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Finance Minister says no rules broken with special account for signing bonus

OilNOW -
Guyana’s Minister of Finance, Winston Jordan, has defended the deposit of an US$18M ‘signing bonus’ into a special account at the Bank of Guyana, as ‘standard practice,’ saying “we are not breaking any rule.” Mr. Jordan defended the transaction in...
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Multi-sector stakeholder group to steer Guyana O&G sector

OilNOW -
The Guyana Government has embarked on the establishment of a multi-sector stakeholder committee for the oil and gas sector which it hopes will comprise members of civil society and the parliamentary parties. The announcement came as Minister with responsibility for...
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Oil price hits 30-month high after North Sea pipeline closure

OilNOW -
(The Guardian) The price of oil has hit a 30-month high after the owner of a major North Sea pipeline said it could be shut for as long as three weeks. The price of a barrel of Brent crude has...
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Private sector officials say making local content too prescriptive can hurt industry

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As discussions continue on the nature and type of local content mechanism Guyana should adopt in order to ensure businesses in the South American country benefit from oil and gas opportunities, some private sector officials are signaling that stringent...
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“We did pay a US$18M signing bonus” – Exxon Country Manager

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Country Manager of ExxonMobil Guyana, Rod Henson, told media representatives on Sunday evening that the company did indeed pay a US$18M signing bonus to Guyana. Mr. Henson, speaking on the sidelines of a Public Lecture on Oil Spill Response Readiness...
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Criticism mounts on Guyana Gov’t’s handling of ‘signing bonus’

OilNOW -
Days after Guyana’s Minister of Natural Resources, Raphael Trotman, told law makers in the country’s 65-seat National Assembly that the government did indeed receive a ‘sum’ from US oil major ExxonMobil when a new agreement was inked in 2016,...
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Transparency group accuses Guyana government of engaging in deception

OilNOW -
Transparency Institute Guyana Incorporated (TIGI) has accused the Guyana Government of deliberately engaging in deception in its handling of an advance payment from US oil major, ExxonMobil. The anti-corruption advocate’s repudiation came swiftly in wake of confirmation that the coalition...
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Opposition Leader calls for resignations amid revelations “advance payment” received from ExxonMobil

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Opposition Leader Bharrat Jagdeo is calling on Guyana’s Ministers of Finance and Natural Resources to immediately resign from government over the revelation that a ‘signing bonus’ was in fact paid by ExxonMobil. The former President now Opposition Leader and General...
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‘We did what we did to safeguard Guyana’ – Trotman

OilNOW -
Minister of Natural Resources Raphael Trotman today confirmed that government has in fact received ‘advanced payments’ from US Oil Giant Exxon Mobil and its exploration partners -monies he said, have since been set aside to protect Guyana’s territorial integrity. The...
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Guyana shortlists sites for ‘natural gas’ power plant

OilNOW -
The Guyana Government has identified two sites in Regions Four and Six for the construction of a new power generation facility, utilizing natural gas to be had from offshore oil production activities. The revelation was made by Minister of Public...
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Kumu’s new small-scale hydropower plant now operational

Guyana commissioned a new 1.5 megawatt (MW) hydropower station in the southeastern community of Kumu on Friday, part of...

OilNOW is a Resource Center founded and owned by Guyanese. OilNOW is an apolitical, non-partisan, privately owned agency that strives to ensure the highest degree of accuracy and balance.

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