标签： Guyana

A high-level strategic gathering focused on the future of hemispheric agriculture brought senior representatives from the Brazilian government and the Inter-American Institute for Cooperation on Agriculture (IICA) to the World Trade Centre Georgetown (WTCG) last Friday, with the aging agricultural workforce emerging as a top priority for collaborative action.

Chaired by WTCG Executive Director Wesley Kirton, the meeting opened with urgent discussion of how to reverse decades of aging in farming workforces across the Americas, centering talks on actionable strategies to draw younger generations into agricultural careers. Participants agreed that modernizing the sector’s appeal is critical, outlining a path forward that leverages digital innovation, advanced agricultural technologies, entrepreneurial opportunities, and expanded market access to make farming and agribusiness more attractive to young people.

Beyond workforce challenges, delegates delved into the sweeping transformative power of cutting-edge science and technology in modern agriculture. The conversation highlighted the rapidly expanding adoption of artificial intelligence and precision agriculture methodologies, tools that have already demonstrated clear potential to lift crop and livestock productivity, boost environmental sustainability, and strengthen the sector’s ability to withstand systemic shocks. Additional topics on the agenda included longstanding logistics and transportation bottlenecks that limit market access, strategies to meet global food safety and phytosanitary compliance standards, evidence-based best cultivation practices, and the development and selection of high-performing crop varieties, livestock breeds, and quality seed stock.

Climate change’s growing threat to consistent agricultural output and regional food security also took center stage in the talks. Delegates shared insights into context-specific climate adaptation approaches, emphasizing that coordinated regional and international collaboration is non-negotiable for building agricultural systems that can absorb and recover from climate-related disruptions.

The meeting also laid groundwork for future collaboration between IICA and WTCG, coming just days after IICA signed a formal cooperation agreement with the Government of Guyana earlier that Tuesday. Both institutions confirmed shared interest in partnering on initiatives focused on inclusive agricultural development, streamlined cross-border agricultural trade facilitation, sector-wide innovation, and skills-based capacity building for local agricultural stakeholders.

Attendees highlighted existing private sector investment in Guyana’s agricultural transformation as a model for future growth, specifically calling out two ongoing projects from local industry leader Demerara Distillers Limited (DDL): a large-scale dairy farm under development at Moblissa, and juice production operations run by DDL’s subsidiary TOPCO. These ventures were held up as successful examples of how private investment can strengthen Guyana’s domestic agro-processing sector, cut the country’s reliance on food imports, and generate new inclusive economic opportunities for local communities.

A working lunch wrapping up the formal discussions reinforced a core shared conclusion: cross-sector partnerships between national governments, intergovernmental agricultural bodies, and private enterprise are the foundation for advancing meaningful agricultural transformation and lasting food security across the Latin American and Caribbean region.

On Tuesday, June 9, 2026, ExxonMobil Guyana announced that it has already set aside more than 489 million U.S. dollars (equivalent to 102.8 billion Guyanese dollars) as its proportional contribution to a national decommissioning fund, which will be used to safely retire offshore oil infrastructure and seal depleted production wells once extraction operations conclude in the Stabroek Block. Negotiations over the formal terms and operational structure of this fund are still ongoing between the energy giant’s local subsidiary, ExxonMobil Guyana Limited, and the government of Guyana, company officials confirmed during a public media briefing.

John Colling, ExxonMobil Guyana’s Vice President and Business Services Manager, told reporters that while no firm deadline has been set for concluding negotiations, discussions between the two parties have progressed smoothly and been marked as “very productive” to date. The allocated sum already appears as an “asset retirement obligation” on the company’s 2025 audited financial statement, which was recently filed with Guyana’s Corporate Registry. The total accumulates proportional contributions from three operating years: 2023, 2024, and 2025.

Colling emphasized that ExxonMobil’s goal is to reach a final agreement that aligns with multiple key priorities. “Ultimately what we’re looking for is a fund that is consistent with the Petroleum Act as well as international best practices, that ultimately provides the financial assurance required by the government of Guyana and is also industry best practice to encourage future investors to continue to do business here in Guyana,” he explained.

The contribution amount reflects ExxonMobil’s 45 percent ownership stake in the Stabroek Block, the prolific offshore oil development that transformed Guyana into one of the world’s newest major oil producers. The remaining shares are held by two other global energy firms: China National Offshore Oil Corporation (CNOOC) holds 25 percent, while Chevron controls the 30 percent stake previously owned by Hess Corporation. Per industry norms, all co-owners will contribute to the decommissioning fund proportional to their ownership shares.

Guyana made history in 2019 when it launched its first ever commercial oil production from the Stabroek Block’s Liza 1 well. Since that first launch, the country’s oil sector has expanded rapidly, drawing billions in foreign investment and reshaping the small South American nation’s economic outlook. Decommissioning planning is a standard regulatory requirement for offshore oil operations, designed to ensure that funds are available to clean up infrastructure and close wells safely at the end of their production lifespans, eliminating future financial and environmental risks for the host government.

On Tuesday, June 9, 2026, ExxonMobil Guyana Limited declined to address public questions surrounding its proposed nominee for a neutral sole expert tasked with resolving a long-running $214 million cost oil dispute tied to exploration activities between 1999 and 2017, while openly signaling the deadlocked issue may soon head to international arbitration.

The disagreement first emerged in 2019, when a formal audit conducted by UK-based industry firm IHS Markit found major irregularities in the claimed costs: $34.34 million of the total claims were deemed ineligible for classification as cost oil, and a further $180 million lacked any supporting documentation to back up the expenditures. Industry sources familiar with the negotiations confirmed that ExxonMobil has repeatedly pushed for its own preferred candidate to oversee the resolution process, despite the dispute entering its seventh year of stalled talks with the Guyanese government.

During a press briefing Tuesday, John Cullen, ExxonMobil Guyana’s Vice President and Business Services Manager, dodged direct questions asking whether conflict of interest concerns over the company’s chosen nominee is one of the core obstacles to reaching a negotiated resolution. Cullen only outlined general criteria for the role, noting that any selected sole expert is required to meet a set of pre-agreed qualifications acceptable to both parties. “Objectivity is one of them. That is one of the criteria that we are discussing with the government, as well as experience, relevant experience, which is another key factor,” he told reporters.

Cullen sidestepped multiple follow-up inquiries about the impasse over selecting the expert, stating only that the company and the Guyanese government are continuing to work “very diligently” to identify a candidate that all sides can agree on. Despite this, he openly hinted that arbitration at the Paris-based International Chamber of Commerce (ICC) is the most likely next step if the deadlock persists. “If we’re unable to arrive at a mutual selection, that can be referred to the ICC to make the selection, which very well may be the next step in the process,” Cullen said.

The Guyana Revenue Authority (GRA), the South American nation’s national tax body, has already taken a hard line on the dispute, ruling out any adjustments to the disputed cost figures laid out in the 2019 audit. This position comes in direct response to ExxonMobil’s argument that the full $214 million should not be classified as cost oil.

For context, total exploration spending across the Stabroek Block between 1999 and 2017 added up to $1.6 billion. If ExxonMobil concedes that the $214 million cannot be counted as cost oil, Guyana will be entitled to half of that sum – equal to $107 million – with the remaining portion distributed to the Stabroek Block co-venturers: ExxonMobil itself, US energy firm Hess, and China National Overseas Oil Company (CNOOC).

Against a backdrop of shifting global trade dynamics and recent U.S. tariff policy changes that have impacted cross-border commerce, World Trade Centre Georgetown (WTCG) is preparing to host a high-profile business luncheon focused on expanding commercial ties between Guyanese enterprises and the U.S. market. Scheduled for Wednesday, June 17, 2026, the event titled “Growing Business with the United States” will feature Arun Venkataraman, a globally recognized veteran trade policy expert with decades of high-level experience in international commerce.

This luncheon forms a core part of WTCG’s long-standing mission to foster and strengthen bilateral trade and investment links between Guyana and its international economic partners. As Guyana continues to grow its global economic footprint and work to diversify its national export base, the organization has curated this event to give local business leaders direct access to insights from one of the most authoritative voices on U.S. trade and commercial policy.

Venkataraman brings over 25 years of specialized experience across international trade, commercial strategy, and global economic policy. Most recently, he held a Senate-confirmed position as Assistant Secretary of Commerce for Global Markets and Director General of the U.S. and Foreign Commercial Service at the International Trade Administration, serving from 2022 to 2025. In this senior role, he led U.S. federal government initiatives to expand commercial opportunities for both American enterprises operating abroad and international firms looking to enter and invest in the U.S. market.

His core responsibilities during his tenure included facilitating cross-border business transactions, advocating for improved global commercial policy frameworks, resolving trade and investment barriers, and negotiating bilateral agreements to strengthen commercial cooperation between the U.S. and partner nations. During the upcoming luncheon, WTCG confirms Venkataraman will deliver actionable insights on current U.S. trade and commercial policies, existing trade preference programs, and other regulatory mechanisms designed to support foreign businesses entering the U.S. market. His presentation will center specifically on how Guyanese companies can leverage these frameworks to boost export volumes, build strategic cross-border partnerships, attract foreign direct investment, and strengthen their overall global competitiveness.

The event comes at a critical juncture for Guyanese exporters, as global trade continues to be reshaped by evolving geopolitical dynamics, ongoing global supply chain realignment, and shifting trade and investment policies among the world’s largest economies. Policy decisions made by the U.S. on tariffs, market access, and commercial partnerships increasingly shape global business strategies and the competitive position of exporters across every region, including Guyana.

For Guyana, deep familiarity with these evolving policy shifts has grown even more urgent following recent changes to U.S. tariff rules that affect a range of Guyanese exports. The elimination of duty-free treatment for certain products, replaced by tariff rates as high as 15 percent, has created new headwinds for exporters working to maintain and grow their share of the U.S. market. These policy changes underscore the urgent need for local businesses to stay updated on evolving U.S. trade rules and develop targeted strategies to preserve their competitiveness while capitalizing on new emerging opportunities in the U.S. market.

In an increasingly complex global trading landscape, access to authoritative, first-hand insight on U.S. trade policy is an invaluable resource for local enterprises. WTCG emphasizes that Guyanese businesses need to understand both the challenges created by recent policy shifts and the untapped opportunities that remain within the growing framework of U.S.-Guyana commercial relations.

This exclusive luncheon offers a one-of-a-kind chance to gain direct insight from a leader who helped shape and implement U.S. trade policy at the highest level of government. WTCG argues that equipping local businesses with timely, accurate information and practical industry knowledge is essential to allow Guyana to fully capitalize on its rapid economic expansion, while deepening its integration into regional and global value chains.

The event is expected to deliver particular value for exporters, manufacturers, service providers, cross-border investors, business support organizations, and entrepreneurs seeking to expand their commercial operations beyond Guyana’s borders. Beyond the formal presentation, attendees will have the opportunity to engage directly with Venkataraman during a dedicated question-and-answer session, as well as in targeted private one-on-one discussions following the main program.

The luncheon aligns with WTCG’s core institutional mission: connecting Guyanese businesses to global markets and creating avenues for meaningful international economic engagement. As a member of the World Trade Centers Association Network, which includes more than 300 World Trade Centers across over 100 countries, WTCG remains dedicated to providing local Guyanese enterprises with access to world-class expertise, actionable market intelligence, and high-impact business development opportunities.

All members of Guyana’s business community and interested stakeholders are invited to register for the event. For registration details and additional information, interested attendees may contact the WTCG Secretariat at 592-763-9824 or 592-515-9824 to speak with Ms. Noel or Ms. Peters.

Fresh official data released by the Bank of Guyana has revealed strong performance from the South American nation’s rapidly expanding oil sector in the first three months of 2026, with total revenue from royalties, profit sharing, and signature bonuses reaching $577.6 million. The central bank’s quarterly update on the country’s sovereign Natural Resources Fund (NRF) also confirms that a $400 million disbursement from the fund was carried out on March 11, 2026.

By the close of the first quarter, the NRF, Guyana’s primary sovereign wealth vehicle for managing long-term oil earnings, held a total balance of $3.643 billion. This marks a modest increase from the $3.435 billion recorded at the end of December 2025, according to the fund’s official quarterly report.

Cumulative data stretching back to the start of Guyana’s commercial oil production in 2020 shows that the nation has earned a total of more than $9.28 billion in oil revenue through March 23, 2026. Since the first disbursement from the NRF in May 2022, total outflows from the fund have hit roughly $6.06 billion as of the end of the first quarter 2026.

The report details a dramatic upward trajectory for global Brent crude prices through the first quarter, a shift driven largely by escalating geopolitical instability in the Middle East. At the opening of January, Brent crude traded at $60.85 per barrel, dipping slightly to a quarterly low of $59.96 per barrel in the first weeks of the year. From that point, prices began a steady recovery, stabilizing between $65 and $70 per barrel by the end of February. This early recovery was supported by coordinated global oil supply management and emerging early warning signs of rising political friction in the Middle East.

The most dramatic price surge unfolded in March, as tensions between the United States and Iran escalated, amplifying instability across the wider Middle East region. Critical energy infrastructure suffered damage, and shipping disruptions hit the Strait of Hormuz, the world’s most important chokepoint for global crude oil trade, sparking widespread market fears of major supply shortages.

As conflict intensified, Brent crude pushed past the $100 per barrel threshold after confirmed reports of extensive infrastructure damage and blockages along the strait. A brief period of market optimism around a potential ceasefire pulled prices slightly back to below $100 per barrel, but that optimism quickly faded as hostilities continued. By the end of the quarter, prices resumed their upward climb, closing at a quarterly peak of $118.35 per barrel, matching the report’s final data.