Guyana Hydrogen Energy Technology Adoption- Part I

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By Dr. Lorraine Sobers

News Americas, PORT OF SPAIN, Trinidad, Weds. Nov. 29, 2023: There are two types of people: those who accept and adopt new technology before it becomes mainstream and those who wait for the hype to die down. The energy sector has its fair share of hype and buzzwords. New technology, born out of years of quiet research and development, can suddenly burst onto the scene at press conferences and market predictions. Venture capitalist, investors, and overnight experts hop on to the hype train seeking that first mover advantage.

Hydrogen fuel is now the current shiny object that is captivating the attention across the Caribbean region. Hydrogen and its promise to transform transportation and energy is being held up as the replacement for fossil fuels. Recently, the Biden Administration announced that it will invest USD 7 billion for “America’s first clean hydrogen hubs, driving clean manufacturing and delivering new economic opportunities nationwide”

Hydrogen could mean big money for Guyana. Deloitte has estimated that demand for global hydrogen will grow six-fold by 2050 making the market for green hydrogen to be worth USD 1.4 trillion supporting 2 million jobs annually worldwide.

At this stage, it is fair to ask, should hydrogen fuel form part of Guyana’s low carbon development strategy? As always, a needle point balance of knowledge and proactivity is needed to avoid buying into empty hype. Whether Guyana undertakes hydrogen production depends on priority for gas usage, alignment with the policy for low carbon development, market conditions and of course profitability. Before I delve into the business end of the hydrogen industry, allow me to first address the foundational elements needed for Guyana’s best interests in hydrogen and in the oil and gas space – safe operations, public awareness and local content.

Hydrogen as a Fuel

The idea of using hydrogen as fuel is not new. Green hydrogen, that is hydrogen produced using renewable energy, can be used to generate energy without carbon emissions.  Hydrogen generated from natural gas paired with CO2 sequestration is known as blue hydrogen. It is possible that Guyana’s offshore gas brought to shore can be put to this use and remain carbon neutral. Cleaner burning natural gas is already a key part of Guyana’s Low Carbon Development Strategy—hydrogen could open up yet another avenue for sustainable use of gas.

Although existing technology for hydrogen fuel needs some modifications to be adapted for large scale present-day application, it promises to replace bunker fuel and natural gas in several applications. Safety concerns about storing and using large volumes of hydrogen come from a knowledge of chemistry and history. Hydrogen is flammable, burning with a near invisible flame, and is much lighter than air. In practice this means that a leak of hydrogen will quickly dissipate but special flame detectors will be needed to detect a hydrogen flame. Hydrogen is non-toxic, unlike most fuels commonly used, but it has a lower ignition energy, that is, it ignites more easily, than gasoline or natural gas.

In the case of the latter, we must pause to recall the Hindenburg disaster. The Hindenburg was a German, hydrogen-fueled blimp which caught fire and failed catastrophically early in its life. The precise cause of the tragedy is unknown. What we know for sure is that the inferno claimed 37 human lives. Public trust in blimps never truly recovered.

It is not uncommon for unfamiliar technologies to be treated with public hesitation and anxiety. Additionally, the excitement of new technological opportunities and the noise of different voices advancing their agendas can cloud decision making. Fear of change and new technology can slow progress, but public awareness and consultations can be used to ensure that all valid concerns are heard and addressed.

Safe Adoption

Industry regulations and standards are not generally intended to obstruct newcomers, but rather to prevent repeats of past calamities. The first step in adopting new technology is a mindset of operating with regard to health, safety and the environment (HSE). In the early days of many industry repercussions are poorly understood. These misunderstandings often lead to costly negative outcomes. So costly are these outcomes that even the most oblivious and profit motivated actors stop and take stock.

The instructions on how to avoid tragedies, wastage and pollution are called ‘best practices’. When the State enforces best practices, they become regulations for industrial applications. Guyana will need to assess, adapt and adopt the best practices of the industry with mechanisms for enforcement to ensure safe operations. Despite Guyana’s nascent arrival in the oil and gas industry, the maturity of that global industry has paved the way for lower HSE risk than there was 50, 70 or 100 years ago. Guyana is well positioned to capitalize on regulations, best practices and policies established in other jurisdictions. In this sense Guyana has the last mover advantage. It will be some time before anyone can boast a similar level of expertise with hydrogen.

Public Awareness

This leads to a critical element of adopting new technology: public awareness. Public perception can make or break the plans for implementing new technology. Bad press, misinformation, protest, sabotage and violence leading to the withdrawal of investors represents the worse-case scenario. No one will be well served by such an outcome. Early involvement, education and collaboration with the public is needed at the outset. It is not enough to have a low carbon output, fiscal and legal frameworks in place, funding and feasibility studies.

With the rapid expansion through foreign direct investment, the Guyanese population must get accustomed to regular participation in stakeholder meetings and responding to calls for comments on plans and strategies. It is not far-fetched to inculcate this form of progressive, not obstructionist, civic mindedness at the primary and secondary school level. Significant spending and effort must be channeled to all forms of media to reach citizens throughout the physical and socio-economic landscape.

Local Content

Going a step further than public awareness is equipping the labor force with the education and training in the operation and maintenance of heavy industry. The intricacies of hydrogen production, storage, and transportation have grabbed current global attention. If Guyana gets their youth well educated in STEM, their position as the last mover strengthens even further. I have advocated for such education in previous articles, but it is worth reiterating that Guyanas’s youth need a strong foundation in Mathematics and English to access the opportunities afforded through new and existing technologies.

Many of the same best practices apply to hydrogen and the oil and gas business already booming in Guyana: developing a robust safety culture, public awareness, and technical capacity building in Guyana. In my next article I will discuss adoption of hydrogen fuel technology in the context of 1) priority for gas usage, 2) alignment with the policy for low carbon development,  3)market conditions and of course, 4) profitability for Guyana.

EDITOR’S NOTE: Dr. Lorraine Sobers is a Fulbright Scholar currently lecturing at the University of the West Indies, St. Augustine. Dr Sobers has a BS in Chemical Engineering and postgraduate degrees, MS and Ph.D., in Petroleum Engineering from Texas Tech and Imperial College, London respectively. She has 20 years’ experience in the energy sector specializing in Carbon Capture and Storage (CCS). Dr Sobers is a Fellow of the Caribbean Policy Consortium.

Guyana’s Economic Transformation: Addressing The Digital Skills Gap

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By Meredith Arnold McIntyre

News Americas, NEW YORK, NY, Tues. Nov. 28, 2023: The Guyanese economy continues to grow very rapidly, driven by the booming oil sector and supported by the government’s modernization plans. GDP continues to expand at an unprecedented rate following growth of 62.3 percent in 2022 (the highest in the world) economic growth is expected to be 38 percent in 2023.

Oil production continues to expand rapidly with the coming on stream of a third oil field, while accelerated implementation of a public investment program is supporting strong growth in the non-oil sector. The program is targeted at critical development needs and vital to strengthening economic capacity including transportation, housing, and flood management infrastructure, and raising human capital.

The latter objective of raising human capital is vital to achieving stronger long-term, sustainable growth. The presence of significant skills gaps that could hinder growth and economic transformation has been highlighted by policymakers. The other facet of the challenge is skills mismatches in the labor market where there are workers seeking employment but do not have the skills demanded in the labor market. Taken together this suggests a significant shortage of the labor skills required and recent estimates by public officials put the shortage at about 100,000 persons. Skilled labor shortages have been identified in technical skills – welders, machinists, heavy equipment operators and a range of technical skills needed in the oil industry.

In addition, as the world becomes increasingly digital Guyana like many developing countries faces the challenge of increasing the supply of skilled workers with digital skills. There is a growing need to produce skilled workers with digital skills to support an expanding service sector and the diversification of the economy, reducing the dependence on the rapidly expanding oil sector.  The note looks at the core digital skills Guyana will need to support the process of economic transformation and diversification.

To support the drive for increased digitalization Guyana must significantly expand internet access. The International Telecommunications Union (ITU) estimated in 2021 that only 17 percent of the population had internet access. The low level of internet penetration is  limiting access to online education and digital skills training. Increasing broadband access and internet penetration is an important component of Government’s strategy to support the transformation process.

It is well established that digitalization increases economic efficiency, reduces transactions costs, and increases competitiveness. The Government is preparing and implementing a variety of reforms to increase digitalization of the economy and to boost labor productivity e.g., single window processing of permits, digital ID and digital banking records.

As Guyana pursues an economic transformation strategy what are the core digital skills needed to support digitization and economic transformation? The core digital skills needed to support the development of a modern economy with an efficient services sector are a combination of “hard” and “soft” skills.The “hard” skills include: (i) Online or internet-based research. This requires setting up methods of accumulating data and these include customer surveys, online interviews and metric data gathering. (ii) Social media management. This means establishing methods/processes to gather information from social media audiences and using the information to develop strategies for target audiences, for example, critical in marketing goods/services by companies or promotion of government programs to increase participation. (iii) Data and spreadsheet management. This enhances vital quantitative skills and includes managing databases and spreadsheet software to organize the data ensuring it is easily understood with a wide variety of audiences. (iv) Enhancing digital threat awareness or the risks of using digital devices. This is the area of cyber security that is of growing importance as digitization expands across the world. Cybersecurity training involves acquiring the tools to not only be aware of the digital threats but to protect the individual and the organization. For example, hacking, phishing, privacy violations, and cyberbullying.  (v) Desktop publishing. This is the range of core digital skills needed to ensure Guyana can supply the skilled workers needed to support economic transformation including the economic diversification needed long-term to reduce the dependence on the rapidly expanding oil sector.

In the oil industry digital skills have an increasingly important role to play. A global survey of by Statista[1] found that respondents identified data analytics (60,percent of the respondents) and cyber security (57 percent) as the two most critical digital skills for the oil and gas industry. Other key digital skills identified included engineering (38 percent), data science (37 percent), digital literacy (28 percent) and digital engineering (28 percent). Taken together these skills were seen as crucial to securing the future success of their companies.

Guyana’s government has identified digital skills training as a priority in the program to close skills gaps. Government has clearly stated its intention to pursue a variety of digital literacy initiatives and the private sector can play a key role by investing in upgrading/developing digital skills in the workforce.  Importantly, underpinning these “hard skills” is knowledge of key software in word processing, spreadsheets, and databases.  For example, word processing (Microsoft word, google docs), spreadsheets (Microsoft excel, google sheets, Apple numbers) and database software (Microsoft SQL server, Oracle DBMS).

Developing core digital skills while necessary is not sufficient to enhance the skills of the workers needed for the current economic transformation. The “hard skills” need to be complemented by training in and knowledge of “soft skills”. What are the soft skills?These include (i) Teamwork and collaboration. Working in teams and effective collaboration is increasingly a core part of the modern organization in the public and private sectors. (ii) Interpersonal skills and communication. This is needed in all forms of communication – oral, written, non-verbal and importantly, listening, remains a vital skill for working effectively in a modern organization. (iii) Critical thinking. In the era of fake news, social media bubbles, information overload skilled workers operating in the digital space will need the skill of critical thinking. (iv) emotional intelligence is another soft skill modern organizations in the public and private sectors need to train workers.

Finally, developing digital skills is going to require collaboration between the public and private sectors and cannot be seen exclusively as a function of the state. Businesses will need to invest resources in the digital training of their workforce and government in designing and developing digital skills development programs will need close collaboration with the private sector to identify the sectors/industries where the digital skills shortages are acute. Typically, training staff via online courses with international certification is a common method for private companies. Private sector inputs in training programs are critical to aligning the programs with the needs of the economy as they evolve over time.

EDITOR’S NOTE:  Dr. Meredith Arnold McIntyre has been an economist for over 30 years. He has worked in a variety of Caribbean regional institutions including the Caribbean Development Bank, Organization of Eastern Caribbean States, and the Caribbean Regional Negotiating Machinery in the 1990s. Dr. McIntyre joined the International Monetary Fund (IMF) in February 2001 and worked on countries in Africa and the Caribbean including leading IMF country team missions to Guyana. Dr. McIntyre has published a book and a variety of articles on issues in macroeconomic and trade policy in small states. He is currently an Associate, Manchester Trade Ltd and a Fellow with the Caribbean Policy Consortium. 

 

By Meredith Arnold McIntyre

News Americas, NEW YORK, NY, Tues. Nov. 28, 2023: The Guyanese economy continues to grow very rapidly, driven by the booming oil sector and supported by the government’s modernization plans. GDP continues to expand at an unprecedented rate following growth of 62.3 percent in 2022 (the highest in the world) economic growth is expected to be 38 percent in 2023.

Oil production continues to expand rapidly with the coming on stream of a third oil field, while accelerated implementation of a public investment program is supporting strong growth in the non-oil sector. The program is targeted at critical development needs and vital to strengthening economic capacity including transportation, housing, and flood management infrastructure, and raising human capital.

The latter objective of raising human capital is vital to achieving stronger long-term, sustainable growth. The presence of significant skills gaps that could hinder growth and economic transformation has been highlighted by policymakers. The other facet of the challenge is skills mismatches in the labor market where there are workers seeking employment but do not have the skills demanded in the labor market. Taken together this suggests a significant shortage of the labor skills required and recent estimates by public officials put the shortage at about 100,000 persons. Skilled labor shortages have been identified in technical skills – welders, machinists, heavy equipment operators and a range of technical skills needed in the oil industry.

In addition, as the world becomes increasingly digital Guyana like many developing countries faces the challenge of increasing the supply of skilled workers with digital skills. There is a growing need to produce skilled workers with digital skills to support an expanding service sector and the diversification of the economy, reducing the dependence on the rapidly expanding oil sector.  The note looks at the core digital skills Guyana will need to support the process of economic transformation and diversification.

To support the drive for increased digitalization Guyana must significantly expand internet access. The International Telecommunications Union (ITU) estimated in 2021 that only 17 percent of the population had internet access. The low level of internet penetration is  limiting access to online education and digital skills training. Increasing broadband access and internet penetration is an important component of Government’s strategy to support the transformation process.

It is well established that digitalization increases economic efficiency, reduces transactions costs, and increases competitiveness. The Government is preparing and implementing a variety of reforms to increase digitalization of the economy and to boost labor productivity e.g., single window processing of permits, digital ID and digital banking records.

As Guyana pursues an economic transformation strategy what are the core digital skills needed to support digitization and economic transformation? The core digital skills needed to support the development of a modern economy with an efficient services sector are a combination of “hard” and “soft” skills.The “hard” skills include: (i) Online or internet-based research. This requires setting up methods of accumulating data and these include customer surveys, online interviews and metric data gathering. (ii) Social media management. This means establishing methods/processes to gather information from social media audiences and using the information to develop strategies for target audiences, for example, critical in marketing goods/services by companies or promotion of government programs to increase participation. (iii) Data and spreadsheet management. This enhances vital quantitative skills and includes managing databases and spreadsheet software to organize the data ensuring it is easily understood with a wide variety of audiences. (iv) Enhancing digital threat awareness or the risks of using digital devices. This is the area of cyber security that is of growing importance as digitization expands across the world. Cybersecurity training involves acquiring the tools to not only be aware of the digital threats but to protect the individual and the organization. For example, hacking, phishing, privacy violations, and cyberbullying.  (v) Desktop publishing. This is the range of core digital skills needed to ensure Guyana can supply the skilled workers needed to support economic transformation including the economic diversification needed long-term to reduce the dependence on the rapidly expanding oil sector.

In the oil industry digital skills have an increasingly important role to play. A global survey of by Statista[1] found that respondents identified data analytics (60,percent of the respondents) and cyber security (57 percent) as the two most critical digital skills for the oil and gas industry. Other key digital skills identified included engineering (38 percent), data science (37 percent), digital literacy (28 percent) and digital engineering (28 percent). Taken together these skills were seen as crucial to securing the future success of their companies.

Guyana’s government has identified digital skills training as a priority in the program to close skills gaps. Government has clearly stated its intention to pursue a variety of digital literacy initiatives and the private sector can play a key role by investing in upgrading/developing digital skills in the workforce.  Importantly, underpinning these “hard skills” is knowledge of key software in word processing, spreadsheets, and databases.  For example, word processing (Microsoft word, google docs), spreadsheets (Microsoft excel, google sheets, Apple numbers) and database software (Microsoft SQL server, Oracle DBMS).

Developing core digital skills while necessary is not sufficient to enhance the skills of the workers needed for the current economic transformation. The “hard skills” need to be complemented by training in and knowledge of “soft skills”. What are the soft skills?These include (i) Teamwork and collaboration. Working in teams and effective collaboration is increasingly a core part of the modern organization in the public and private sectors. (ii) Interpersonal skills and communication. This is needed in all forms of communication – oral, written, non-verbal and importantly, listening, remains a vital skill for working effectively in a modern organization. (iii) Critical thinking. In the era of fake news, social media bubbles, information overload skilled workers operating in the digital space will need the skill of critical thinking. (iv) emotional intelligence is another soft skill modern organizations in the public and private sectors need to train workers.

Finally, developing digital skills is going to require collaboration between the public and private sectors and cannot be seen exclusively as a function of the state. Businesses will need to invest resources in the digital training of their workforce and government in designing and developing digital skills development programs will need close collaboration with the private sector to identify the sectors/industries where the digital skills shortages are acute. Typically, training staff via online courses with international certification is a common method for private companies. Private sector inputs in training programs are critical to aligning the programs with the needs of the economy as they evolve over time.

EDITOR’S NOTE:  Dr. Meredith Arnold McIntyre has been an economist for over 30 years. He has worked in a variety of Caribbean regional institutions including the Caribbean Development Bank, Organization of Eastern Caribbean States, and the Caribbean Regional Negotiating Machinery in the 1990s. Dr. McIntyre joined the International Monetary Fund (IMF) in February 2001 and worked on countries in Africa and the Caribbean including leading IMF country team missions to Guyana. Dr. McIntyre has published a book and a variety of articles on issues in macroeconomic and trade policy in small states. He is currently an Associate, Manchester Trade Ltd and a Fellow with the Caribbean Policy Consortium. 

 

Curaçao’s New Dawn: Direct Licensing Reshapes Caribbean Gaming

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News Americas, NEW YORK, NY, Weds. Nov. 22, 2023: As the clock struck midnight on September 1, 2023, the Caribbean’s gaming industry witnessed a transformative change. The Curaçao Gaming Control Board (GCB) took a decisive step, beginning to issue gaming licences directly to operators. This pivotal move aligns with a period of rapid growth in the Latin American betting market, where gross gaming revenue is anticipated to more than double by 2025.

The new licences are set to fortify the framework within which operators work, with stringent measures to address anti-money laundering and enforce responsible gambling. What does this mean for the regional market and the allure of progressive jackpots?

Lets delve into the intricacies of the updated licensing regulations and their potential to reshape the gaming landscape in the Caribbean and Latin America.

The Surge of Progressive Jackpots in the Region

Progressive jackpots have carved a niche in the Caribbean and Latin American gaming scene. Their appeal lies in the life-changing sums they offer—sums that escalate with each play. This mechanic has not only captivated players but also mirrored the robust expansion of the region’s betting market.

Growth Amid Regulation

The ascent of progressive jackpots has been meteoric. A simple concept: the more people play, the higher the potential jackpot climbs. It’s a powerful draw. Yet, this rise occurs on the cusp of a regulatory shift. September 1, 2023, marks a significant pivot point. The Curaçao Gaming Control Board will enact new licensing measures. These measures—rigorous and direct—aim to tighten the reins on the sector.

Licensing and Its Impact

What does this mean for progressive jackpots? The new framework will usher in a fresh era of oversight. Anti-money laundering protocols; responsible gambling tenets—these will be woven into the fabric of gaming licences. Operators must navigate this landscape, balancing the allure of their jackpots with the rigidity of compliance.

Player Experience in Focus

For the player, the experience may shift. The thrill of the chase for that ever-increasing prize pot remains; however, the backdrop is evolving. With the Curaçao Gaming Control Board’s hand steering the helm, the industry braces for change. The question lingers—how will these regulatory waves alter the progressive jackpot phenomenon?

Market Dynamics

The betting market’s pulse beats stronger, with gross gaming revenue on an upswing. Progressive jackpots, a heartbeat of this growth, now face a regulatory check-up. As the rules set in, the industry watches. Will the new order stifle or sustain the jackpot’s momentum? Only time—and the market’s response—will tell.

Understanding the New Licensing Features

The Curaçao Gaming Control Board (GCB) is set to introduce a new wave of gaming licences, each with distinct characteristics. These licences differ from their predecessors in several key ways.

Current Legislation as the Foundation

The first notable feature is the adherence to existing legislation. These new licences are not a breakaway from the past but rather a continuation under the established legal framework. The significance? Stability. Operators can expect a degree of familiarity with the rules and regulations that govern their activities.

Direct Issuance to Operators

Secondly, the direct issuance of licences to operators marks a departure from the previous system. This change means a more streamlined process—no middlemen, no sub-licenses. The impact? Enhanced regulatory oversight. Operators must now engage directly with the GCB, ensuring a clearer regulatory environment.

Enhanced Ethical Obligations

Finally, the inclusion of anti-money laundering and responsible gambling provisions signals a shift towards ethical gaming practices. These provisions are not just a nod to global trends. They’re a commitment. A commitment to transparency, to integrity, and to the protection of consumers within the gaming sector.

The ripple effect of these features will likely be felt across the Caribbean and Latin American betting markets. With the GCB’s new licensing approach, the aim is clear: to foster a more responsible and regulated gaming environment that aligns with international standards.

The Application Process for Operators

After September 1, the landscape of gaming licensing in Curaçao will take a new shape. The Curaçao Gaming Control Board (GCB) is set to streamline the process for operators seeking to enter the burgeoning Latin American betting market. Legal advisor Sixiènne Jansen has provided clarity on the steps involved.

Online Gaming Application

The initial hurdle for prospective licensees is the online gaming application. Here, the GCB requires a thorough analysis. Operators must dissect their business operations. Detail marketing tactics. Elucidate on distribution channels. And, importantly, set forth growth targets. This form serves as a blueprint of the operator’s intended trajectory within the industry.

Personal Declaration

Next, a personal declaration. The form’s purpose: to identify the individuals steering the company. It’s not just names and titles; the GCB mandates a financial deep dive. Stakeholders with significant influence—those with a 10% or greater stake—must disclose their financial pedigree. Source of wealth. Source of funds. Verifiable identities. Transparency is non-negotiable.

Corporate Disclosures

Finally, corporate disclosures. A necessity, as licences are a privilege reserved for Curaçao entities. Operators must furnish the GCB with comprehensive corporate information. This ensures that only legitimate businesses, firmly rooted in Curaçao soil, are granted the keys to the gaming kingdom.

The new application process mirrors its predecessor in structure, yet it is refined to align with contemporary regulatory demands. Anti-money laundering measures. Responsible gambling practices. These are not mere buzzwords; they are integral components of the new licensing ethos.

Operators must navigate this tripartite application with precision. Each form is a pillar supporting their case for a license. The GCB’s scrutiny is rigorous; the operator’s preparation must match. With gross gaming revenue on a steep incline, the stakes are high. But for those who succeed, the rewards could be substantial.

Caribshopper Brings The “Spirits” Of The Caribbean To The US

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News Americas, Miami, FL, Tues. Nov. 21, 2023: As the primary online marketplace specializing in Caribbean products, Caribshopper is thrilled to announce the introduction of authentic Caribbean liquor to its extensive product catalog, arriving just in time for the holiday season. This exciting expansion brings the islands’ exotic and vibrant “spirits” even closer to customers in the United States.

As the holiday season approaches, Caribshopper is proud to present an assortment of premium Caribbean liquors that will make the perfect addition to festive gatherings, celebrations, and gift-giving occasions. The Caribbean region is celebrated for its distinctive and diverse liquor offerings, each rooted in local traditions and centuries-old recipes.

Caribshopper’s curated selection of Caribbean liquors allows customers to savor the Caribbean’s unique flavors and cultural richness while celebrating the holidays with an authentic island twist. Whether it’s the smooth and flavorful beers from Jamaica, like Red Stripe, the rich and aromatic spiced rums of Trinidad and Tobago, such as House of Angostura, or the tropical fruit-infused spirits from both islands, including Shandy Carib and Red Stripe Sorrel Beer, Caribshopper is the ideal destination for those looking to add the spirit of the Caribbean to their holiday celebrations.

Kadion Preston, CEO and Founder of Caribshopper.

“Our mission at Caribshopper is to provide a gateway to the vibrant culture and products of the Caribbean,” said Kadion Preston, CEO and Founder of Caribshopper. “By introducing authentic Caribbean liquor just in time for the holiday season, we are offering our customers the opportunity to enjoy the richness and traditions of the islands during this special time of year. It’s the gift of the Caribbean, delivered to your doorstep.”

Caribshopper’s commitment to delivering a one-of-a-kind shopping experience is further highlighted by the inclusion of Caribbean liquor in its product offerings. The liquors are available immediately, ensuring customers can access these exceptional products in time for their holiday celebrations.

Customers can explore and purchase a wide array of Caribbean liquors and other authentic Caribbean-made products on the Caribshopper website, with convenient delivery options available for both the US. With holiday festivities approaching, there’s no better time to experience the essence of the Caribbean with top-quality spirits from the region.

For more information about Caribshopper’s new Caribbean liquor offerings, including the perfect selections for the holiday season, and to browse their complete product catalog, visit caribshopper.com.

About Caribshopper:

Caribshopper is the premier online marketplace that brings the vibrant culture and products of the Caribbean to customers in the United States and Canada. With a wide range of authentic Caribbean products, including food, beverages, clothing, and more, Caribshopper connects Caribbean residents and enthusiasts with the tastes, traditions, and products of the islands they love.

Jamaica Achieves Historic Win on Canadian Turf

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News Americas, TORONTO, Canada, Weds. Nov. 22, 2023: In a thrilling second leg at Toronto’s BMO Field, Jamaica’s Reggae Boyz staged a remarkable comeback to secure their place in the CONCACAF Nations League semifinal and a berth in the Copa America 2024, following a 3-2 victory over Canada on Nov. 21, 2023.

Despite Canada’s early lead in the match, thanks to Alphonso Davies, and a seemingly solid 3-1 aggregate advantage, Jamaica turned the tables in a dramatic 15-minute spell in the second half. Striker Shamar Nicholson’s impressive double, followed by a decisive penalty from Fulham’s Bobby De Cordova-Reid, clinched Jamaica’s progress on away goals after a gripping 4-4 tie over both legs.

Canada now faces a crucial match against Trinidad and Tobago in March, a one-off playoff that will determine their fate in the upcoming Copa America 2024, set to be held in the U.S. The Nations League finals are set for March 21-24 at AT&T Stadium in Arlington, Tex.

Shamar Nicholson #11 of Jamaica celebrates his second goal with teammates during a CONCACAF Nations League match against Canada at BMO Field on November 21, 2023 in Toronto, Ontario, Canada. (Photo by Vaughn Ridley/Getty Images)

Bobby Reid #10 of Jamaica beats Milan Borjan #18 of Canada from the penalty spot during a CONCACAF Nations League match at BMO Field on November 21, 2023 in Toronto, Ontario, Canada. (Photo by Vaughn Ridley/Getty Images)

Shamar Nicholson #11 of Jamaica beats Milan Borjan #18 of Canada to score his first goal during a CONCACAF Nations League match at BMO Field on November 21, 2023 in Toronto, Ontario, Canada. (Photo by Vaughn Ridley/Getty Images)

Five Major Implications Of The Chevron-Hess $53 Billion Acquisition

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By Arthur Deakin

News Americas, WASHINGTON, D.C., Tues. Nov., 21, 2023: The recent merging of oil and gas companies in the U.S. indicate that energy majors see a long-term future for specific hydrocarbons in the energy transition. Chevron’s announcement of their US$53 billion all stock acquisition of Hess, and ExxonMobil’s US$59 billion merger with Pioneer Natural Resources, is likely the beginning of a wider industry consolidation in which oil majors target independent producers operating in relatively stable jurisdictions with proven light crude reserves, low breakeven costs, and flexible oil supply (i.e., shale wells that can start producing quickly when oil prices are high). Oil majors will continue to prioritize assets that generate significant free cash flows so they can continue paying large dividends to shareholders.

High cost of capital make greenfield assets hard to finance

Financing greenfield energy assets in emerging markets has become extremely challenging with the rise of interest rates. Hydrocarbon assets, which most investors are shying away from, and low carbon technologies, some of which do not yet have proven paths to profitability, are struggling to attract investments in developing markets as the risk-return is simply unjustifiable in the current financial environment. Outright acquisitions and mergers, however, have become more appealing, and none more so than the Stabroek Block in Guyana. The biggest discovery in the last decade has an estimated 11 billion barrels of recoverable oil equivalent, with potential to grow even more in the future.  This is a multi-decade production play, and it signals Chevron’s commitment to a long-term hydrocarbon strategy in the Americas.

For years, Hess has known they’ve struck the jackpot with Guyana, reflected by the upbeat mood internally at the company.  They’ve been seeking a large payday for quite some time—well deservedly so, as Guyana’s Stabroek Block has been praised as the best oil find in recent times. In addition to its resource potential, the ExxonMobil-operated block offers highly competitive breakeven costs ranging from $25 to $35 per barrel across producing projects. It is located offshore, where there tends to be less direct impact on communities than onshore drilling, and it also operates under a favorable production sharing agreement with attractive fiscal terms.

Image 1: Breakeven costs

Five major implications for Guyana

The Chevron-Hess deal will have five major implications for the Guyanese economy, all of which are likely to lead to long-term reverberations for the local oil and gas sector:  

An accelerated exploration of the Stabroek block

ExxonMobil’s $63 billion dollars in free cash flow in 2022 makes it one of the most well-capitalized oil and gas companies in the world. The speed of their ramp up in Guyana has been unprecedented, both in terms of time to market and successfully drilled wells. However, with another oil major joining the Stabroek consortium, it is likely that the 10 to 12 wells planned for 2024, and the 35-well exploration campaign announced through 2028, will actually exceed the original numbers.

An increase in production estimates for existing wells

While the Stabroek consortium already has one of the most, if not the most, competent, and technical team in the oil and gas industry with ExxonMobil at the helm, there are technological advances that Chevron could bring to the table that could increase production estimates for Guyana (upwards from the 1.2mn projected for 2027). Chevron CEO Mike Wirth discussed their collaboration with AI juggernaut OpenAI noting “We’ve been working with OpenAI for multiple years now on technologies that could work in our industry,” Wirth said. He noted oil giants generate immense datasets on geological characteristics and more. Often times, these innovative technologies are siloed inside companies, with Chevron already suggesting that they will introduce new technical capabilities to the Bakken assets owned by Hess.

Image 2: Oil production

A more competitive oil and gas sector

Although Exxon will still be calling the shots as the lead operator of the Stabroek consortium, the presence of another American oil major will lead to more collaborative decision making behind closed doors. Chevron will also now be part of the bid made in the recent oil tender by Exxon, Hess and CNOOC, pacifying some of the government’s claims that ExxonMobil is the only game in town. 

Greater Chinese influence outside of the oil & gas sector

Although the third partner in the Stabroek consortium is Chinese (CNOOC), the state-owned oil company has remained in the background during the last eight years of oil development in Guyana. Now, with the presence of two of the largest American oil majors in the consortium, CNOOC’s influence is likely to diminish. In turn, the Chinese government will increase its presence in surrounding sectors such as mining, healthcare, renewable power, and road infrastructure.

Greater pressure from the government and the people

With more resources, comes greater responsibility. The Guyanese government will likely highlight this acquisition to show that interest in Guyana remains hot, using the momentum to sign production sharing agreements that are less beneficial for oil companies in the most recent oil auction. The Guyanese people will also be more inclined to see what they can get out of a new major company coming into the country, both in terms of jobs and greater concessions. Despite the Wall Street Journal recently reporting that Guyana is booming, the reporting also raised questions on how the material improvement is flowing to ordinary Guyanese. It is expected that there will be more public pressure for improved living conditions in Guyana.  

Chevron is bullet-proofing their portfolio against international turmoil

Although Hess’ 30% participation in the Stabroek consortium was the main reason behind Chevron’s acquisition, Hess also produces 190,000 barrels per day in the Bakken Shale Play where it owns 465,000 acres of land. The Bakken formation is both more mature and smaller than the Permian basin, signaling less room for growth, but the abundance of land means Chevron could drill new wells in new locations as old wells mature. This flexibility, during a time of geopolitical turmoil, is exactly what Chevron is looking for as it seeks to bullet-proof its portfolio against unstable regimes and international conflicts.

Chevron also announced that the Bakken asset will provide a constant level of production, and strong cash flows, for many years to come. In fact, if the number of rigs remain constant, at four, Chevron estimates that the Bakken acquisition will have at least 15 years of inventory. Although the Bakken has high half-cycle breakeven costs, at U$58 per barrel, Chevron’s resources means that it faces less pressure to stick to modest production increases like many other shale producers. Its deep pockets, and ability to keep providing returns to shareholders, means that Chevron can afford to take riskier bets.

EDITOR’S NOTE: Arthur Deakin is the Director of the Energy Practice at AMI (Americas Market Intelligence). Through market research and strategic analysis, he helps companies expand into Guyana and the wider Latin American region. In the past ten years, AMI has helped companies understand the Guyanese market, navigate Guyana’s local content legislation, execute pre- and post-acquisition due diligence and conduct competitive analysis on key players in the country.

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Guyana’s Oil Tax

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By Candice Dorwish

Special To News Americas

News Americas, NEW YORK, NY, Tues. Nov. 21, 2023: The Guyana parliament’s decision to create – what amounts to – a zero tax clause in the petroleum production agreement keeps power and wealth in the hands of its foreign counterparties and contributes to Guyana’s economic inequality. Additionally, it stagnates the potential for sustainable economic growth here in the local land.

While the Stabroek Block Production Sharing Agreement (PSA) should be analyzed in its totality, a few details worth reading are found in Articles 15.2 – 15.4. The rhetoric inscribed within the agreement places the income tax liability of the multinationals onto the shoulders of the Guyanese taxpayers.

This tax loophole exempts ExxonMobil Guyana Ltd., CNOOC, and Hess (now or soon to transfer to Chevron) from the income tax laws applicable to every other entity doing business in Guyana. This is a monumental financial loss for all things Guyana; the type of revenue that oil taxes are generating should be making positive tangible changes for everyday citizens here in the territory.

Ask yourself: since the beginning of oil production in 2019, has your life or the life of your neighbors improved? Do you feel any richer? Does the outlook on life for your children seem any more prosperous? One can assume your answer to these questions is a resounding “No!” Well, fellow Guyanese, why and how is it that One Guyana, the much-propagandized motto of President Ali, has not been fulfilled?

The question begs, where should Guyana’s tax revenue go? Well, look at the superpowers of the modern world, Russia, China, the United States of America. On their ascent to global primacy, how did these countries direct their own tax revenues? Answer: tax resources were allocated towards advantageous entitlement programs such as education systems, roads and bridges, advanced medical care, and technology, just to name a few. By providing local citizens additional opportunities for economic prosperity, populations of these great nations were able to do more with their lives and, as a result, contributed greatly to the economic development of their respective countries.

More needs to be done by Guyana and its citizens to take an active role in increasing its own share of financial profits generated by offshore drilling. If one wishes to continue drilling into our Exclusive Economic Zone (EEZ out to 200 nautical miles) with complete disregard for the environment, then the answer is simple: an enforced 40% income tax rate on the oil companies. Guyana can maintain a strong mutual relationship with the United States without offering one-sided tax breaks. It is illogical to provide oil tax incentives to an organization that generated US$11.7 billion in free cash flow in Q3 2023 – an increase of US$6.7 billion QOQ (Quarter on Quarter). 

Make no mistake about it, Guyana, with its newfound fortunes of oil exploration and future oil reserves, has a once-in-a-lifetime opportunity to make things right for its people. This country is sitting on a liquid gold mine and this “gold” has the capacity to change the lives of every single Guyanese living today, including those unborn in the future. Let this letter be a loud proclamation to the great country that is Guyana.

Take note and hear these words clearly: if you do not pay attention to the vast amount of riches that are at your seashore, at minimum, you will have guaranteed that your children and your children’s children will remain living a life full of uncertainty, and you will have failed at giving them the greatest opportunity that Guyana’s history could have afforded them.

Caribbean Travel News & Deals

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News Americas, NEW YORK, NY, Thurs. Nov. 16, 2023: Here are the top Caribbean travel news and Black Friday deals this week in 60 seconds.

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Meanwhile, Canada is warning nationals to “exercise a high degree of caution if travelling to or in Trinidad and Tobago due to violent crimes.”

Caribbean Owned Hard Beat Communications Honored As Clutch Global And Clutch Champion Winner

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News Americas, NEW YORK, NY, Thurs. Nov. 16, 2023: Hard Beat Communications, the Award Winning, Multicultural Digital Ad & PR Agency, today announced its recognition as a 2023 Global Award and 2023 Clutch Champion winner.

Honorees are selected based on their industry expertise and ability to deliver, scores that are calculated based on the client feedback from thousands of reviews published on Clutch. For the sixth consecutive year, Clutch has honored its top B2B companies with the Global Award designation.

Hard Beat Communications executives say they are honored to be recognized as a 2023 Fall Clutch Global Award as well as a 2023 Fall Clutch Champion winner.

“This award is a testament to the excellent client work we have delivered this year as recognized through the voice of our customers in their reviews on Clutch,” said Hard Beat Communications founder, Felicia J. Persaud. “We’re proud to be recognized for global content, creation and distribution as well as a leader and a champion on a global scale for multicultural digital advertising and PR agency services.”

Clutch Global Awards showcases the very best in the B2B services industry worldwide.

“We are thrilled to showcase the incredible success of leading companies worldwide on our platform,” said Sonny Ganguly, Clutch CEO. “Their dedication to delivering outstanding services has not only contributed to their own success but has also empowered countless clients to thrive. We aim to highlight this year’s industry frontrunners and facilitate connections for Clutch users seeking top-notch services tailored to their specific needs.”

View our recent work and reviews on our Clutch profile HERE

ABOUT HARD BEAT

Hard Beat Communications is an award-winning, Caribbean owned, multicultural, woman owned full-service business solutions agency that offers companies all the tools they need to run and grow their business from one place via packaged offerings or subscriptions.  Hard Beat provides our clients with all the marketing tools they need for the 21st century – to grow their bottom line.

ABOUT CLUTCH
Clutch empowers better business decisions as the leading global marketplace of B2B service providers. More than 1 million business leaders start at Clutch each month to read in-depth client interviews and discover trusted agency partners to meet their business needs. Clutch has been honored for the past 6 consecutive years as an Inc. 5000 fastest-growing company and by the Washington Business Journal as one of the 50 fastest growing private companies in the DC metro area for 2023.

ExxonMobil Boosts Guyana’s Oil Production With Payara Project Kickoff

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News Americas, GEORGETOWN, Guyana, Weds. Nov. 15, 2023: ExxonMobil has initiated production at the Payara project, Guyana’s third offshore oil development located on the Stabroek Block. This significant milestone elevates Guyana’s total production capacity to an estimated 620,000 barrels per day.

The Prosperity Floating, Production, Storage, and Offloading, (FPSO), vessel is projected to achieve an initial production rate of around 220,000 barrels per day by the first half of the next year, marking the third critical step towards reaching a combined production capacity exceeding 1.2 million barrels per day on the Stabroek Block by the close of 2027.

Liam Mallon, President of ExxonMobil Upstream Company, highlighted the positive impact of each new project on economic development and resource accessibility for Guyanese communities. The company envisions operating six FPSOs on the Stabroek Block by the end of 2027, with Yellowtail and Uaru as the ongoing fourth and fifth projects, each anticipated to produce approximately 250,000 barrels of oil per day. ExxonMobil is actively collaborating with the Guyanese government to secure regulatory approvals for a sixth project at Whiptail.

Prosperity, like the Liza Unity, has been recognized with the SUSTAIN-1 notation by the American Bureau of Shipping, emphasizing the sustainability of its design, documentation, and operational procedures. ExxonMobil’s Guyana developments showcase a remarkable 30% reduction in greenhouse gas intensity compared to the average of its upstream portfolio. According to Rystad Energy, an independent research firm, these developments are among the world’s best performers in terms of emissions intensity, surpassing 75% of global oil and gas producing assets.

With over 6,000 Guyanese supporting ExxonMobil’s operations, the company has made substantial economic contributions, with more than $1.2 billion spent with over 1,500 local suppliers since the commencement of operations in 2015. The production at Payara marks a continued commitment to reliable and sustainable energy for Guyana.