Guyana Post, Friday November 06, 2020
GUYANA RECEIVES THIRD OIL AND GAS ROYALTY
DECIS ION TO PURC HASE US HELIC OPTE RS NOT FINAL
US Helicopter Bell 412EPi
Minister of Public Works, Bishop Juan Edghill,
Minister of Public Works, Bishop Juan Edghill, confirmed on Wednesday that US$4,304,275 was received by Guyana as its third payment of oil and gas royalties. Minister of Public
Works, Bishop Juan Edghill The payment was deposited into the Natural Resources Fund (NRF) on October 20, adding to the approximate US$148 million in the NRF. It represents payment
for Guyana’s gross oil production from July to September. In May, Guyana received its first royalty payment of US$4.9 million; followed by the second in July, of almost US$3.7 million. The payments now total around US$12.9 million. Article 15.6 of the Petroleum Agreement says royalties are estimated every month and must be transferred to the government 30 days after each quarter. Under the Production Sharing Agreement (PSA), Guyana receives two percent royalty and 50 percent profit oil, which is what remains after the
producer recovers their production cost. Guyana will receive profits from around five million barrels of oil cargo this year from production at the Liza Phase 1 Development. The first three lifts from the Liza-1 Well were sold to Shell Western Supply and Trading Limited. The country’s fourth millionbarrel crude lift is on schedule to be completed early next month. Guyana will also be entitled to five crude cargos for this year, as part of its profit share with ExxonMobil and its jointventure partners.
Minister of Public Works, Juan Edghill, said on Wednesday that the Government has not made a final decision on the purchase of four helicopters from the US State Department. “At this stage, I don’t think we have a final decision…there is nothing in the 2020 budget to facilitate that acquisition at this time.”, the Minister said. The Minister added that over the next few months it would be known if the government would go through with the purchase. The US State Department granted approval on October 30, last, for the sale of two Bell 412EPi and two Bell 429 Helicopters and related equipment to Guyana at an estimated cost of US$256 million. The Government
requested to buy the helicopters with customerunique modifications in 2019. These include two WESCAM MX10 cameras; mission equipment; contractorprovided pilot and maintainer training; ground support equipment; spares; publications; integrated product support; technical assistance; transportation; Repair and Return; and other related elements of logistics and program support. A press release from the Defense Security Cooperation Agency (DSCA) said the actual cost of the helicopters and equipment could be less depending on final requirements, budget authority, and signed sales agreement(s), if and when concluded.
Hurricane Eta batters Central UG reduces facilities fees America killing three
(BBC News) Hurricane Eta brought torrential rain and high winds to Nicaragua as it made landfall in the Central American nation on Tuesday. Two men were killed when a landslide buried the mine in which they were working in Bonanza, on Nicaragua’s north coast. info@guyanapostonline.com
In neighbouring Honduras, a 13-year-old girl died in the city of San Pedro Sula when the wall of her home collapsed onto the bed where she was sleeping. Eta has since been downgraded to a tropical storm. It first hit Nicaragua as a Category Four hurricane with winds of 140mph
(225km/h) and torrential rains. In the town of Puerto Cabezas, trees were uprooted and the perimeter walls of the baseball stadium were blown over, news agency AFP reports. The US National Hurricane Center (NHC) says that although Eta has weakened there remains the risk of life-threatening flash floods in parts of Central America that lie in the storm’s path. The NHC’s forecast is for Eta to move across central Honduras on Thursday.
The University of Guyana Students
The University of Guyana Students Society (UGSS) announced that the University has agreed to reduce facilities fees for students for the academic year 2020/2021 in light of the Covid-19 pandemic. The fees have been reduced from $50,000 to
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$25,000 after almost four months of negotiations. The UGSS explained that they approached the University administration for a reduction in facilities fees following the economic impact of the COVID-19 pandemic and the realization that they
would not be returning to campus in the near future. The University has not had physical classes on campus since March due to the COVID-19 pandemic. Students have been attending classes virtually through various online platforms.
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