Archive: Oil
Years: 2017, 2018, 2019
In 2017 Moray House Trust hosted five events devoted to examining aspects of Guyana’s nascent petroleum industry.
Oil and Gas: The Prospects for Guyana
In March 2017 the Trust’s first symposium about oil and gas featured presentations by Dr Jan Mangal, Stuart Hughes and H.E Greg Quinn, British High Commissioner to Guyana.
Video clips:
1) Oil and Gas: The Prospects for Guyana: Highlights: https://youtu.be/WRwLwDytIiw
2) A National Infrastructure Plan: https://youtu.be/Rfw9XM4L8h0
Guyanese engineer Stuart Hughes makes a compelling case for a long term infrastructure plan born of national consultation and consensus and an independent Infrastructure Commission (answerable to Parliament) to implement it.
3) Economic Infrastructure: https://youtu.be/JSSyUxPosKM
Stuart talks about the economic infrastructure required and raises issues such as transparency and capacity.
4) A point of comparison: https://youtu.be/LKHvANPfQro
In this clip from Stuart Hughes’ presentation, ‘A New Paradigm for Infrastructure’, he uses Trinidad & Tobago as a reference point for Guyana.
5) Policy Framework and Transparency: https://youtu.be/XvPc5tEFmY0
HE British High Commissioner to Guyana, Greg Quinn spoke about the importance of “implementation, implementation, implementation” of policies and laws set up to govern the nascent oil and gas sector in Guyana and all revenues flowing from it. These clips were part of his presentation, ‘Some Thoughts on Oil and Gas’, at Moray House Trust in March 2017.
Bauxite, Petroleum & Sugar Production in Guyana: parallels, contrasts and challenges.
In July 2017 Moray House Trust invited Professor Jay Mandle and Dr Vincent Adams to analyse similarities and differences between bauxite, sugar and petroleum production in Guyana.
Video Clips:
1) Sugar and Petroleum: Guyana’s Past and Future: https://youtu.be/DgQnMt7q_Wk
Professor Jay Mandle, economist, analyses Guyana’s past performance and potential using concepts such as spillover competencies, proximity scores in the product forest and the need for Schumpeterian entrepreneurs.
2) A Vision beyond oil: https://youtu.be/Yxv_Iy8aL14
Dr Vincent Adams cautions about the need to prepare for life after oil. He champions the potential of agriculture.
3) Oversight and training: https://youtu.be/igOQ2Bq_idA https://youtu.be/igOQ2Bq_idA
In this clip from his analysis of lessons learned from bauxite, Dr Vincent Adams stresses the need for oversight and training in Guyana’s future oil sector.
Perspectives of Petroleum – How do we prepare and manage ?
Dr Vincent Adams, who grew up in Linden, has 40 years of experience in the public and private sectors in the environmental management, groundwater and petroleum production fields, including 30 years with the US Department of Energy. He holds a PhD in Environmental Engineering, MS Degrees in Groundwater Hydrology and Geological Engineering/Petroleum Engineering, and a BS in Civil Engineering.
Video Clips:
1) A Primer on Oil: https://youtu.be/y1JW2vVNPWE
In this introductory clip Dr Adams touched on the basics of oil exploration, development and production and hints at some of the complexities and uncertainties inherent in the process. He also made the point that the size of Guyana’s reserves have to be balanced against the economics of recovering them in the future.
2) The Economics: https://youtu.be/dKXhFPETlZ0
“Big Oil is not as big as it used to be.” Dr Adams talks about the changing dynamics of oil supply and how shale oil and renewables will affect the price of oil. He also discusses the terms of Guyana’s Production Sharing Agreement (PSA) with ExxonMobil.
Oil, its challenges and opportunities
In September 2017, Christopher Ram gave a talk at Moray House Trust entitled ‘Oil: its opportunities and challenges.’
Video Clips:
1) Local and Regulatory Framework (Part One): https://youtu.be/izTK-5jIEIU
In this extract, Mr Ram gives an overview of Guyana’s petroleum legislation and the sections of the constitution pertaining to petroleum extraction. He shows that Guyana’s constitution is silent in key areas and that our petroleum legislation is outdated.
2) Local and Regulatory Framework (Part Two): https://youtu.be/fqPUWBoelZ8
In this clip, Chris Ram notes that the 1986 Act confers ‘exclusive and unrestricted’ powers on the Minister in terms of entering into agreements with and granting licences to oil companies. He also points out that the local content requirements are set out in law and that the Minister’s statements and actions appear to be at variance with sections of the Act. Mr Ram laments the failure to publish licences in the Gazette (as stipulated by the Act) and draws attention to the farming of licences.
3) The Contract: https://youtu.be/x26CQKO__qg
“What will we get out of oil ?” Mr Ram comments on the primacy of ExxonMobil (the IOC holds over half of Guyana’s offshore acreage) and offers a rough model of the sort of income both parties can expect from the proceeds.
4) Critique: https://youtu.be/DPYVf8FbQtw
In the concluding segment of his talk, ‘Oil – its opportunities and challenges’, Chris Ram identifies some key concerns: the absence of a coherent national policy and that current practice is at variance with the legislation (PEPA) in several areas.
Oil and the Environment
There are significant questions about whether Guyana has the experience, the personnel and the systems in place to cope with any potential damage to the environment as the oil industry develops. Liza Phase 1 alone involves the sinking of 17 wells in deep and ultra deep waters so this is a pressing concern. These clips from the Moray House Trust panel discussion give a flavour of the issues.
Video Clips:
1) Guyana’s Constitution and Laws (Chris Ram): https://youtu.be/zTJURBx4alQ
Chris Ram, who moderated the Moray House Trust panel discussion about ‘Oil and the Environment’, provided a useful summary of current provisions in the Constitution and the law.
2) Environmental Auditing (Anand Goolsarran): https://youtu.be/rUr04PHgAKQ
Mr Anand Goolsarran, former Auditor-General of Guyana, spoke about the need for environmental auditing.
3) The Shell Beach Protected Area (Annette Arjoon-Martins): https://youtu.be/K4-zlVc7mC0
Annette Arjoon-Martins of the Guyana Marine Conservation Society explains why the Shell Beach Protected Area deserves special consideration as Guyana looks to develop its offshore oil and gas industry.
4) EEPGL Environmental Impact Assessment (Melinda Janki): https://youtu.be/IwQZ_Qp8Vao
Melinda Janki asks some pertinent questions about the Environmental Impact Assessment (EIA) for ExxonMobil’s Liza Phase 1 project. She identifies ‘data deficiencies’ in the profiling of marine species, compares the EIA to the requirements stipulated in Guyana’s Environmental Protection Act and analyses the oil spill scenarios in the EIA against the benchmark the actual spill caused by Exxon Valdez many years ago.
2018
What will oil do for Guyana ?
Collin Constantine, Melinda Janki and Tarron Khemraj each offered their opinion. Joycelyn Williams was the moderator.
Video Clips:
1: What will oil do for Guyana: https://youtu.be/5OaJzvQjr2U
‘Oil will make Guyana poorer not richer’ argues Melinda Janki in a detailed appraisal of the environmental risks and legal loopholes that might imperil the nation’s oil wealth.
2: Can Guyana circumvent the natural resource curse ? https://youtu.be/IpfVGBFaSfQ
Professor Tarron Khemraj identifies Innovation as “the mother’s milk of economic growth.” He points out that, with substantial oil revenues in prospect, the government of Guyana becomes the major conduit of development. He also posits a constitutional overhaul as a necessary social technology for Guyana
Oil and the Economy: themes and concerns
Three panellists, (Srdan Deric of the UN, attorney Charles Ramson and economist Professor Clive Thomas) were invited to offer their perspectives. Nadia Sagar was the moderator.
Video Clips
1: Oil and the Economy: https://youtu.be/m6VVVNOD9XA
“Even those who used to dream of an El Dorado would be shocked today at what lies within our potential” announced Professor Thomas in this upbeat assessment of the nation’s prospects. He also shared some of his concerns about a Sovereign Wealth Fund and made a spirited proposal for a Ministry of Renewable Energy and cash transfers to Guyanese households.
2019
Guyana’s Oil: Road to Perdition or Prosperity?
Five NGOs gathered to discuss “Guyana’s Oil: The Road to Perdition or Prosperity?“
Video Clips
1: Designers in Development: Dr Laura George, Amerindian People’s Association
You Tube Clip: https://youtu.be/hj2s1VJd-78
2: Youth: Derwayne Wills, Guyana National Youth Council
You Tube Clip: https://youtu.be/lruXv9F82hI
3: Oil: Beyond the talk: Karen da Souza
You Tube Clip: https://youtu.be/ggKJyaJFmaw
Guyana’s Oil: What future?
Collin Constantine (economist) and Dr Jan Mangal (engineer) joined David Jessop OBE at Moray House Trust’s first panel event at Senate House in London in March 2019.
Video Clips:
1: Oil, Expectations and Crises: Collin Constantine
You Tube Clip: https://youtu.be/11DescbI2zA
2: Guyana Oil and Gas: how to achieve an equitable and sustainable outcome: Dr Jan Mangal
You Tube Clip: https://youtu.be/Ise4RFtNh3Q