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.

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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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.