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Atlantic LNG has four production trains (Image: Atlantic LNG)
The ministry did not say whether any other infill drilling project was yielding disappoint-
stakeholders had signed this document. How- ing results. Since then, Atlantic LNG’s output
ever, it noted that China Investment Corp. has declined even more, and its first produc-
(CIC), which has a stake in the plant’s first tion train has not resumed operations since the
production train, had been talking to the gov- end of a maintenance programme for want of
ernment and other shareholders about restruc- feedstock.
turing, even though it was not taking an active Atlantic LNG is unusual, in that it is not
role in that process. owned by a single company or a consortium.
The parties have been in talks on the fate of Instead, it has four different sets of owners, or
Atlantic LNG since 2018, owing to concerns one set for each of its four production trains.
about falling production. Those concerns grew Train 1 is owned 46% by Shell, 34% by BP (UK),
more acute in 2019, after BP announced that 10% by NGC and 10% by CIC. Meanwhile,
it could not maintain gas supplies to the lique- Trains 2 and 3 are owned 57.5% by Shell and
faction plant at the level of 500mn cubic feet 42.5% by BP, while Train 4 is owned 51.11% by
(14.16mn cubic metres) per day because its Shell, 37.78% by BP and 11.11% by NGC. ™

GUYANA
Jagdeo: Guyana will use oil revenues

to fund budget for the first time in 2022

BHARRAT Jagdeo, the vice-president of Guy-
ana, said last week that the government intended
to use oil revenues to help fund budget spending
for the first time this year.
Speaking on January 21, Jagdeo noted that
Georgetown had long been in the habit of bor-
rowing money to cover its expenditures. But in
Fiscal Year 2022, he said, the country will be in
a position to make the first withdrawal from the
Natural Resources Fund (NRF), which serves
as a sovereign wealth fund. The NRF’s balance
currently stands at around $607mn, he noted. Vice President Bharrat Jagdeo (Photo: DPI.gov.gy)
The vice-president did not say exactly how
much money the government intended to with- into Guyana’s broader legal system. (The rele-
draw from the fund, which was originally held vant law was passed on December 31, but it is
by the US Federal Reserve Bank of New York not clear whether the NRF has yet been handed
pending the passage of a law incorporating it over to the Guyanese government’s control.)

P8 www. NEWSBASE .com Week 04 27•January•2022