world.

It was not the first time that the Honduras leader has expressed such intention, as Castro said during her presidential campaign in 2021 that she would seek diplomatic relations with China if she was elected, but her government backtracked on those comments after she took the office, according to media reports.

If the Central American country establishes diplomatic ties with China, it would also serve as a heavy blow to the island of Taiwan, some experts said, especially after Nicaragua and China resumed diplomatic relations in December 2021. Nicaragua was the eighth country that the island of Taiwan has lost relations with after the DPP’s Tsai Ing-wen became the Taiwan regional leader in 2016.

“Castro made the commitment during her presidential campaign, but then the US exerted much pressure on the Honduran government, which might have made her government backtrack on those words,” Jiang Shixue, a professor with the Center for Latin American Studies at Shanghai University, said, “But now it seems that the Honduras government has withstood the pressure.”

Chinese diplomats also welcomed Honduras’ remark. Chinese Ambassador to Mexico Zhang Run tweeted that “the one-China principle is the consensus of the international community and one of the basic rules of international relations. Congratulations Honduras for this correct decision to embrace that principle!”

“China’s growing economic presence and political influence in Central America and the Caribbean has changed the views of regional countries on China,” Cui Shoujun, professor and director of Latin American studies at the Renmin University of China in Beijing, said.

Since 2016, three regional countries – Panama, El Salvador and Nicaragua – that have established or resumed diplomatic relations with China have been receiving tangible development dividends, which is a factor that is encouraging Honduras, Cui said.

Honduras’ exports are mainly agricultural and aquatic products. As the Chinese market is huge, the economic structures of the two countries are highly complementary and play a driving role, Cui noted.

In 2021, trade between China and Honduras grew 67.1 percent year-on-year to US$ 1.62 billion, according to statistics from Chinese customs. By the end of 2021, Chinese enterprises had signed contracts worth US$ 640 million in Honduras and completed a turnover of US$ 700 million, according to the Chinese Ministry of Commerce.

“Central America is important for Taiwan to maintain its ‘diplomatic relations,’ and if Honduras severs ties with the island, it would deal a very heavy blow to the island,” Jiang said.

Newspapers in Honduras reported in January that Chinese Vice Foreign Minister Xie Feng met Honduran Minister of Foreign Affairs Enrique Reina in Brazil in January at the inauguration of Brazilian President Lula, and their talks reportedly focused on China’s construction of a hydroelectric dam in Honduras.

In the same spirit Panama and China said they hoped to reach a mutually beneficial bilateral free trade agreement (FTA), after launching negotiations earlier this week.

China’s Ambassador to Panama Wei Qiang told Xinhua that in negotiations of this kind, the key words are “mutual benefit.”

The two countries aim to “negotiate a modern, ample, comprehensive and high-level FTA” that reaffirms China’s interest in Panama as a Latin American gateway, given its role as a trade and distribution hub, said Wei.

“For the Chinese government, the guiding principle for negotiations is to develop and consolidate bilateral and international ties, to have mutually beneficial cooperation. Nothing is beneficial when it is sustainable only for one side,” he said.

Chinese companies have been operating in Panama for years, and their number is due to increase as the newly established ties between the two countries have spurred bilateral business and investment, Wei said.

The Panamanian economy “is very strong in the finance and services sectors, for which China can offer an attractive market for greater exchanges between the two,” he said.

“Panama holds numerous advantages for China, and China in turn represents numerous opportunities for Panama,” Panamanian Minister of Commerce Augusto Arosemena said.

The first round of talks, set to continue , is centered on outlining the main areas of the trade deal, said Alberto Aleman, head of the Panamanian negotiating team.

Leading the Chinese delegation is Zhang Shaogang, director of the Department of International Trade and Economic Affairs at China’s Ministry of Commerce.

Since establishing diplomatic ties in June 2017, the two countries have stepped up bilateral cooperation and aimed to strengthen trade with an FTA.

 

 

 

Latin America and Caribbean: 37 million lack drinking water

Friday, March 24th 2023

Nearly 50% of the people in the region live in areas of “extreme” and “high” climate vulnerability, the OAS said.

The Organization of American States (OAS) denounced this week that some 37 million people in the region lacked drinking water and cited climate change as a possible cause.

The OAS also warned Wednesday that nearly 50% of the people in the region live in areas of “extreme” and “high” climate vulnerability and 110 million people “do not have access to modern sanitation services.”

According to the OAS, climate change exacerbates the challenges of water resource management in the region and cites as an example the accelerated loss of South American glaciers, which “affects the provision of water for human consumption, agricultural use, and hydroelectric power generation.”

Droughts and water shortages in Central America and the Caribbean “caused greater poverty, food insecurity and migration and increased gender gaps,” the OAS also pointed out.

Today “time is running out, and it is necessary to step up the pace” to achieve the goal of Water for All, one of the UN’s Sustainable Development Goals, the OAS insisted.

Meanwhile, also on Wednesday marking International Water Day, United Nations Secretary-General António Guterres warned at the opening of the United Nations conference on water in New York about the “imminent risk of a global water crisis.” The Portuguese diplomat also feared that “the lifeblood of humanity” was being “drained,” and insisted that agriculture alone “absorbs 72% of the water.”

Guterres also denounced that the world population has “broken the water cycle, destroyed ecosystems, and polluted groundwater.”

“We have broken the water cycle. We are draining the lifeblood of humanity through vampiric overconsumption and unsustainable use and evaporating it through global warming,” Guterres warned. He also recalled that nearly “three out of four natural disasters are water-related.”

A recent joint report by UN-Water and Unesco warns of the “imminent risk of a global water crisis” and stresses that while in some places the resource is lacking, in others floods or contaminated water are multiplying. Hence, UN-Water and Unesco warned of the “imminent risk of a global water crisis.”

Some 6,500 dignitaries including a hundred ministers and some heads of state and government are convening until Friday in New York to try to find a solution and reverse the trend by 2030.

“There is a lot to do and time is not on our side,” said Gibert Hougbo, president of UN-Water, the platform that coordinates the UN’s work.

The previous conference had been organized in 1977 in Mar del Plata.

 

 

 

Corruption crackdown could delay Dragon discussions

2023, 03/23

“Los Petroleros” sculpture shows two men working on an oil drill of Petroleos de Venezuela, SA, PDVSA, on the Sabana Grande boulevard, in Caracas, Venezuela, on March 20, Venezuela’s oil czar, Tareck El Aissami announced his resignation and pledged to help investigate any allegations involving PDVSA.

A week after T&T and Venezuela signed a non-disclosure agreement related to the exploration of the Dragon gas field, Venezuela’s Oil Minister Tarek El Aissami resigned amid allegations of corruption and arrests of other senior Venezuelan officials.

President Nicolas Maduro promised to root out corruption and restructure Venezuela’s oil and gas sector.

Director, Latin American Energy Program, Rice University’s Baker Institute for Public Policy, Dr Francisco Monaldi, said this may impact the negotiations that both countries are undertaking, amid a power struggle among pro-Government factions.

National Anti-Corruption Police arrested Hugbel Roa, a former Minister of Higher Education, investigated for acts of corruption that occurred in PDVSA. He is associated with PDVSA subsidiaries, specifically Petrocedeño, a mixed state with shareholdings from France and Norway.

“There have been accusations of corruption regarding PDVSA and people close to (former) Oil Minister Tarek El Aissami who appear to be involved in these accusations. These events may also affect the pace of negotiations with T&T. These negotiations will have to be cleared by President Maduro and the Vice President. If they are involved in a power struggle that will affect negotiations with T&T. Of course, it is all speculative at this point as details are still opaque,” he said.

The expert on Latin American energy policy believes that the confidentiality agreement signed between T&T and Venezuela over the Dragon gas field is an indication that these negotiations are “serious.”

Monaldi, a fellow in Latin American energy policy, noted that the negotiations will not generate any revenues or benefits for either side in the short term.

“If you have a Non-Disclosure Agreement, that means that you have an ongoing negotiation that, in some sense, is serious because there are a lot of issues to be discussed that would require an agreement like that. I think that the negotiations are no doubt advancing. The conditions are there for a deal. Venezuela has no other way to monetise that gas and both countries will benefit eventually.”

Last week, T&T Energy Minister Stuart Young led a local team of officials to Caracas to continue negotiations with Venezuela’s state-owned oil company Petróleos de Venezuela (PDVSA), following which he signed a Non-Disclosure Agreement.

In January 2023, T&T secured a two-year licence from the United States Government to commence the development of the long-stalled Dragon project, scheduled to start production over a decade ago, delayed by US sanctions and lack of capital.

The licence allows T&T to undertake business related to the Dragon field with Venezuela’s heavily sanctioned State-run oil company PDVSA which owns Dragon field holding 4.2 trillion cubic feet of natural gas.

The Energy Chamber of T&T said importing gas from Venezuela to T&T will provide natural gas for the downstream petrochemical and LNG sectors, helping secure jobs, foreign exchange, and continued business opportunities.

Monaldi said that while exploiting its large gas reserves is important, the Venezuelan Government is more focused on rebuilding its oil infrastructure capabilities. Previously, Monaldi said that once negotiations are completed between T&T and Venezuela, he expects that the Venezuelan Government will get at least US$25 million monthly.

“On the oil side, this will significantly improve the revenue for the Venezuelan Government. On the gas side, this is something that will not generate revenues in one and a half to two years and maybe even more if the negotiations drag on.

“Secondly, even when it starts generating a flow of royalties it will be relatively small compared to revenues generated on the oil side. On top of that, the Venezuelan Government cannot get cash but humanitarian aid. The carrots are not that big for the Venezuelan Government to be excited.”

If the Venezuelan Government is deliberately dragging its feet for political reasons, it will be harder to complete negotiations and finalise a deal.

“My sense is that the Venezuelan Government is playing hard to get because they are unhappy about the conditions that have been set by the United States’ Office of Foreign Assets Control (OFAC) not only for this licence, but for the negotiations with Chevron.

This is part of a more general pattern of the Venezuelan Government these days; sort of playing hard to get in the sense of telling the US Government that they will not do what the US wants them to do, such as political concessions for fair elections for further lifting of sanctions.”

The Venezuelan Government thought that it would have received more sanction relief because of the situation in the international energy market.

“Venezuela thought that the United States and Europe were eager to get those hydrocarbons out and those investments to happen. But I think the Venezuelan Government is realising now the situation in the international energy market is not as tight as it was and Venezuela cannot provide significant help in that regard. The Americans are less inclined to give concessions without some political concessions from the Venezuelan side.”

 

 

Venezuela arrests 21

Bloomberg|Andreina Itriago Acosta, Patricia Laya|, March 27, 2023

In a widening corruption probe centered on billions of dollars in missing oil revenue, Venezuelan authorities announced 11 arrest warrants including the ruling regime’s inner circle,   Public Prosecutor Tarek William Saab said

Joselit Ramírez, who managed crypto payments to state agencies, is among 21 people detained for an alleged scheme to sell Venezuelan crude through the country’s cryptocurrency oversight agency without due payment to SOC Petróleos de Venezuela SA. Oil Minister Tareck El Aissami, a close ally of President Nicolás Maduro who was not formally implicated in the investigation, resigned last week.

Venezuela is ranked among the most corrupt countries and Maduro is attempting to crack down on graft ahead of a presidential election in 2024, in which he’s likely to run for a third six-year term.

Saab confirmed the arrest of ruling-party lawmaker Hugbel Roa, who was stripped of his parliamentary immunity from prosecution this week. A former technology minister, Roa had a key role in promoting the Petro, a sovereign cryptocurrency proposed by Maduro in 2017 to evade US attempts to restrict Venezuela’s access to the global financial system.

Roa and Ramírez allegedly were part of a network of money laundering recruits who were “rewarded with a luxury lifestyle,” said Saab, who displayed videos of armored vehicles, packs of dollar bills and private planes used by the accused. Government officials will face treason charges in addition to illicit appropriation and money laundering.

 

Venezuelan oil minister resigns amid corruption scandal

March 21st 2023

El Aissami said his sidestep sought to help investigators fight PDVSA corruption

Venezuelan Oil Minister Tareck El Aissami Monday resigned his post after the opening of a corruption investigation involving the state-owned oil company Petróleos de Venezuela (PDVSA).The Public Prosecutor’s Office and the National Anticorruption Police launched an operation in which two officials were arrested. The illegal deeds were reported to amount to US$ 3 billion of PDVSA funds.. In office since April 2020,.El Aissami, a powerful ally of President Nicolás Maduro, was singled out by the United States as an alleged drug lord.

_By virtue of the investigations that have been initiated into serious acts of corruption in PDVSA; I have taken the decision to present my resignation as Minister of Petroleum, to fully support, accompany, and back this process,_ El Aissami said on Twitter. After resigning, El Aissami announced his support for this new _crusade_ of the government against corruption. _Likewise, as a revolutionary militant, I place myself at the disposal of the PSUV leadership to support this crusade that President Nicolás Maduro has undertaken against the anti-values that we are obliged to fight, even with our lives._ .

In 2020, El Aissami was added to the US list of the 10 most wanted fugitives. In 2017 he was said to be a major drug trafficker and was indicted two years later on allegations of violating sanctions imposed by Washington. The White House offered a US$ 10 million reward for his capture.

Venezuela’s National Anti-Corruption Police arrested two men linked to El Aissami: PDVSA’s vice-president of Commerce and Quality Supply, Colonel Antonio Pérez Suárez, and Joselit Ramírez, National Superintendent of Cryptoassets (SUNACRIP), who manages the oil industry’s funds through cryptocurrencies.

The arrest occurred after police suspected high-ranking officials _could be involved in serious acts of corruption and embezzlement,_ according to the official report. Also arrested were Deputy Hugbel Roa; lawyer Cristóbal Cornieles; Santos Michelena Mayor Pedro Hernández, and the control judge for crimes associated with terrorism, José Mascimino Márquez.

Venezuela’s oil industry has been the target of other corruption investigations, which ended with the arrests of dozens of PDVSA employees and two oil ministers, Eulogio Del Pino and Nelson Martínez. Rafael Ramírez, who was oil minister between 2002 and 2014, is on the run abroad after being charged with embezzlement.,

 

US $171 million aid to Venezuela

2023, 03/17

The United States announced today more than US$140 million in additional humanitarian assistance and more than US$31 million in development assistance to respond to the needs of vulnerable Venezuelans in Venezuela, Venezuelan refugees and migrants, and their host communities across the region.

The State Department said this assistance includes more than US$56 million through the Department of State’s Bureau of Population, Refugees, and Migration (PRM) and more than US$115 million through the United States Agency for International Development (USAID). This assistance makes good on the Los Angeles Declaration’s commitment to support countries hosting large populations of displaced migrants and refugees.

“Our assistance supports the most vulnerable Venezuelans with their critical needs. It also complements the efforts of the host communities of 17 countries that have generously supported them. The United States works with trusted organizations to deliver assistance to ensure it is not diverted to the Maduro regime.”

The United States is the largest single donor for the response to the Venezuela regional crisis.

“This brings total US assistance to more than $2.8 billion since 2017, including more than $2.5 billion in humanitarian assistance and $387 million in development assistance. We are grateful for the extraordinary solidarity shown by the governments, the communities, and the people that provided, and continue to provide, refuge to the Venezuelan people during this difficult time. We urge other donors to help support the millions of vulnerable Venezuelans displaced as a result of the humanitarian crisis in Venezuela,” the State Department said.

 

 

 

TT Energy ministry participates in AAPG Energy Opportunities

2023, 03/23

TT Ministry of Energy participated in the AAPG Energy Opportunities 2023 Conference being held between March 21 and 23 in Mexico City, Mexico.

As a precursor to the main event, The National Hydrocarbon Commission (CNH) of Mexico hosted an invitation only Regulator Forum on Tuesday. The Ministry was represented by Kimberlee London, Senior Geologist and Bid Round Team Lead.

The event showcased representatives from Mexico, Belize, Bolivia, Colombia, The United States, Suriname, Uruguay and Trinidad and Tobago.

Following a guided tour of the National Lithoteca in Hidalgo, Mexico, a highly specialized storage facility for geological samples, the participants were assigned to working tables to exchange ideas and experiences on best practices and lessons learnt by each country in the hydrocarbon sector.

TT Ministry of Energy and Energy Industries is also hosting an exhibition booth at the International Pavilion from March 22-23. The Ministry gave the first presentation during the Country Snapshots on the first day of the conference, using the opportunity to present on its upcoming 2023 Shallow Water Competitive Bid Round.

The presentation was well attended and generated valuable follow-up discussions with the Ministry’s Bid Round Team representatives on-site. The Ministry was able to showcase its recently launched Virtual Data Room in preparation for the upcoming Shallow Water Bid Round.

National Energy President, Dr. Vernon Paltoo, participated in two panels on the first day of the conference. During the panel titled ‘What’s in a Name? Transforming from Oil and Gas to Energy Companies’, Dr. Paltoo highlighted Trinidad and Tobago’s efforts in building a low carbon energy sector while maintaining the relevance and importance of the gas industry.

 

 

 

BOEM Lease Sale 261

March 12, 2023

Auction in September would offer approximately 73.4 million acres.

Courtesy BOEM
Boem Lease Sale 261
Offshore staff

NEW ORLEANS – As required by the Inflation Reduction Act of 2022 (IRA), the Bureau of Ocean Energy Management (BOEM) will publish the Proposed Notice of Sale (PNOS) for an oil and gas lease sale in the Gulf of Mexico, which is scheduled to be held in September 2023.

The IRA mandated that BOEM hold Lease Sale 261 no later than September 30, 2023. BOEM is reportedly proposing to hold the sale Sept. 27. Bids are due from companies a day earlier.

In January, BOEM published a final supplemental Environmental Impact Statement for the lease sale that analyzed potential impacts to important environmental resources and identified robust mitigation measures for consideration in leasing the area.

The PNOS will publish in the Federal Register in the coming days. In the meantime, the PNOS and a map of the proposed lease sale area are available at http://www.boem.gov/sale-261.

03.12.2023

 

 

 

IDB

Guyana Agri ministry receives $150M in equipment

March 14, 2023

The Guyana Ministry of Agriculture received equipment valued at $150 million through its Sustainable Agriculture Development Programme (SADP) with funding from the Inter-American Development Bank (IDB).

The equipment will strengthen the ministry’s extension services to small and medium-scale farmers in Regions Two to Six and Ten.

The handing over ceremony took place in the ministry’s compound in Georgetown.

 

During the simple ceremony, Minister Mustapha noted that extension officers have a critical role to play in the development of Guyana’s agriculture sector.

“If we are to satisfy the needs of our people and if we are to contribute meaningfully to meeting Caricom’s 25 by 2025 food import bill reduction, then our extension officers have that critical role to play. They have to give that kind of guidance that ensures our farmers implement best practices and impart the requisite knowledge that will increase production” the minister said.

IDB Representative Lorena Solórzano-Salazar remarked that the partnership between the Government of Guyana and the IDB in strengthening agricultural extension services will bring multiple benefits to small and medium-scale farmers.

“Extension services are known to greatly increase the productivity and income to low-income farmers… especially in terms of distance, transportation and having access to markets,” she said.

The assets included six 4×4 pickup-type vehicles, six all-terrain vehicles, six outboard boats and engines, and 24 off-road motorcycles, which were procured through funding under the Ministry’s Agriculture Sector Development Unit. The equipment will be allocated to various agencies such as the National Agricultural Research and Extension Institute (NAREI) and the Guyana Livestock Development Authority (GLDA) targeting farmers in far-flung areas where access is usually an issue.

The Ministry of Agriculture recently hosted its’ first extension service training exercise in keeping with the government’s plan of revamping extension services and improving farmers’ productive capacity, which will contribute significantly to Guyana’s food security agenda.

The Director General of the Ministry of Agriculture, Madanlall Ramraj, Permanent Secretary Delma Nedd and other staff of the ministry and IDB attended.

 

 

 

UN chief denounces energy companies

Friday, March 17th 2023

Guterres said the combined profits of the largest energy companies in the first quarter of the year were nearly US$ 100 billion.

UN Secretary-General Antonio Guterres accused oil and gas companies of making “excessive” profits from the energy crisis sparked by the war in Ukraine, calling it “immoral.” Guterres, releasing a UN report on the consequences of Russia’s invasion of Ukraine, urged governments to tax the companies’ earnings.

“It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities and at a massive cost to the climate. I urge all governments to tax these excessive profits and use the funds to support the most vulnerable people through these difficult times. And I urge people everywhere to send a clear message to the fossil fuel industry and their financiers that this grotesque greed is punishing the poorest and most vulnerable people, while destroying our only common home, the planet.”

Guterres said the combined profits of the largest energy companies in the first quarter of the year were nearly US$ 100 billion. With the rise in oil and gas prices, BP, ExxonMobil, Chevron and Shell also reported enormous profits in the second quarter.

The UN chief said that between now and the end of the year, 345 million people will be “acutely food insecure” or at “at a high risk of food insecurity” in 82 countries, an increase of 47 million due to the impact of the war in Ukraine.

Guterres warned that “many developing countries are drowning in debt, without access to finance, and struggling to recover from the Covid-19 pandemic and could go over the brink.”

“We are already seeing the warning signs of a wave of economic, social and political upheaval that would leave no country untouched.”

 

 

 

Tension between Ecuador and Argentina

Friday, March 17th 2023 –

Ecuador expects to overcome the diplomatic crisis with Argentina soon after both nations withdrew ambassadors amid questioning from Quito regarding the escape of a former minister convicted of corruption who was taking refuge in Argentina’s diplomatic residence in Ecuador.

“We hope that this impasse will be resolved soon,” said Foreign Minister Juan Carlos Holguín in an interview with Ecuavisa channel.

The head of Ecuador’s diplomacy added that ”a diplomatic break with Argentina (…) would be a counterproductive measure for a large number of Ecuadorians we have“ in that country and for the ”existing commercial relationships.“

Ecuador recalled its ambassador to Argentina and declared Argentine Ambassador Gabriel Fuks persona non grata in Quito.

The crisis originated after María de los Ángeles Duarte, a former minister sentenced to eight years in prison, fled to Venezuela from Argentina’s diplomatic headquarters in Quito, where she had been taking refuge since August 2020.

Buenos Aires responded to Quito’s decision in the same vein and declared Ecuador’s ambassador Xavier Monge persona non grata.

The Argentine government denied having facilitated the escape to Venezuela of Duarte from her refuge in the Argentine embassy in Quito, while distancing itself from security issues in Ecuador.

As a result of the crisis, the Ecuadorian government ”has had high-level conversations with President (Alberto) Fernández in the last few hours,“ Holguín said.

He stated that for now, Ecuador will only maintain its chargé d’affaires in Argentina.

The Argentine foreign ministry argues that ”there is no international norm that obliges Argentine diplomatic authorities to exercise custody over Duarte.“

However, Quito maintains that ”at best, there was negligence in the care of Ms. (Duarte) and at worst, there was complicity in her escape,” according to Holguín’s statements.

Argentina had offered asylum to the former minister, but the Ecuadorian government denied her a safe conduct to leave in December. Duarte was convicted along with former socialist President Rafael Correa – who is in asylum in Belgium – and other government officials for being part of a criminal structure that demanded bribes of nearly $7.6 million from companies in exchange for contracts with the State, according to the Prosecutor’s Office.

 

 

 

EU

Guyana gets grant of 5 million euros for forest sustainability

March 15, 2023

Guyana received an over $1.1 billion (€ 5 million) grant from the European Union to maintain its forest and natural resources and strengthen sustainable development specifically in Amerindian communities.

The newly inked agreement stemmed from high level discussions at the Conference of the Parties (COP) 27 in Egypt last November. The implemented partners are the French Development Agency (Agence Française de Développement – AFD) and World Wildlife Fund (WWF) Guianas.

With the $1.1 billion funding, Amerindian communities will create sustainable business ventures that will reduce the pressure on its natural resources,and overall, preserve the forest and its biodiversity.

President Ali said the partnership is essential to addressing global challenges, noting that it matches his administration’s efforts of creating a low carbon economy and supporting sustainable livelihoods.

Guyana is working to be at the forefront of sustainable forest management, specifically on the utilisation of the forest for transformation of countries by creating a social, economic and sustainable model.

“Guyana’s forest is not just standing trees but an important asset that provides global services, and in the provision of this global service, it is only fair that the forest earns for the country and its people who ensure that it stays intact, in support of those global services.”

Guyana and the EU have been partners working together to advance the vision of enhancing the role of Guyana’s forest in sustainable and inclusive national development.

Deputy Secretary General of European Union Action Service, Helena Konig  said
“I am very pleased that we are advancing the process to implementation so quickly after the initialing of the country’s agreement…This partnership with AFD and WWF is underpinned by focus on what works, moving to create practical solutions, development challenges and addressing the vital role that forests play in overcoming these challenges.

“Sustainable livelihood sits at the heart of this endeavour as when we create the opportunities for people for economic advancement and social upliftment, we provide them with resources to make decisions to safeguard the environment and protect the forest,” President Ali stated.

The programme will ensure coherence, complementarity and strengthening of government initiatives in the region. For example, the carbon credit sales of which 15 per cent will go to projects in Amerindian communities.

“Villages have already outlined their various sustainability plan and we want to complement those plans, we want to augment those plans and this is done with close alignment through the Low Carbon Development Strategy,” the president disclosed.

The Deputy Secretary General of European Union Action Service commended the government’s efforts in its drive to maintain low deforestation rates and pledged the EU’s support in this regard.

“The European Union has made substantial and sustainable forest management the one and only focus in its new bilateral cooperation with Guyana, fully in line with Guyana’s own Low Carbon Development Strategy. We aim to support Guyana’s ambition to preserve and enhance the sustainable development role of forests as a key asset,” she said.

The EU will continue to dialogue with government agencies and communities on the ground during the inception phase, which will enable development of economic activities that will benefit the communities.

 

 

 

Guyana forests are important global assets

March 16, 2023

€5m grant from EU to improve forest sustainability, communities’ livelihoods

His Excellency Dr Irfaan Ali said that Guyana’s forests are important global assets that provide “global services”.

Guyana is “very pleased” to sign a four-year €5m grant (approximately GY$1.1b) with the European Union (EU) for the sustainability of the country’s forests and forest-dependent communities.

At State House, the President said that “it is only fair that the forests earn for the country and the people who ensure that it stays intact in support of those global services”.

Guyana is also working to provide global leadership on sustainable forest management and is looking to provide a practical example to the world on how the environment, forests, freshwater, and biodiversity must be safeguarded to sustain life.

“We also look to develop new ways of incentivising the global fight to safeguard forests. The main actions identified to be advanced by this cooperation will look to strengthen sustainable livelihoods in forest communities and enhance knowledge and capacity for sustainable use and supply of nature-based goods and services.”

Guyana’s forests are estimated to store over 19.5 gigatons of carbon dioxide with the capacity to remove 154 million tonnes more every year from the atmosphere. They provide a vital ecosystem and environmental services to the world.

König, praised Guyana for its “historically low deforestation rates”. Guyana is the only country in the world in which the EU has signed both the Forest Law Enforcement Governance and Trade Voluntary Partnership Agreement—FLEGT, and the Forest Partnership Memorandum of Understanding.

The President outlined that over the years, Guyana has found a “very delicate” balance in the development and advancement of forest-dependent communities in the context of sustainable forest management.

Sustainable livelihoods sit at the heart of this endeavour.

“When we create the opportunities for people, for economic advancement, and social upliftment, we provide them with resources to make decisions to safeguard the environment and protect forests.”

Guyanese should never “undervalue our contribution and our record in terms of deforestation rates. That is not by accident; that is by deliberate planning, deliberate policy and a strong understanding of the role of forests in today’s environment and in the fight against climate change”.

The partnership between Guyana, the EU and by extension the France Development Agency (AFD) and the World Wildlife Foundation (WWF) Guianas underpins the focus on what works and moves to create practical solutions to development challenges.

Forest-dependent communities have outlined their village sustainability plans which will be complemented and augmented with the project so that they align closely with the country’s Low Carbon Development Strategy (LCDS).

Moving forward, he explained that all actions carried out under the project are expected to be done in close coordination with national institutions and local partners, such as the National Toshaos Council to maximise the benefits of significant resources already invested at the community level. Partnership between the EU and Guyana means working together for global sustainability. This is a flagship project of the EU’s Global Gateway strategy which will also benefit Suriname, which is expected to receive a similar grant.

 

 

 

1st U.S. hydrogen-powered ferry arrives in San Francisco

March 15, 2023, by Jasmina Ovcina Mandra

The first hydrogen fuel cell-powered ferry in the United States, named Sea Change, arrived in San Francisco, California.

The vessel was towed to the California Bay Area and is expected to start taking its first passengers in late spring. The arrival of the vessel was confirmed by both the shipbuilder and the owner of the vessel.

The 75-passenger ferry was built by All American Marine shipyard for the compatriot shipowner SWITCH Maritime. The vessel, designed by Incat Crowther, is fitted with hydrogen-powered fuel cells producing electricity to power electric motors enabling the vessel to sail distances of up to 300 nautical miles and reach speeds up to 20 knots. The fuel cell power package is provided by Zero Emissions Industries (formerly Golden Gate Zero Emission Marine), comprised of 360 kW of Cummins fuel cells and Hexagon hydrogen storage tanks with a capacity of 246 kg.

This system is integrated with 100 kWh of the lithium-ion battery provided by XALT and a 2×300 kW electric propulsion system provided by BAE Systems.   Sea Change was delivered in August 2021 and fueled for the first time in November 2021. It was slated to launch commercial operations last year.

 

 

CERA Week

10 march

At S&P global CERA Week 2023 in Houston, Texas

VICE-PRESIDENT of Guyana Dr Bharrat Jagdeo challenged unfair rankings, noting that indexes are often “stacked against” small countries although they might be performing well in the area under review. Jagdeo specifically referenced an environmental and sustainability index done by Yale and Columbia, which ranked Guyana at 105, while the United Kingdom was ranked number two.

“The United Kingdom is number two on the index and Guyana is 105, so just imagine how could you produce any matrix or set of matrices that a country that has cut down all of its primary forests will be number two in the world in terms of environmental sustainability.”

In Guyana, a majority of the land is covered with forests. Against this backdrop, he said that a lot of the indexes are stacked against small countries. The World Economic Forum competitiveness index marks down countries with malaria. Countries would already have a higher mark based on the size of their economy and countries like the US would be ranked number one all the time. Guyana is actively sustaining its forest and pushing forward in environmental protection. Last year, the Architecture for REDD+ Transactions (ART) issued the world’s first TREES credits to Guyana. This marked a milestone as the first time a country was issued carbon credits specifically designed for the voluntary and compliance carbon markets for successfully preventing forest loss and degradation — a process known as jurisdictional REDD+.

Following completion of an independent validation and verification process and approval by the ART Board of Directors, ART issued 33.47 million TREES credits to Guyana for the five-year period from 2016 to 2020. Guyana, through this achievement, paved the way for other governments to explore carbon-market financing for success in protecting and restoring forests. In January, Guyana received its first payment for carbon credits under an agreement with the Hess Corporation. Some US$75 million was paid and was the first payment in the agreement said to be worth a minimum of US$750 million up to 2030. That payment was a result of the Government of Guyana’s commitment to recognising the role that Guyana’s forest plays in the development of the country and combatting climate change globally. That process was guided by the Low Carbon Development Strategy (LCDS) 2030, which sets out a vision to monetise the climate and ecosystem services provided by the country’s standing forest while also accelerating Guyana’s economic development.

 

 

Guyana potential

March 9, 2023

Vice-President, Dr. Bharrat Jagdeo spoke on Guyana’s rise as an Energy Power during a CERAWeek 2023 discussion with Daniel Yergin, Vice Chairman of S&P Global CERAWeek 2023

 

 CERAWeek 2023 

VICE-PRESIDENT, Dr. Bharrat Jagdeo engaged members of the business community and elected officials in Texas, US, on the potential that exists in Guyana, among other things that would better position the country for more opportunities.

Dr. Jagdeo, who is representing the country at CERAWeek 2023, held a discussion with Vice Chairman of S&P Global, Daniel Yergin, a highly respected authority on energy, international politics and economics. He is Vice Chairman of IHS Markit and chairman of CERAWeek, which CNBC described as “the Super Bowl of world energy.”

Time Magazine said: “If there is one man whose opinion matters more than any other on global energy markets, it’s Daniel Yergin.”

The New York Times described Daniel Yergin as “America’s most influential energy pundit.”

Fortune said that he is “one of the planet’s foremost thinkers about energy and its implications.”

     Jagdeo also met Ivan Duque Marquez, Former President of Colombia.

 

 

 

 

 

Stabroek Block deal

Mar 09, 2023

At the 51st Annual Scotia Howard Weil Energy Conference, Chief Executive Officer (CEO), John Hess was asked to address calls for renegotiation and the risk they pose. Though there have been calls for an increased royalty and for the inclusion of provisions that would close avenues for abuse, Hess said emphatically that investors have nothing to worry about.