Petronas Steps Up as Exxon Exits Key Guyana Oil Block

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News Americas, New York, NY, November 22, 2024: Malaysian energy giant Petronas is emerging as a key player in Guyana’s energy landscape, taking center stage in a shallow-water oil block there after the Exxon Mobil-led consortium ended talks with the Guyanese government.

Exxon Mobil, along with Hess Corporation and China’s Cnooc, had secured the offshore Block S8 in a 2022 bidding round. However, negotiations faltered this year as Exxon reportedly sought to use the area for carbon capture and storage. “We don’t want to do that at this stage,” said Guyana Vice President Bharrat Jagdeo.

This shift mirrors a similar development in neighboring Suriname earlier this week, where Exxon pulled out of an offshore oil block, leaving Petronas as the sole operator of what is considered one of the country’s most promising energy projects.

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As Exxon refocuses its regional strategy, Petronas stands poised to strengthen its position in the energy sector across Guyana and Suriname.

Petroliam Nasional Berhad, known as PETRONAS, is Malaysia’s state-owned multinational oil and gas company headquartered in Kuala Lumpur. Founded in 1974, the company oversees all of Malaysia’s oil and gas resources and operates in over 100 countries, contributing significantly to the nation’s economy.

Ranked 216th on the 2022 Fortune Global 500 list and identified by the Financial Times as one of the “new seven sisters” of influential state-owned oil companies, PETRONAS engages in a wide range of activities. These include upstream exploration, downstream refining, gas processing, LNG marketing, petrochemical production, shipping, and even property investments. From 2015 to 2020, it provided over 15% of Malaysia’s government revenue, underscoring its critical role in the country’s development.

India PM Gets Top Guyana Award

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News Americas, New York, NY, November 21, 2024: The Prime Minister of India, Shri Narendra Modi, has been honored with the Order of Excellence by Guyana’s President, Dr. Mohamed Irfaan Ali. The prestigious national award, established in 1970 under the Constitution of the Orders of Guyana, is reserved for only 25 living Guyanese citizens and is rarely bestowed on non-nationals.

India PM Narendra Modi is presented with Guyana’s top award by President of Guyana, r., Dr. Irfaan Ali.

The honorary ceremony, held earlier this week, was accompanied by a vibrant cultural display showcasing Guyana’s rich heritage. The award recognizes Prime Minister Modi’s exceptional leadership in championing the interests of developing nations on the global stage.

President Ali highlighted Modi’s pivotal role during the COVID-19 pandemic, when India donated 500,000 vaccines to the Caribbean region despite its own domestic challenges. Of these, 80,000 vaccines were sent to Guyana, a gesture Ali credited with saving thousands of lives.

“The greatest test of any member of the human family is to give of their very little when they are most in need. And Prime Minister Modi fulfilled this test with distinction,” President Ali remarked during the ceremony.

India’s Prime Minister Narendra Modi (C) is welcomed upon landing for an official visit to Guyana, at the airport in Georgetown late on November 19, 2024. (Photo by Denis CHABROL / AFP) (Photo by DENIS CHABROL/AFP via Getty Images)

Ali also emphasized India’s longstanding support for Guyana, including contributions in training, scholarships, military exchanges, concessional loans, and cultural cooperation. He praised Modi for promoting technological innovation, digitization, and inclusive development that benefits the Global South.

“In every sphere of national development, we can point to physical, institutional, and systemic support from the government and people of India. We salute you, Prime Minister Modi, and the people of India. Continue to lead boldly and inspire in this complex global environment,” Ali declared.

The President also affirmed that Modi is, and will always remain, a member of the CARICOM family.

In his acceptance speech, Prime Minister Modi expressed deep gratitude to President Ali and the people of Guyana for the honor, noting the close historical and cultural ties between the two nations. He commended Ali’s leadership in strengthening bilateral relations, stating, “Under his leadership, we are continuously moving forward in every direction.” Modi reaffirmed India’s commitment to enhancing cooperation with Guyana and the Caribbean region.

During his three-day state visit to Guyana, Modi participated in discussions aimed at bolstering partnerships and witnessed a vibrant showcase of Guyana’s diverse cultural heritage. His visit marks a significant milestone in the relationship between the two nations.