Exxon adds two more oil discoveries – a total of 27 offshore Guyana

Jan. 05, 2022 8 Carl Surran, SA News Editor

Congratulations to evergreen Exxon Mobil for two oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana, adding to the block’s previous recoverable resource estimate of 10B boe in 27 commercial fields.

The Fangtooth-1 well encountered 164 ft. of high-quality oil-bearing sandstone reservoirs and is located 11 miles northwest of the Liza field, while Lau Lau-1 encountered 315 ft. of high-quality hydrocarbon-bearing sandstone reservoirs and is located 42 miles southeast of Liza.

The Liza Unity FPSO vessel is on track to start production in Q1, with a target of 220K bbl/day of oil at peak production. Exxon is operator of the Stabroek block and owns a 45% interest, while Hess (NYSE:HES) holds 30% and Cnooc (OTCPK:CEOHF) has a 25% stake.

Exxon is committed to lowering costs by $6B by 2023, which would raise EPS beyond oil price increases and potentially push the stock to $80 this year, Bill Zettler writes in a bullish new analysis on Seeking Alpha.

Oil industry mandated to transfer skills, knowledge and technology

Dec 31, 2021

Local Content Bill 2021 Series Pt. 10…

With the Local Content Bill 2021 poised to receive the assent of President, Dr. Irfaan Ali, oil companies and sub-contractors will soon be mandated to work with the Local Content Secretariat on the development and implementation of strategies that transfer knowledge, skills and technology to Guyanese.

The Bill specifically states that the Secretariat shall develop and implement strategies to promote local capacity development to bridge any knowledge and skills gap in the petroleum sector.

The Secretariat shall liaise with the academic sector, relevant Ministries, Government Agencies and any other relevant stakeholder in the review and reform of the local training curricula, equipment, and facilities to ensure, as applicable, the objectives of this Act are met.

A Contractor, Sub-Contractor or Licensee is mandated to support and facilitate local capacity development in accordance with the strategies identified by the Secretariat.

Speaker rebukes Opposition terrorist removing mace

December 30, 2021

-maintains NRF was properly passed

Manzoor Nadir, M.P., Speaker of the National Assembly, rebuked the disruptive actions of the APNU-AFC Members of Parliament who chaotically sought to derail the passage of amendments to the Natural Resources Fund Act of 2019. The “terrorist” moves infamously resulted in one of their MPs removing the mace from the National Assembly during the debate.

“In every Parliament, an attack on the mace is an attack on the authority of Parliament and that attack on the mace cannot, cannot go unpunished… Those who attacked that mace will face the consequences. I condemn the behaviour of the Members of Parliament yesterday- the Opposition Members of Parliament. [It was] total disrespect for the institution and its people.”

Speaker Nadir explained that only the Sergeant-at-Arms is authorised to handle the mace, as in countries with the Westminster parliamentary system and other congresses. Thanking one of the parliamentary staff for heroically lying on the floor outside the dome of the Arthur Chung Conference Centre with the mace to prevent it being stolen, the Speaker reminded the nation that the actions of the Opposition MPs will not define the 12th Parliament.

“Our Parliament is a young one, but it has seen its trials, its tribulations throughout its short history. Emotions and tempers will flare, but we have, again, we have young, bright, next generationers who are watching all of this and I want to appeal to them, this incident in Parliament ought to strengthen your resolve that going forward, this country should not behave in such an uncivilised manner.”

The Speaker warned that while he has been lenient with statements from MPs in and out of the House, the rules will be enforced. Mr. Nadir rebuffed Opposition claims that amendments to the NRF were improperly passed due to the absence of the mace, saying that a replica of the mace was used while the original mace was forcefully taken out of the National Assembly. The subsequent passage of the amendments was done with the majority of members on the Government side of the House seated.

 

Parliament staff secured Mace amidst Opposition fracas

December 30, 2021

The assistant to the Speaker of the National Assembly, issued a complaint to the Ethnic Relations Commission, (ERC) about the treatment meted out to him by Opposition members.

“I know for a fact that there is no Commission in place and they will do some investigations, but that is why I did a hardcopy to ensure that it is there. What I want is for the world to know that it is time we move away from racial slurs and calling people names.”

For heroic efforts protecting the Speaker’s mace after Opposition APNU+AFC Member of Parliament Annette Ferguson tried to steal it, he was verbally abused and physically assaulted.after securing the symbolic instrument between his legs.

“I held on to the mace and it was flung to the floor… I overheard people screaming. “Kick he! Lash He! Drag He! Let’s Throw he over the rail. All I said, was throw me over the rails because I know when I’m going over the rail, I am going with the mace. They throw me on the ground, they kicked me, they dragged me outside and then Ms. Philidelphia, Member of Parliament start to abuse me … words like ‘House Slave’, .. ‘House Negro’. So, I prepared a letter .. and I showed my concern about how I was treated. I don’t want to be called a hero; I am a patriotic Guyanese. I was basically doing my job as the Assistant to the Speaker.”

Protest and ’ unruly behaviour were the Opposition’s way of attempting to stop the passage of the Natural Resource Fund (NRF) Bill, however they were unsuccessful in doing so.The mace is the most significant symbol in the National Assembly and represents the authority of Parliament