ExxonMobil spuds Hamlet exploration well offshore

Fabio Palmigiani
Rio de Janeiro 18 June 2025

Company accelerating drilling activities in Stabroek block

US supermajor ExxonMobil is conducting a new exploration programme offshore Guyana in a fresh attempt to continue adding volumes to 46 discoveries in the petroliferous Stabroek block. The new drive takes place as ExxonMobil recently started drilling of the top section of the Lukanani-2 appraisal well in the same block. Guyana Maritime Administration Department (MARAD) said Stena Drilling drillship MODU Stena Carron commenced drilling the Hamlet-1 prospect on June 15.

Located about 193 kilometers southeast of the Guyanese coast, Hamlet-1 is a promising oil play that could unlock new volumes. This well is part of ExxonMobil Guyana Limited’s (EMGL) broader 2025 campaign, which includes development wells supporting projects at Yellowtail, Uaru and Whiptail.

ExxonMobil is intensifying exploration efforts with the drilling of two new wells — Hamlet-1 and Lukanani-2 — as it seeks to expand recoverable resources of over 11 billion barrels already discovered offshore.

Simultaneously, Exxon is appraising the Lukanani-2 well, following its 2022 discovery of hydrocarbon-bearing sandstones at Lukanani-1. The Stena Carron, fresh from drilling the Barreleye-2 well, is handling both campaigns.

Earlier this year, EMGL President Alistair Routledge had spoken about the Hamlet-1 well in the context of plans to explore for oil this year after the previous year appraising discoveries.

“We drilled some large exploration wells last year; we are digesting the results of those. In the meantime, we have identified one exploration well that we are progressing the approvals for with the government and the EPA (Environmental Protection Agency). That will be called the Hamlet One well. That’s looking for an oil play in the southeast portion of the Stabroek Block.“

Routledge had also indicated that for 2025 the company plans to drill 30 development wells, setting the stage for future exploration and production of oil in the Stabroek Block.

“As always, at this stage, we’re investing in a mix of wells. The Yellowtail project is starting up. We will also be drilling wells for other projects that are going to start up soon- about 30 development wells in 2025, spanning across Yellowtail, Uaru and Whiptail developments. So, a really important year for us as we drill those wells and prepare for those developments to start up in 2026 and 2027,” Routledge told the Energy Perspectives Podcast.

EMGL, oil giant Exxon Mobil’s local subsidiary, is the operator of the Stabroek Block and holds a 45 per cent interest, while Hess Guyana Exploration Ltd holds a 30 per cent interest, and CNOOC Petroleum Guyana Limited, a wholly owned subsidiary of CNOOC Limited, holds the remaining 25 per cent interest. The block is the cornerstone of Guyana’s oil boom, where three floating production storage and offloading units — Liza Destiny, Liza Unity, and Prosperity — currently produce around 650,000 barrels per day. With the Yellowtail project due online by 2027, total output is projected to reach 810,000 bpd. Exxon also plans to deploy at least five more FPSOs by 2030.

Political developments may slow new licensing activity. Vice President Bharrat Jagdeo announced that no new oil blocks or key gas agreements will be signed ahead of general elections scheduled for September 1. Negotiations with Fulcrum LNG — the low bidder for an offshore gas gathering system — and winners from the country’s first competitive offshore round will be paused until after the vote.

 

 

 

VP – ‘Guyana remains crucial part of ExxonMobil’s  global portfolio’

June 5, 2025

 Company intends to be in Guyana for a long time

Guyana remains a very important part of ExxonMobil’s global portfolio, with the company confirming that a total of six development projects will be online by 2027 and that production will be significantly increased well into the future.

During a financial backgrounder at ExxonMobil Guyana’s Kingston office on Tuesday, the company’s Vice President and Business Services Manager, John Colling, spoke about Guyana’s importance to Exxon’s portfolio.

Colling noted that in addition to six development projects- Liza Field 1 and 2, Payara, Yellowtail, Uaru and Whiptail- that will be online by 2027, the company is considering Final Investment Decisions (FID) for two additional projects.

“We’ve been pretty clear about our development plans for Stabroek Block. We have three projects or three Floating Production Storage Offloading units producing today. We have a fourth, which has arrived in Guyana and we expect it to come online in the third quarter,” Colling explained.

“We have two additional sanctioned projects, which will be online by 2027. And then a seventh and eight project, which we’re reviewing for FID. So clearly, this affiliate is very important for ExxonMobil Corporation. And we have a development plan to increase production, many years down the line into the future.”

The Executive noted that while the company recorded an accounting profit, they are GYD$700 billion in the red when it comes to how much they need to recoup from cost recovery stemming from their investments in the Stabroek Block.

“Indeed, we continue to invest in Guyana. In fact, ExxonMobil Guyana Limited and its partners have committed to invest over $55 Billion through six projects. And as you mentioned, we have not recovered our costs to date. I don’t want to project when that will occur, because there are a number of factors including price and when projects will come online,” Colling explained.
“What I can say is that when costs have been substantially recovered, we expect for the government of Guyana to achieve US$10 Billion. We, ExxonMobil Guyana Limited, are fully committed to the Stabroek Block. Our continued investments. And we plan to be here a long time and continue our partnership with the people of Guyana and the government of Guyana.”

The Stabroek Block is 6.6 million acres (26,800 square kilometres). Exxon, through its local subsidiary EMGL, is the operator and holds 45 per cent interest therein. Hess Guyana Exploration Ltd holds 30 per cent interest, and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds the remaining 25 per cent interest.

As of December 2024, EMGL directly owns all three Floating Production Storage and Offloading (FPSO) vessels operating in the Stabroek Block, following the purchase of the Liza Destint FPSO for US$535 million.

Six FPSOs are expected to be operating offshore Guyana by 2027. The fourth FPSO, dubbed the ‘One Guyana’ FPSO, arrived in Guyana earlier this year. This vessel will operate in the Yellowtail development.

The fifth FPSO, which would be named ‘Errea Wittu’, meaning “abundance” in the Warrau Indigenous language, would meanwhile operate in the Urau project. It would have an oil storage capacity of two million barrels, an oil production design rate of 250,000 barrels per day, and be able to offload approximately one million barrels onto a tanker in approximately 24 hours.  This vessel would be delivered by MODEC, a Japanese company that has confirmed construction of this FPSO. Start-up of the US$12.7 billion Urau development is targeted for 2026.

‘Jaguar’, the sixth FPSO, is earmarked for Exxon’s Whiptail project. Government has said that by the time this FPSO comes online in 2027, Guyana is expected to be producing as much as 1.2 million barrels of oil per day. This FPSO is currently in the final stages of construction.

 

ExxonMobil Consortium Reports $10.4B Profit in 2024

June 4, 2025 Reuters –

Kemol King;Marianna Parraga; Paul Simao and Richard Chang.

Operator Exxon said an oil-producing consortium comprising Exxon Mobil, Hess and CNOOC posted a 64% surge in 2024 profit to $10.4 billion, as facility updates allowed sustained output growth.

Due to fast production expansion and relatively low government royalties and taxes, Guyana has become a profitable operation for the group’s members, which control all oil and gas output in the producer.

• • Guyana and its neighbors sharing the same basin are expected to become one of the world’s last frontiers for oil development.
  • In a report on its operations there, Exxon in January posted total adjusted earnings of $33.46 billion in 2024, with $4.7 billion from Guyana.
  • Hess profit in Guyana rose to $3.1 billion last year from $1.9 billion in 2023, while CNOOC profit grew to $2.5 billion from $1.5 billion, the companies’ individual reports showed.
  • The consortium’s oil output rose 3% year-on-year to 631,000 barrels per day in the first quarter, government figures showed. Output is expected to surpass 900,000 bpd once the companies complete the installation of a fourth production vessel that arrived in the country’s waters in February.
  • A licence for a potential rival consortium led by Toronto-listed Frontera Energy was recently terminated by Guyana’s government.
  • As pressure to secure natural gas supplies increases in Guyana, the Exxon group is planning a strategy to quantify reserves and plan development and supply, company executives said earlier this year
  • In the fourth quarter, the consortium reached a gross output volume of 652,000 bpd following updates at some of its floating facilities, Exxon reported. Production capacity is expected to reach 1.7 million bpd by 2030.
  • The group’s expenses in Guyana rose 42% to $4.9 billion in 2024, for a profit before taxes of $12.8 billion.
  • Exxon group’s Guyana oil output rose to 668,000 bpd last week.

 

 

 

Modec to contract offshore installation for seventh FPSO

Hamme FPSO is scheduled to enter Hammerhead operation in Stabroek block in 2029

Fabio Palmigiani
South America Correspondent Rio de Janeiro

23 June 2025,

Japanese floater specialist Modec has issued a request for information (RFI) to scout potential players to carry out offshore installation activities at the seventh floating production, storage and offloading vessel that will be deployed offshore Guyana.

Modec is in charge of two floaters to produce for US supermajor ExxonMobil in the prolific Stabroek block — the Errea Wittu FPSO in the Uaru field and a yet-to-be-named unit for the Hammerhead development.

According to bidding documents obtained by Upstream, Modec is tendering for the suction piles and chains pre-lay scope of work for the Hammerhead project due to enter operation in 2029.

 

 

ExxonMobil Guyana funds UG mechanical lab upgrade

June 18, 2025

With the launch of its newly upgraded Mechanical Lab at the Faculty of Engineering and Technology (FET). University of Guyana (UG) took a significant step in its delivery of world-class engineering education.

Funded by a $10 million (US$50,000) grant from ExxonMobil Guyana, the enhanced facility, officially commissioned on June 9, 2025, in a ceremony at UG Turkeyen, features modern, industrial-grade equipment aimed at enriching practical skills of students and fostering innovation.

The initiative aligns with the university’s ambitious development roadmap, Blueprint 2040, which prioritises the advancement of science, technology, engineering and innovation to better prepare students for the demands of an evolving global economy. Replacing machinery donated by the British Council in 1979, new equipment includes two Smithy Granite XT 3-in-1 Machines, a Miller Multimatic 215 Multiprocess Welding Plant, a Baldor-Reliance Industrial Grinder 1217W, and a Jet HVBS-712DV Horizontal/Vertical Bandsaw.

Vice-Chancellor, Professor Paloma Mohamed Martin advanced revitalisation efforts initiated by FET Laboratory Technologist, Mr. Bruce Nigel Haynes.

“We’re not only speaking about becoming a world-class university; we have a plan and we are working that plan to get us there. While we are delighted that students now have access to this equipment, we also urge them to take care of it—not just for themselves, but for the many others who will benefit in the years ahead.”

She expressed heartfelt thanks to ExxonMobil Guyana for its continued partnershhip, noting that the company’s sustained support has been invaluable to both the university and its students.

Dean of the Faculty, Dr. Kofi Dalrymple, highlighted the impact of the modern equipment: “These tools are more than machines; they are the instruments that will allow our students to build their skills, work with purpose and prepare to meet the real-world demands of the engineering profession. This investment reflects a shared vision with ExxonMobil to develop a stronger, more innovative Guyana.”

Head of the Department of Mechanical Engineering, Ms. Elena Trim, echoed the sentiments of appreciation. “Words cannot express how happy we are about this donation. Our students will now have the tools they need to create, test, and refine their final-year projects. We’ve already seen their excitement and drive—it’s uplifting.”

Students expressed gratitude, emphasising that the equipment will bridge the gap between theory and practice and offer new opportunities to work on meaningful projects and compete in engineering challenges.

Community Relations Advisor, Ms. Lasawhna Prescott, reaffirmed the commitment of ExxonMobil Guyana, to education and STEM development . “.. we see education as the cornerstone of development. STEM in particular is a focus for us—not only to prepare young Guyanese for the oil and gas industry but to build their capacity for a much broader outlook. Collaborating with the University of Guyana has given us many opportunities and many successes that empower future leaders.”

UG plans to further expand the Mechanical Lab’s capabilities by acquiring additional equipment, integrating interdisciplinary research and strengthening partnerships with international academic and industry leaders.

This latest investment signals not only an upgrade in physical infrastructure but also its unwavering commitment to producing globally competent graduates capable of addressing current and future engineering and technological challenges.

 

 

 

ExxonMobil Guyana assets

June 13, 2025

Guyana can take ownership after production activities

ExxonMobil Guyana Limited (EMGL), operator of oil-rich Stabroek Block, takes 75% of the production to recover its investments. This cost recovery ensures that the company and its partners recoup the costs associated with installing the facilities to ensure safe production and smooth flow of the operations. The assets financed through cost recovery do not belong to the country. On June 3, Exxon’s Business Services Manager, John Collings hinted that Guyana can only take ownership of the assets when production activities are completed.

“Under the petroleum agreement, those assets are owned by ExxonMobil Guyana Limited but as you highlighted, there is cost recovery on those assets so once costs have been recovered and those assets have produced as intended then under the petroleum agreement Guyana does have the ability to take ownership of those assets.”

Ownership of assets have sparked debate since Exxon signaled its intent to sell its local resources to meet financial obligations in the event of an oil spill disaster. With the country lacking an unlimited oil spill guarantee from the parent company, Exxon has said it can sell the assets here to fund costs of cleanup and compensation. It is however argued that these assets cannot be sold by the company, since they are funded by the state. It would therefore mean that Guyana would handle the bill for such a disaster.

By the end of January 2025, Guyana already paid Exxon US$33.9Billion for investments in the Stabroek Block. ExxonMobil invested or is committed to invest about US$54Billion on the six projects sanctioned to date. Guyana’s financial protection in the event of an oil spill includes a US$600M insurance (per event), and a US$2B affiliate company guarantee. Exxon also explained that it could sell the assets it owns, to meet its financial obligations in this regard.

Even as the debate continues over the rightful owners of these assets, stakeholders argue that the oil spill coverage is grossly insufficient, considering the scale of Exxon’s local operations and its likely impact on 14 Caribbean islands.

Government has since passed legislation to address oil spills, about which local and regional lawyers raised concerns.

 

 

 

Guyana positioned as major regional oil and gas services provider

Denis Chabrol 11 June 2025

 11 June 2025

Orinduik Marine Services launches remote offshore vehicles and diving services

President Irfaan Ali said the Local Content Act helped to position Guyana as a major service provider to the oil and gas sector in the region ahead of Trinidad and Tobago.

“These investments are geared towards our ultra-deep operation. Everything that will happen in this region – you hear Jamaica speaking about exploration, what is happening in Suriname. Who, in the region, has that in-built capacity and capability now to take the lead. It’s not Trinidad and Tobago. It’s Guyana who is developing that capability and capacity for deep and ultra-deep operations,” he told the official launch of Orinduik Marine Services (OMS) at Lusignan, East Coast Demerara.

Referring to Jamaica where UK-headquartered United Oil and Gas company is seeking partners to explore for oil in an offshore prospect, he hoped that the CARICOM member state would tap into companies in Guyana.

“We’re part of CARICOM and if we have these capabilities, our Jamaican brothers and sisters would have to give us the opportunity. Our brothers and sisters in Suriname would have to give us the opportunity.”

OMS, founded and led by Harrychand Tulsi, is focused on two critical subsea areas – remotely operated vehicles (ROVs) and diving services. The company, which operates a fleet of ROVs globally through its subsidiaries in the United Kingdom and the United States, says it aspires to provide these services to international oil and gas companies regionally, especially in the Guyana-Suriname basin.

The Local Content Act is pivotal to accelerating those types of support, developments and partnership that lead to the transfer of technologies, knowledge and capabilities.

The OMS founder announced that the Guyana-registered company had already started working through its British and American subsidiaries.The initial equipment roll-out includes seven ROVs and three dive spreads supported by the dive vessel, CALAMAR, and a “full battery of accessories”.

General Manager of OMS (Dive Operations) Kenneth Vorster said the services provided would be in keeping with international standards. The company would be audited to ensure it complies with the highest standards set by the International Standards Organisation (ISO), International Marine Contractors Association (IMCA) and International Oil and Gas Producers (IOGP) before they could be hired by companies such as ExxonMobil, TOTAL and SBM.

“This process has already started and we have not even secured any contract or work or promises of work. Such is the belief in this company that we will grow and succeed.”

Training and apprenticeship programmes would be provided to identified persons for positions of divers, dive technicians and dive supervisors. All candidates would be internationally qualified and recognised, opening the possibility to work globally. They will be earning international rates no matter where they go even if they work within Guyana.

Chief Executive Officer of OMS Subsea (UK), Mike Arnold said the company was working with a Norwegian company to bring innovations such as artificial intelligence and machine learning to Guyana.

The aim would be to use that technology to pipeline surveys, inspection and the processing of inspection results “to cut down the cost and to cut down the time it takes to turn it around.”

He announced that OMS was exploring the possibility of using fully autonomous vehicles to do seabed mapping, pipeline mapping and inspections.

“They can be operated right here from this facility 20 miles offshore or around the world. They could be operated in another state driven and piloted by Guyanese students and technicians,” he said.

The President said the government was revamping the legislation and administrative process governing the maritime sector to support investments for the next 30 years. He was interested in ensuring Guyanese companies could compete for global opportunities.

“We are building the most skilled human capital that will go after every opportunity. We are not building a local operation. We are building local companies with the best international partners to go after every world-class opportunity.”

 

 

 

Guyanese subsea oil and gas company launched

Guyanese owned subsea oil and gas support training services company, Orinduik Marine Services (OMS) was yesterday launched as President Irfaan Ali underscored that with continued similar investments this country can position itself to compete regionally and globally for jobs in the sector.

“I want Guyanese companies to be competing for these opportunities, whether in Europe, whether in the Western Hemisphere, where are we at. We are building the most skilled human capital that will go after every global opportunity. We are not building a local operation. We are building local companies with the best international partners to go after every world class opportunity. Watch out for Guyana!” the President said in his address at the launch of OMS, located at Plot B Market Road Lusignan, East Coast Demerara.

“We are coming after every opportunity, and we are not boastful about it. We are humble in where we are approaching but we are not shy about it. We’re not shy about it. We are part of CARICOM, and if we have this capability, then our Jamaican brothers and sisters will have to give us the opportunity, our brothers and sisters in Suriname would have to give us the opportunity. That is how we will build an economy that is forward looking, but global in its output.” Ali said that OMS was developed “without the promise of a contract or a contract on hand” because its investors believed in the country and had confidence in the system and economy.

Founder of OMS Harrychand Tulsi gave an overview of the company which he said focuses on two critical subsea areas – remotely operated vehicles (ROVS) and diving services. Currently the company operates a fleet of seven ROVS globally through its subsidiaries in the United Kingdom and the United States.

“While our reach is global, our reach is local,” the company’s slogan details. “It is our aspiration to provide these services to the international oil and gas companies regionally, especially in the Guyana/Suriname basin. We further intend to use our current team of international experts to train and develop local capacity for future operations.”

General Manager of OMS (Dive Operations) Kenneth Vorster explained that the services that would be provided are in keeping with international standards. The company is strict on compliance to laws and best practices and Vorster said that OMS would also be audited to ensure it complies with the highest standards that are set by the International Standards Organization, the International Marine Contractors Association (IMCA) and the International Oil and Gas Producers (IOGP) before they could be hired by companies such as ExxonMobil, TOTAL and SBM.

“This process has already started and we have not even secured any contract or work or promises of work. Such is the belief in this company that we will grow and succeed.”

Training and apprenticeship programmes would be provided to identify persons for positions of divers, dive technicians and dive supervisors. All candidates would be internationally qualified and recognised, opening the possibility to work globally, earning international rates no matter where they go even within Guyana.

Chief Executive Officer of OMS Subsea (UK), Mike Arnold said the company was working with a Norwegian company to bring innovations such as Artificial Intelligence and Machine Learning to Guyana. The objective of incorporating those technological initiatives were so that it could make easier work pertaining to pipeline surveys, inspection and the processing inspection results to cut down the cost and the time it takes to turn it around.

OMS was exploring the possibility of using fully autonomous vehicles to do seabed mapping, pipeline mapping and inspections. They can be operated here from this facility 20 miles offshore or around the world. They could be operated in another state driven and piloted by Guyanese students and technicians.

In May 2021, sister companies Orinduik Development Inc. and OMITC Training Centre Guyana Inc., announced that a centre would have been created by the end of that year.

“Orinduik Development Inc. and OMIC Training Centre Guyana Inc. have teamed up to provide the first HUET/BOSIET training centre and Polytechnic drilling/aviation school in Guyana.“

In 2020, Orinduik Development established the aviation polytechnic, which would cater for the emerging oil and gas sector here. The facility was the vision of veteran aeronautical engineer Lieutenant Colonel Charles Hutson, who had said that he still plans to play an active role in giving back to this country.

When the institute was launched a year later one of its aviation consultants, Frankie Francois, had informed the gathering of its purpose. “The Guyana Aviation Polytechnic proposes to offer aviation technology programmes and courses to satisfy the base, middle, and upper level manpower needs for the growing industry.”

Orinduik Development Inc. is a one hundred percent Guyanese-owned company, which Director Brian Backer assured is designed with the development of “all of Guyana in mind.” He stressed that the project is “for all Guyanese.”

The company opened a 20 helicopter capacity heliport. The primary objective of the proposed heliport is to provide an independent facility for helicopter operations in close proximity to Georgetown and to facilitate the growing need for such air transport services from many sectors, including the extractive industries.

Its Offshore Marine Industry Training Centre (OMITC) partner company was founded in 2014, to provide technical training for the oil and gas segment, with authorisation from the National Institute of Employment and Professional Training.

OMITC offers offshore industrial and maritime survival training and operates as a training facility recognized by OPITO, SCTW and ROSPA (UK) for oil and has service companies.

The investment which will see over US$5M invested into both OMITC and Polytechnic Center to train a substantial number of local and international personnel within the oil and gas and aviation sectors.

The survival facility features a helicopter underwater escape training (HEUT) installation alongside polytechnic state-of-the-art aviation and on/offshore-related HSE safety drilling, mechanical handling equipment and survival training facilities. Both centres will deliver world-class training, in accordance with global industry standards.

OMITC and the polytechnic centre will employ both local HSE instructors and international instructors to provide internationally recognised and accredited training courses for onshore and offshore sectors.

 

 

Keystone

A Keystone Review: Guyana redraws blueprint for emerging oil producers

June 17, 2025

10 years ago, few would have predicted that Guyana, with less than a million people with practically no petroleum experience, would emerge as the face of a new energy future. Yet, in the decade since ExxonMobil’s game-changing Liza discovery, Guyana has done more than strike oil. Guyana has redrawn the blueprint for what it means to be a modern, responsible oil producer.

The 2015 Liza oil discovery came when oil prices were low and market sentiment was uncertain, yet the significant find rewrote the playbook for frontier energy development. From the first discovery to first oil in just four years, the country set an industry benchmark for safety, speed and efficiency.

What followed Liza was a cascade of 52 commercial discoveries, with 46 in Stabroek Block propelling Guyana into the Top 20 countries oil reserves globally, which are now estimated at 11.6 billion barrels of oil equivalent.

This is not a case of luck meeting unprepared hands. Guyana’s rise has been swift but deliberate. Its policy and governance framework moved rapidly to keep pace with our energy boom and position us as a dependable supplier to global markets, whilst maintaining our standing as a responsible steward of the environment.

The real significance of Guyana’s blueprint lies beyond the numbers. It lies in the model of balanced development we are carving out for ourselves and for other countries which may follow. In a world where emerging producers are often plagued by mismanagement, Guyana has shown a rare ability to build institutions in tandem with production, all amidst the challenges of rapid national development.

The Natural Resource Fund, Local Content Act, and recent Oil Spill Bill signal a clear intent: oil wealth must translate into broader national development and environmental protection. Over US$1 billion has already flowed to local businesses, while nearly US$4 billion in oil revenues has been deployed for transformational investments in roads, schools, hospitals and ports.

Guyana completed its first offshore licensing round, underpinned by a new petroleum law, the Petroleum Activities Act, and a new Production Sharing Agreement.

The provisions of the law and the terms of the Agreement reflect Guyana’s transformation from high-risk frontier basin to a highly sought after energy destination, maintaining an internationally competitive investment structure.

At the same time, Guyana is emerging as a green energy anomaly, an oil producing nation that remains a climate champion.   With 85% forest cover intact and a landmark US$750 million carbon credit deal with Hess, Guyana proves that oil development and climate leadership do not have to be mutually exclusive. Emissions regulations, flaring limits and continued push for enhanced operator responsibility reinforce our commitment to sustainability, not as an afterthought, but as a parallel pillar of our oil economy and representative of the Low Carbon Development Strategy.

Guyana’s growing role in the global energy market is already being felt. In the aftermath of Russia’s invasion of Ukraine, Guyana became one of the few emerging producers helping to fill critical supply gaps. This ascent has added much-needed resilience to an increasingly volatile global oil landscape.

Still, the journey is far from over and the road ahead is more complex. While challenges persist, they present opportunities for Guyana to refine its development strategy. High electricity costs, administrative bottlenecks, financing constraints for small businesses and a shortage of skilled labour are notable areas that continue to demand attention.

To address the electricity challenge, Guyana is banking on the transformative potential of its Gas-to-Energy project at Wales. Scheduled to come online by 2026, the project will harness natural gas from the Liza field to deliver cleaner, more affordable, and reliable power to households, businesses and industries. It is expected to significantly lower generation costs, reduce blackouts, and unlock growth in sectors such as manufacturing, agro-processing, construction and logistics; overall, lifting a new wave of local enterprise. The project includes infrastructure for natural gas liquids, produced as by-products, creating further downstream opportunities.

Administrative reforms include the Planning and Development Single Window Act and its ongoing implementation, a comprehensive process to crunch repetitive registration and permitting processes into a single channel, improving efficiency for business start-up.

Access to finance is another major constraint. Small and medium-sized enterprises (SME’s) face difficulties raising capital and the length of time for payments from prime contractors inhibits their cash flow. With government intervention, the payment timeline was reduced from 90 days to 45 days but this is still too long. A further reduction and a suitable implementation mechanism are being contemplated.

As Guyana’s oil production expands, heightened socio-economic evaluation and environmental scrutiny are expected. This makes clear, consistent oversight of all petroleum activities not only timely but essential to maintaining public trust, managing public expectations and attracting long- term investment.

The stakes are rising. The outcome of Arbitration tied to Chevron’s proposed acquisition of Hess could create new joint venture dynamics in the prized Stabroek Block whilst the proposed acquisition in itself signals Guyana’s investment standing. An ICJ ruling on the Venezuela border controversy could come in 2026, potentially unlocking new exploration areas.

Amid these victories and challenges, the high stakes and global rise, Guyana must not lose sight of what has brought us this far: sound policy, smart partnerships and a firm grip on the balance between growth and environmental responsibility.

What we build next – better business systems, deeper training pipelines and stronger institutions targeting multi-sector development – will greatly determine whether this oil boom becomes a sustainable national transformation or just another cautionary tale.

Guyana’s greatest advantage is that it is not trapped by the old ways of doing things. We are crafting a model that suits our unique position as a small, green country on one of the world’s most valuable energy basins. If we stay the course, Guyana will not just be known as an oil producer. Guyana will be known as the country that redefined the oil age journey; responsibly, equitably, and on the terms of the nations that once had no seat at the table.

With production expected to top 1.3 million barrels per day by 2027, Guyana is poised to enter the global oil giant ranks as the Green Oil Giant.

ExxonMobil commitment to youth

The importance of sport is reflected in the 2025 national budget allocation of $8 billion to the sector. This surge in budgetary allocation aims to enhance sporting infrastructure across the country and nurture the development of young athletes. The sports budget has consistently grown in recent years, climbing from $805.3 million in 2020 to $1.5 billion in 2021, $2.4 billion in 2022, $4.3 billion in 2023, and $4.6 billion in 2024, culminating in this historic $8 billion for 2025.

Funding will support completion of stadiums in Berbice and Essequibo, construction of enhanced multipurpose facilities nationwide and rehabilitation of community grounds, among other initiatives. In alignment with the Government’s vision, local oil and gas companies such as ExxonMobil played a key role in supporting the development of the sport sector. Projects and initiatives expanded opportunities for job creation and economic participation.

Investment in other events, such as the Inter-Schools’ Football Tournament, further underscores a comprehensive approach to youth sports development. Since its inception in 2022, the tournament has continued to grow in popularity. Similarly in cricket, the Future Warriors Tournament, which targets primary schools, has proven successful

In collaboration with the local company, Freelance Sport, ExxonMobil is supporting the Champions of Champions tournament in September. This competition offers schools the flexibility to form mixed teams and provides a range of developmental opportunities, including interactive sessions facilitated by the Child Care and Protection Agency. What makes this tournament especially exciting is that the winning team will be rewarded with an exclusive experience at the Caribbean Premier League (CPL) during the home leg in Guyana—an opportunity to interact directly with the Guyana Amazon Warriors.

ExxonMobil is a longstanding supporter of the Guyana Amazon Warriors and the CPL. This multi-year partnership with one of the region’s premier sporting franchises reflects a deep belief in the power of sport to inspire, unite, and elevate identity. When the Warriors take the field, they carry the hopes and dreams of all Guyanese, proving that dedication and teamwork can lead to extraordinary achievements.

The commitment to sporting excellence continues with the highly anticipated 2025 edition of the ExxonMobil Guyana Global Super League (GSL). Scheduled for the Providence Stadium from July 10 to 18, this event promises a thrilling showcase of talent and further cements Guyana’s place on the regional sporting stage and beyond. Public enthusiasm for the tournament has been overwhelming since it provides Guyana with visibility and tourism appeal, which will bring long-term benefits to the local economy.

These initiatives are more than just games—they are strategic investments in Guyana’s future. Through sport, young people gain confidence, ambition, and the critical life skills they need to thrive. With continued support from public and private sectors, Guyana is not only building stronger athletes but also empowering its next generation of leaders.

Source:  Keystone Consulting

 

 

CNOOC

Christopher Ram June 10, 2025

Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 160

 

Today’s column addresses the audited financial statements of CNOOC Petroleum Guyana Limited, the third-ranking partner with a 25% interest in the Stabroek Block operating under the 2016 Petroleum Agreement. Like Exxon and Hess, CNOOC is also a branch of an external company, in this case, incorporated under the Companies Act of Barbados.

Unlike Exxon and Hess, CNOOC maintains a very low profile in Guyana, leaving the heavy PR lifting to Exxon, the designated Operator under the Agreement.

Its ultimate parent company is the China Offshore Oil Corporation, established in the People’s Republic of China. This is not another corporate success story wrapped in glossy annual reports and feel-good community photos. This is a cold, hard examination of how a foreign state-owned enterprise has systematically extracted wealth from Guyanese resources while operating under the same controversial 2016 Petroleum Agreement that continues to benefit foreign interests over the national interest.

 

 

 

Resilient Guyana

May 13, 2025

Guyana’s business climate is remarkably unscathed and continues to show impressive growth despite the increasing aggression of Venezuela.

Georgetown Chamber of Commerce and Industry President Kathy Smith told the Offshore Technology Conference the private sector has operated uninterrupted, bearing witness to the record resilience of the economy amid geopolitical tension.

This consistent performance is in contrast to the atmosphere of uncertainty in global media, which Smith noted has the tendency to provide skewed reports. The truth on the ground is an economy not just barely holding on despite pressure but actually booming, as Guyana positions itself as the newest major player in the international energy arena. Disparity between global perceptions and on-the-ground realities is perhaps best exemplified by remarkable economic growth- an impressive 43.6 per cent GDP growth in 2024, with solid growth being realised in non-oil sectors.

The trend of diversified growth demonstrates that economic advancement extends well beyond the oil sector, solidifying a better foundation for sustainable progress. Overwhelming private sector participation with the government’s ambitious $6.6 billion national budget further asserts the business community’s confidence in the economic trajectory and leadership. With record total expenditure of $1.382 trillion for 2025, the government has clearly focused on equitable benefit sharing from strong economic growth while establishing a business-friendly environment.

Since 2015, the discovery of vast quantities of oil reserves offshore has rewritten the economic future in a dramatic manner. With over 11 billion barrels of oil-equivalent resources discovered in multiple strikes, and production projected to reach about 620,000 barrels per day when the Payara field is at full capacity, Guyana’s status as a future energy powerhouse seems certain.

Even with Venezuela’s growing aggression, troop mobilisations along Guyana’s western border and naval incursion into Guyana’s Exclusive Economic Zone, major operations remain unimpeded. The fact that ExxonMobil’s exploration and production activities go on uninterrupted sends a powerful message on operational continuity despite intimidation attempts.

The unyielding confidence in the private sector about Guyana’s economic solidity is partly owing to the proactive approach of the government in advocating business growth. Recent policy interventions improved the business climate to be more favourable, e.g., VAT relief on critical inputs such as agricultural machinery and standby generators; interventions that are specifically geared towards lowering the cost of doing business and promoting diversification in non-oil industries like manufacturing and agriculture.

Guyana prudently chose to confront Venezuelan claims to territory on its own terms in respectable international legal forums rather than fruitless bilateral showdowns. This approach has been globally adopted and provided a model for peaceful resolution that is adoptable by companies for planning purposes. The case before the International Court of Justice (ICJ) concerns the 1899 Arbitral Award that clearly delineated the border between the two nations through a judgement that had been accepted by Venezuela for many decades, until it unexpectedly declined in 1962.

The border conflict has ancient historical roots but has increased considerably since the discovery of massive oil reserves. Venezuela’s claim of approximately two-thirds of Guyana’s territory in the resource-rich Essequibo region represents not only a border controversy but an existential challenge to Guyana’s territorial integrity. Coincidence of the increased assertiveness of Venezuela with massive ExxonMobil oil discoveries in Essequibo waters belies economic interests likely behind this claim.

Despite these strains, the ICJ ordered fundamental provisional measures in 2023, instructing Venezuela not to disrupt the status quo in the area of contention – essentially validating administrative control by Guyana of the territory. The ability to maintain this economic momentum amid challenging geopolitical tests is a testimony to its potential and resilience.

 

 

 

Oil Spill Bill   vital for ecosystem protection

May 16, 2025

Prime Minister Hon. Brigadier (Ret’d) Mark Phillips, MP, declared that the oil spill bill is necessary for the protection of Guyana’s economy. The Oil Pollution Prevention, Preparedness, Response and Responsibility Bill 2025, greatly enhances national preparedness and ensures that responsible parties are held accountable in the unfortunate event of an oil spill. Championing the newest piece of legislation regulating operations of oil extraction, the Prime Minister, with responsibility for disaster preparedness, told the National Assembly,

“The presentation of this bill during this critical period in our economic history is vital in safeguarding our ecosystem from the effects of oil spill.”

Creation of this piece of legislation is in keeping with international best practices to ensure that Guyana’s waters are protected.

“Guyana, standing at the threshold as a major oil-producing nation, must take pattern from these models by establishing a clear authority for oversight, aligning with best global practices and ensuring all operators bear full responsibility for environmental protection.”

Recognising significant challenges with containing oil spills for many countries, Prime Minister Phillips committed his administration’s efforts to boosting the state’s resources to avoid hazards.

“I should note that while we have drawn lessons from global best practices, it is important to recognize that even these countries…have faced challenges in enforcement and real-time response…with the passage of this bill, Guyana is committed to building the necessary institutional capacity,” the prime minister,

Supporting the bill, Natural Resources Minister Hon. Vickram Bharrat, MP, praised management of the oil sector, saying that this new legislation adds to earlier efforts to strengthen regulation of the industry.The government has already procured the country’s first capping stack that can immediately be deployed in the event of an oil spill. The bill, ensures that companies are held accountable.

“Here we are, debating a bill that is taking us forward,.. that will ensure that the responsible party is mandated to ensure that they prevent, that they prepare, that they restore, [and]… ensure that we return to a state of normality.”

Concluding the presentations from the government, Attorney General and Minister of Legal Affairs Hon. Mohabir Anil Nandlall, SC, MP, noted that the bill provides a rigid network of statutory frameworks that not only places a strong emphasis on local content and environmental protection but also ensures that everyone in the sector operates safely and responsibly. This forwarding-looking bill aligns with Guyana’s low carbon development strategy.

“…In respect of disasters which we have already settled. The absence of a disaster preparedness apparatus, a legal standard by which operators have developed, inadequate insurance against some disasters, and the mechanism of compensation in the event of a disaster. I am pleased to announce that these very valid and crucial concerns are addressed in this bill.”

The legislation sets out a comprehensive national legal framework for oil spill prevention, preparedness, response, and compensation. It designates the Civil Defence Commission (CDC) as the national authority responsible for coordinating response efforts and mitigating the impact of any spill.

A formalized National Oil Spill Committee within the CDC will oversee the development of an Incident Command System and lead regular training and drill exercises to ensure readiness.

The National Assembly debated and passed the bill. The passage forms part of government’s commitment to ensure a modernized petroleum sector for the benefit of all .

 

 

Companies liable for spills in new oil pollution bill

Reuters
. May 19, 2025

Guyana’s National Assembly passed an oil pollution bill holding companies and offshore operators accountable for damages from oil spills, including those from vessels.

The bill, which passed with a majority voice vote, is expected to be signed into law by President Irfaan Ali soon. This legislation aims to establish national environmental safeguards in response to expanding offshore oil production, led by an ExxonMobil consortium, projected to exceed 900,000 barrels per day (bpd) this year. The legislation requires responsible parties to provide financial assurance for spills, conduct regular inspections and audits and address any identified issues.

Penalties for non-compliance include the suspension of licences for exploration and production for companies failing to provide the necessary financial assurance. The Civil Defence Commission (CDC) will serve as the national authority to coordinate response efforts and mitigate spill impacts, as well as oversee routine inspections and audits to identify and rectify potential risks, reported the Maritime Executive.

Latin America’s fifth-largest oil exporter, after Brazil, Mexico, Venezuela and Colombia, reported a 3% increase in oil production in March, reaching an average of 631,000bpd, compared with the same period last year.   The government anticipates production to surge to an average of 786,000bpd, driven by the commencement of the Yellowtail project, Exxon’s fourth venture .The Finance Ministry reported oil revenue of $605.46m (G$126.61bn) from royalties and sales in the last quarter of the previous year.

 

 

 

ExxonMobil may pay higher risk insurance due to Venezuelan incursion

Denis Chabrol 3 June 2025

ExxonMobil Guyana, which is GY$700 billion “in the red”, might have to pay increased risk insurance premiums following a military incursion into the operational area of the Stabroek Block earlier this year.

Vice President and Business Services Manager, John Colling said that “it’s possible but I prefer not to speculate” on whether there would be an increase in insurance premiums as a result of the vessel entering the area on March 1, 2025.

A Venezuelan military offshore patrol vessel entered Guyana’s Exclusive Economic Zone (EEZ) and communicated with production and exploration vessels in the Stabroek Block, informing them that they were in Venezuelan disputed waters. The vessel subsequently departed the EEZ, and the production and exploration vessels continued operations.

Mr Colling said that with additional activity in the Stabroek Block, there would be a “certain cost of insurance and the amount of assets that are being insured so I would expect on that basis some increase in insurance cost.”

The financial forecast shows that Guyana’s Natural Resources Fund is expected to collect at least US$10 billion annually in profit oil and royalties by the end of 2029. Revenue from crude sales in 2024 was GY$1.7 trillion, up by 60 percent compared to 2023 due to increased volumes from the Floating Production Storage and Offloading vessel, Prosperity. ExxonMobil’s contribution to the Natural Resources Fund was US$1.6 billion and US$2.6 billion in 2024.

The Vice President said the company to date invested US$40 billion and recovered US$33 billion through cost recovery oil. Of the US$7 billion yet to be recovered by ExxonMobil and its co-venturers, Hess and China National Offshore Oil Corporation (CNOOC), ExxonMobil alone is owed GY$700 billion. As more of the costs are recovered, profit oil will increase for the co-venturers and the government.

 

 

Trinidad can refine Guyana’s oil

Denis Chabrol, 23 June 2025

Trinidad and Tobago’s energy minister Roodal Moonilal said when the Petrotrin plant restarts operations, the facility would refine oil from Guyana, Suriname and other countries.

“Mr Speaker, we are in discussions with the Chamber in Guyana. We are in discussions with government officials to ensure that we have some commonality there so that we can source the important inputs for the refinery from Suriname, from Guyana and from elsewhere where we have been always sourcing oil for the refinery.”

Up to the time of its closure, Petrotrin had been refining heavy crude, in contrast to Guyana’s light crude.

The Oilfield Workers Trade Union (OWTU) was among stakeholders working with the United National Congress -led administration to restart the refinery which was mothballed in November 2018 by the defeated People’s National Movement regime. Reopening the Petrotrin refinery was a UNC election campaign promise.

Mr Moonilal said before the refinery could be fired up once again, technical, scientific, commercial, economic and contractual assessments would have to be conducted. “We are on the verge of implementing a refinery restart committee with technical experts agreed upon,” he told the T&T Parliament.

The Energy Minister said after a “quick technical assessment”, a suitable partner would be selected to man the refinery through an open and transparent process. The international community was approached to find the necessary expertise to assist with the technical restart of the refinery.

Since the closure, the T&T government has been paying TT$400,000 monthly for maintenance. The PNM administration engaged Nigeria’s Oando to conduct an assessment of the loss-making facility as part of its planned long-term investment.

 

 

 

Rise Guyana reports US$29m close on real estate, infrastructure fund 

 

Rise Guyana has announced the final close of its inaugural private investment fund at US$29 million, the first institutional real estate and infrastructure fund in Guyana. Backed by global investors from the US, United Kingdom, Europe, South America and the Middle East, the fund capitalises on Guyana’s rise as the fastest-growing country in the world and the new frontier for high-impact investment.

The closing comes as international oil giants ExxonMobil and Chevron square off in a high-stakes arbitration battle over a US$1 trillion oil discovery in Stabroek block—underscoring Guyana’s growing strategic significance on the global stage. Kristine Thompson, co-founder and managing partner of Rise Guyana, said,

“This fund reflects our confidence in Guyana’s transformation and our commitment to building long-term value with local roots and global vision,”

Stabroek Block, source of an estimated 11 billion barrels of reserves, enabled Exxon to reclaim its crown as the most valuable US oil company. It is projected to generate US$182 billion in profits for Exxon and partners, and over US$190 billion in revenue for the Guyana government over the next 15 years, according to Wood Mackenzie.

The scale and profitability of Guyana oil , extracted at a breakeven cost below US$30 per barrel, have made it “one of the most prized oil and gas projects on the planet,” according to industry analysts. As a result, Guyana’s economy tripled in the last five years and is estimated by the International Monetary Fund to grow at close to 15 per cent annually for the next five.

Rise Guyana is an institutional fund manager dedicated to developing the assets that power Guyana’s economic transformation. Led by a Caribbean-based team with decades of frontier-market experience, the firm combines local roots with global governance standards.

Key projects in the pipeline include:

1. • A dual-branded Marriott City Express and Marriott City Suites extended-stay hotel near Ogle Airport and Exxon HQ;
2. • Modular housing manufacturing for rapid, low-cost construction at scale;
3. • A private aviation services hub at Ogle and Timehri airports;
4. • Multi-phase greenfield residential developments in growth corridors enabled by new highway, new bridge and shore base infrastructure.
5. • A critical mass of built, multi-family developments

The fund targets a net internal rate of return of 30 per cent through a barbell strategy that balances stable yield with opportunistic growth, offering a compelling profile for investors seeking frontier alpha in a de-risked environment.

“This is more than a real estate fund — it’s a platform for national transformation,” added Thompson. “We’re combining frontier returns with institutional governance to help shape the physical, economic and social future of Guyana. This is the first of many funds to come.”

As the world’s eyes turn to Guyana, Rise Guyana is offering a rare opportunity: to build with purpose in a nation rising on the strength of its natural resources, its people and its promise.

 

 

 

ExxonMobil Drilling Decade

May 20, 2025

ExxonMobil discovered oil offshore Guyana in May 2015 . In 2025, the sale of this national asset has shaped the economy in ways that are unimaginable since Independence. Guyana became a sovereign nation in 1966 with a plantation economy with export of raw materials by foreign corporations and received substantial foreign aid.

In 1965 and 1966, the USA committed US$18 million to Guyana which was drawn down as 1967 ended. Guyana’s economy grew at an annual rate of 4.78 percent, with substantial aid and loans. This was the first period of a sound economy since Independence.

The second period of economic optimism was in 1970 – 1976 when sugar and bauxite prices soared. Revenues funded infrastructure and the university moved to Turkeyen.

Economic depression from 1980 onwards led to mass migration. Foreign investments from GTT, Barama and Omai failed to transform poverty-stricken Guyana. The World Trade Organization removal of a preferential market for Guyana sugar was a shock to the system.

Under the Jagan and Jagdeo presidencies, the economy began to recover and debt forgiveness under President Jagdeo was a huge boost to the economy. Guyana rated lowly compared to CARICOM and Latin nations until the discovery of oil laid the basis for the permanent transformation .

Guyana in 2025 bears no resemblance to the Guyana of the 70s onwards. The oil economy secured a future that Western aid, sugar, bauxite and rice could never have provided. We were a failed state.

When we became an oil-producer, the New York Times sent a reporter to Guyana who published the poverty and underdevelopment he saw. In 2025, a huge part of what he saw no longer exists. The international system today and Guyana’s peripheral influence in international relations do not allow the country to force ExxonMobil into a more lucrative deal for Guyana. It is downright stupid for anyone to take that position. It denotes massive ignorance of global realities.

That discovery by ExxonMobil ten years ago changed Guyana forever. We depended on aid after Independence, then, aid went. We depended on EU protected markets, then, they were removed. We hoped in vain for extensive foreign investments

Offering a gargantuan opportunity for Guyana to have a permanent future, oil is a commodity in demand which we should utilise . One day, it will go but for now, Guyana must use oil money to secure a blissful future.

 

 

 

Guyana & Afreximbank promote opportunities with $1 billion oil fund

May 30, 2025

Guyana and African Export-Import Bank concluded a two-day roadshow to promote access to a US $1-billion oil services financing facility Afreximbank announced at the Guyana Energy Conference in February . The roadshow on 21 to 22 May in Georgetown attracted players in the petroleum sector, finance sector and government to encourage local participation in Guyana’s burgeoning energy sector.

“Empowering local content participation for sustainable prosperity through the implementation of Afreximbank mandate highlighted the nexus of Afreximbank’s mandate in the promotion of local participation in Global Africa.

Guyana’s economy is expected to record GDP growth rate of 14% in the next five years, supported primarily by expanded activities in the oil and gas and non-oil sectors. Driven by the growth prospects, the Government of Guyana introduced a Local Content Act in 2021 to optimize economic gains from the oil and gas industry by strengthening the local value chain and prioritizing the use of domestic labor, goods and services.

The policy is built on the pillars of local resource utilization, capacity building, value retention, multi-stakeholder collaboration, and operational efficiency. Guyanese companies, including business intermediaries, SMEs and financial institutions engaged directly with the Bank on its strategic support for Guyana’s transformative development journey.”

Dr. Ashni Singh, Senior Minister for Finance and the Public Service, said,

“There is a deep and profound historic tie between Africa and the Caribbean, a tie that is rooted first and foremost in our people and our culture. But there are also remarkable economic opportunities between us that have remained untapped and under- tapped for far too long,“

Afreximbank’s Acting Regional Chief Operating Officer for the region, Okechukwu Ihejirika, said it was imperative that local businesses also benefit from Guyana’s oil wealth.

“Our US$ 1-billion oil servicing finance facility for local content players in Guyana is not just a promise; it is an initiative we intend to fully implement. Through it, we will empower local businesses to participate in the transformative opportunities available in the oil & gas sector. We are therefore here to listen, to engage and to chart a path towards sustainable and shared prosperity.”

The Bank introduced a comprehensive suite of solutions, including funded products (loans and credits), non-funded instruments (letters of credit and guarantees) and key trade facilitation tools such as the Pan-African Payment and Settlement System (PAPSS) and the Afreximbank Trade Payment Services and Facilitation Program.

These offerings—alongside treasury and settlement services—are tailored to deploy the new financing facility effectively and catalyze greater private sector participation in high-growth sectors like oil and gas.

The Roadshow concluded with the identification of immediate projects and interventions for the Bank in Guyana. These include a capacity building program, development of select national infrastructure projects and support to intermediaries in the oil and gas value chain.

Guyana has ample funds for local investors. Global Africa is a political plan to exploit regional opportunities. Afreximbank should focus on the AU, invest in irrigation to restore vegetation in the man-made Sahara Desert and develop solar power to electrify the continent and ease demand for CCS while curbing Sahara Dust.

 

 

 

Natural Resource Fund 101: What every Guyanese should know

June 22, 2025

This article explores that landmark legislation, identifying its most protective measures, explaining how the average Guyanese can calculate the amount of money received and spent each year and how this law will ensure Guyana stands resiliently against any potential economic shocks.

Natural Resource Fund (NRF) Act

The NRF Act is the cornerstone of Guyana’s approach to managing oil revenues. It established a sovereign wealth fund to ensure that the income from oil and gas benefits current and future generations, while shielding the economy from the volatility of global energy markets.

Who watches over the NRF?

By law, Guyana’s oil earnings are deposited in an account at the Federal Reserve Bank of New York and is overseen by a Board of Directors appointed by the president. It includes a representative from the legal fraternity, a member from the private sector, and a person nominated by the National Assembly. Currently, the Board of Directors is headed by Major General (Ret’d), Joseph Singh and includes Guyana’s Permanent Representative to the United Nations, Carolyn Rodrigues-Birkett; former People’s National Congress (PNC) parliamentarian Dunstan Barrow; Private Sector Executive Ramesh Dookhoo, and former Chancellor of the University of Guyana Professor Compton Bourne.

The Board of Directors is responsible for reviewing and approving the policies of the fund, as well as managing its performance. The Investment Committee also has an extremely important role. Among other things, this committee is responsible for ensuring that Guyana can earn no less than 3% a year from the monies deposited in the fund.

Section 9 of the NRF Act.

Additionally, the Bank of Guyana serves as another tier of oversight and management, ensuring transparency by publishing monthly and quarterly reports. A Public Accountability and Oversight Committee, independent of government, adds yet another layer of scrutiny. In crafting the legislation, the government recognised that oil revenues are hinged on global market prices and any economy relying on this income could be impacted by market fluctuations.

The Fund also ensures that the natural resources do not affect the country’s overall competitiveness. This means that the development of the oil and gas sector must not hinder the growth of other sectors such as agriculture and manufacturing.

How does Guyana choose what to spend—and when?

The NRF Act outlines in no uncertain terms a formula for the extraction of funds from the account. You can see how the amount for the 2025 budget was arrived at when applying the formula outlined in the updated schedule gazetted on February 6, 2024.

This formula will be applied every time the government intends to withdraw finances from the NRF. When Guyana begins to earn more than $5 billion in any given year, only 10% of those revenues can be extracted and transferred to the Consolidated Fund. These funds are budgeted for and announced at the beginning of every year and cannot exceed the amounts stipulated in the law, except during national emergencies.

How is the money safeguarded against misuse?

No money can be withdrawn from the account without parliamentary approval. This ensures that each reason for expenditure is interrogated, and a detailed breakdown must be given to any parliamentarian who asks for that information to be made public. This information is placed in the parliament’s Hansard and detailed in each volume of the Consideration of Estimates and Expenditures produced by the Ministry of Finance.

Not only is Guyana’s oil money subjected to intense scrutiny from the National Assembly, but it is also thoroughly audited by the Auditor General’s Office at the end of the fiscal year. This is detailed in Guyana’s current Fiscal Management and Accountability Act.

To ensure the average citizen is continuously informed about our oil proceeds, receipts are published regularly on the Bank of Guyana’s website.

Can government officials go to jail for failing to comply with the terms of the NRF?

Absolutely. The law enshrines the security of the resources in the fund by imposing criminal charges on the Minister of Finance (and anyone else who is complicit) if he/she does not exercise their functions in a transparent manner. For something as simple as not properly declaring to parliament the amount that is injected into the fund, the minister faces up to ten years in prison.

How much money is in the NRF?

According to the first quarterly report of 2025, along with the most recent receipt for the month of April produced by the Bank of Guyana, a total of GYD 677 billion is currently in the NRF account. A significant portion of the amounts in the account has been accumulated through the ‘safe investment mechanisms’ outlined in the NRF Act. Since its inception, the fund has generated approximately GYD 58.4 billion in interest.

Where does the money go?

According to the Act, withdrawals from the Fund shall be transferred to the Consolidated Fund and expended for only two purposes: national development priorities and a national emergency. The national development priorities include any initiative aimed at realising an inclusive green economy. Based on the trajectory of the country’s large-scale development projects, this ranges from physical infrastructural endeavours such as the new Demerara River Crossing to social programmes like the ‘part-time job’ initiative.

The current administration has already linked its national development priorities to those found in Guyana’s National Development Strategy, the Poverty Reduction Strategy, and the Expanded Low-Carbon Development Strategy. These include new highways, bridges, climate-resilient sea defences, direct cash transfers, support to ensure the growth of small and medium-sized businesses, and targeted investments to catapult educational opportunities.

Withdrawals from the Fund can also be used to finance essential projects directly linked to mitigating the effects of a major natural disaster. A significant sum is saved for the future, an effort the government says will ensure generational wealth.

How are Guyanese benefitting from these revenues?

Already, the government has deployed over $800 billion from the account from 2022 to 2025. These revenues have allowed for an injection into the highly anticipated Gas-to- Energy project. This project has seen a direct injection of more than G$178 billion before any foreign financing was secured.

For the first time in decades, the University of Guyana will be offering free educational programmes, tipping the annual government subvention to over $13 billion, up from around $4 billion. This is in addition to the abolishing of fees for all technical institutes across the country. Since 2020, the government has funded over 28,000 Guyanese for studies through the Guyana Online Academy of Learning (GOAL) in bachelor’s and master’s degree programmes. With an injection of over $1.1 billion, another thirteen thousand persons have been trained in technical and vocational areas, such as welding and fabrication, heavy-duty equipment operation, carpentry, and masonry, among others.

Guyanese will also soon benefit from twelve modern, state-of-the-art healthcare institutions being constructed across the country, which will ease congestion at existing hospitals. Each hospital will cost approximately $7 billion and will benefit from thousands of trained nurses, lab technicians, doctors, pharmacists, and others. Schools are also being constructed across the country, as Guyana aims to achieve universal secondary education. These projects are now fully documented on a website at https://v5.education.gov.gy/all/

Investments in education and healthcare are critical for the alleviation of poverty in countries around the world, as found in research published in the British Journal of Economics Management and Trade. While these investments are being made for the long-term prosperity of people, the government also considered the immediate needs of people with several short-term grants being delivered to different categories of citizens, as well as a universal cash grant of $100,000 (approximately US$500) for every adult.

Essentially, the government’s management of the NRF has been hailed by credible multilateral institutions and other international organisations alike for one particular reason – its commitment to transparency and accountability.

“The NRF Act 2019—replaced by the NRF Act 2021 that strengthened accountability and transparency—established a sovereign wealth fund to delink public spending from volatile natural resource revenues, ensure that such revenues do not lead to a loss of economic competitiveness, fairly transfer natural resource wealth across generations and finance national development priorities or emergency expenditures associated with a major natural disaster,” the International Monetary Fund (IMF) said in its latest report.

 

 

 

Guyana received significantly less oil income compared to the oil profits

June 22, 2025

On Monday, June 16th, during an interview of Christopher Ram on a prominent Guyanese social media platform, outrageous claims were made by one of the co-hosts, a columnist for the Guyana Chronicle.

The Chronicle columnist claimed that Guyana has received US$13 billion in oil income and that Guyana had received more than the oil consortium (the subsidiaries of ExxonMobil, Hess, and CNOOC that are registered in Guyana) to date. These claims seemed to have been pulled out of thin air, so we checked the Bank of Guyana Natural Resource Fund (NRF) statements and the oil companies’ financials. The graph below shows the year-by-year details of Guyana’s oil income versus the three named oil companies’ declared pre-tax profits; an interactive version of this chart can be found here:

https://www.oggn.org/2025/06/20/guyana-oil-revenue-vs-oil-companies-profit-2020-2024/

The Stabroek Block Oil Contract states that the profit share between Guyana and the oil companies should be 50/50. The total oil profits Guyana has received to date is US$5.5 billion, whereas the pre-tax oil profits reported by the oil companies are US$29 billion. The oil companies don’t pay taxes! How is this a 50/50 profit share? It is very disturbing that claims are being made which seem to be skewed toward fooling the Guyanese people into believing that they are receiving a fair deal even with the contract as written.

Alfred Bhulai, Janette Bulkan, Kenrick Hunte, Darsh Khusial, Joe Persaud

On behalf of OGGN (www.oggn.org)

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Returns from PRC investment incomparable to US

June 20, 2025 Dr. Vishnu Bisram

“China and the border” ( Jun 15) correctly analyzes the government’s cozy relations with China and the latter’s position on Venezuela that threatens to usurp two thirds of mineral rich territory.

Guyana cannot trust China on the border. China has not given Guyana firm support on the border controversy and has not reprimanded or condemned Venezuela on its unjustifiable claim. China has a significant presence in Guyana, exploiting natural resources (gold, timber, fish, diamond, rare earth, manganese, sand or silica, among others) and construction as well as providing loans at exorbitant interest rates.

Guyana has huge trade links (deficits) with China. The Chinese engage in sand pitting and ownership of mines. Yet, China has not found it prudent to side with Guyana whose very existence has been threatened by Venezuela with which China has extremely friendly relations. Clearly, China cannot be trusted to defend Guyana’s national territory or national interests, and must, therefore, be handled firmly as it relates to Venezuela and national development.

In contrast, the USA is fully with Guyana and has come out firmly, denouncing Venezuela’s claim to territory. Secretary of State Marco Rubio stated unequivocally that the US will defend Guyana’s territory and American companies operating in Guyana’s waters. We can trust the Americans, not China when it comes to defending territory. The latter has not championed our interests regarding Venezuela. China wants to retain close relations with Venezuela while fetching our resources to transform China into a first world nation while we remain third world.

China owns some 25% of the Stabroek Block, obtaining billions of American dollars in revenues annually since 2019 and returning virtually nothing in terms of grants and aid to Guyana from the returns. Exxon does sponsor many community and sports projects and off trading to Guyanese in the hundreds of millions in American dollars; China’s grants are minuscule compared with Exxon and the Americans. In Guyana, the Chinese invested close to ten billion dollars in recent years and extracted resources worth over 100 billion over the same period; gold, lumber, manganese, and other critical minerals have been shipped out of Guyana almost daily over the last couple decades.

The Chinese provided large amounts of loans to Guyana and heavily indebted the country which we may have difficulty repaying and suffer the fates that have befallen Pakistan, Sri Lanka, Maldives, Nepal, and Bangladesh. It is not an exaggeration to say that China will soon own Guyana.

It is rapidly taking over Guyanese family businesses. Guyanese have been complaining to deaf ears. The politicians and the government must avoid further entangling of our country (investment, trade, loans, military presence, satellite links and other security matters) with China.

Americans will offer protection against gangs from Venezuela and drug cartels smuggling drugs and gold from across the border to Europe, North America and the Middle East. The US will also protect our forests and sea that are rich in economically important resources .

A group of Guyanese in the diaspora and in Guyana are advocating for a close linkage with USA for security against Venezuela and narco trafficking. Some are proposing that Guyana become a territory of USA. They recognize the power and influence of USA and President Trump who has shown to be among the most powerful Presidents in the history of America.

 

 

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Guyana is at a historic turning point. The country is set to earn approximately US$10 billion annually from oil production within just a few years [Newsroom, June 2025]. That scale of national income is reshaping infrastructure, fuelling private sector growth, and positioning Guyana as a rising player in the global economy.

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Why Global Attention Is Turning to Guyana

1. Soaring Oil Revenues

Guyana’s oil sector is experiencing unprecedented growth. The country is projected to earn approximately US$10 billion annually from oil production by the end of the decade, significantly boosting its fiscal capacity and economic prospects.

2. Robust Economic Growth

The International Monetary Fund (IMF) forecasts that Guyana will be among the world’s fastest-growing economies, with a projected GDP growth of 10.3% in 2025. This growth is not solely oil-dependent; the non-oil sectors are also expanding, indicating a diversifying economy.

3. Massive Infrastructure Investments

The government has allocated substantial funds to infrastructure development, including $209.3 billion for roads and bridges. These investments aim to enhance connectivity and support economic activities across the country.

4. Strategic Energy Projects

Guyana is undertaking significant energy projects, such as the $1.9 billion gas-to-power initiative, which aims to reduce electricity costs and support industrial growth. Additionally, the country is expanding its oil production capacity, with projections to reach 1.2 million barrels per day by 2027.

5. International Partnerships and Recognition

Guyana’s economic ascent has attracted global attention, leading to strengthened international partnerships. KLM Royal Dutch Airlines officially launched its service to Guyana on June 4, 2025, marking the first direct air connection between Georgetown and Amsterdam.

These aren’t just headlines. They’re signals of a country on the move with open doors for strategic partnerships, long-term investments, and entrepreneurial innovation.

 

 

Where IBC Guyana Fits In

• • The International Business Conference brings together business leaders, international investors, public officials, and private-sector innovators—all under one roof, in the heart of Georgetown.
  • It’s where momentum meets strategy.
  • Where ideas turn into projects.
  • Where regional and global players converge to shape the next chapter of Guyana’s story.
  • What to Expect at IBC Guyana 2025
  • Executive panels on energy, infrastructure, trade, and innovation
  • B2B matchmaking and networking forums
  • Country showcases and private investor briefings
  • Sector insights from leaders in oil & gas, tech, tourism, and logistics
  • Trade exhibition area to promote your company and services

LEARN MORE

 

• Don’t Just Watch the Change—Be Part of It
• If you’re serious about scaling your business, exploring new markets, or forming high-level partnerships, now is the time to act.
• Guyana is rising—and this is your gateway to engage with its future.

Register your interest today or learn more at www.guyanabusinessconference.com

 

CONTACT US
Sponsorship & Exhibition Enquiries – International Companies

• Giancarlo Riveros
  • Commercial Director
  • email: spex@ibcguyana.com
  • Cell: +44 74 8384 6699

Sponsorship & Exhibition Enquiries – Locally Headquartered Companies

• Divya Doerga
• • IBC Project Director
  • email: spex@ibcguyana.com
  • Cell: +592 223 5583 ext 103

Delegate Enquiries – International Companies

• Sara Sefi
• • Commercial Manager
  • email: delegates@ibcguyana.com
  • Cell: +20 115 390 1628

Delegate Enquiries – Locally Headquartered Companies

• Divya Doerga
  • IBC Project Director
  • email: delegates@ibcguyana.com
  • Cell: +592 223 5583 ext 103

Media, Press & Program Enquiries

• Amrita Naraine
  • IBC Project Officer
  • email: media@ibcguyana.com
    email: speakers@ibcguyana.com
  • Cell: +592 223 5583 ext. 101

Suriname Guyana Chamber Inquiries

• Rahul Lildhar
  • CEO
  • email: ceo@surguychamber.org
  • Cell: +592 703 0020