Page 9 - LatAmOil Week 07 2021

LatAmOil GUYANA LatAmOil

Singh went on to say that oil revenue had caused oil, we have March 11 (2020) – $54.9mn; June
Guyana’s GDP to rise by 43.5% in 2020. GDP is (2020) – $35mn; August (2020) – $46mn and
set to rise another 20.9% this year, he added. January 11 (2021) – $49mn ... [So] we now have
$206.6mn in the fund – $185mn so far from
Sovereign wealth fund profit oil and $21.2mn from royalty.”
The finance minister was speaking shortly To date, Guyana’s government has not made
after Vice-President Bharrat Jagdeo said more any withdrawals from the NRF, which is being
than $206mn had been deposited in Guyana’s banked at the Federal Reserve Bank of New
sovereign wealth fund, known as the Natural York. It has not been able to do so, as all attempts
Resources Fund (NRF), since the country’s first to make provisions for withdrawing funds and
oilfield began production in December 2019. establishing the necessary oversight committees
“So far, $21.2mn in royalty payments have were stymied during the political turmoil that
been made into the fund, and there [were] followed last year’s presidential elections. The
four payments – $4.9mn, $3.6mn, $4.3mn and new government – headed by President Irfaan
$8.3mn in royalty payments – [made] at differ- Ali, who succeeded David Granger after the
ent times – April 2020, August 2020, October contested vote – is expected to submit the rel-
2020 and January 2021,” Jagdeo was quoted as evant legislation to the National Assembly for
saying by Guyana Times. “And then from profit consideration this year. ™

ExxonMobil contractor carrying out

technical assessment of FPSO equipment

THE US super-major ExxonMobil has sought upgrades to the equipment,” ExxonMobil Guy-
advice from outside experts as it seeks to repair ana said. “Mechanical rework of the compressor
the Liza Destiny, the floating production, stor- casing has been undertaken.”
age and off-loading (FPSO) vessel it is using to The company went on to say that it was
develop Liza-1, an oilfield within the Stabroek committed to working together with SBM Off-
block offshore Guyana. shore, the Dutch owner of the FPSO, and MAN
In a Facebook post dated February 16, Exx- Energy, the manufacturer of the equipment
onMobil’s Guyana said that technical experts in question, to resolve the matter as quickly as
from Germany’s MAN Energy were assessing possible. To this end, it said, staff members had
operating data and inspection findings from the recently completed a visual inspection of piping
FPSO. The team is working to determine what and pipe supports on the Liza Destiny.
type of work will be needed to repair the stage-3 ExxonMobil has said previously that it
flash gas compressor (FGC) that was found to be expected to finish the repairs in April. Guyana’s
leaking in late January, it said. government, meanwhile, has said it is monitor-
“This process also includes consideration of ing the situation and looking carefully at daily
technical recommendations for any potential reports from the company.

Vice President Bharrat Jagdeo (Image: Headline News Guyana)

Week 07 18•February•2021 www. NEWSBASE .com P9