(Demerara Waves) Exxon Mobil Corp. said it has made a final investment decision to proceed with the first phase of development for the Liza field, one of the largest oil discoveries of the past decade, located offshore Guyana.
The development received regulatory approval from the government of Guyana and the production license on Thursday.
The company also announced positive results from the Liza-4 well, which encountered more than 197 feet (60 meters) of high-quality, oil-bearing sandstone reservoirs, which will underpin a potential Liza Phase 2 development. Gross recoverable resources for the Stabroek block are now estimated at 2 billion to 2.5 billion oil-equivalent barrels, which includes Liza and other successful exploration wells on Liza Deep, Payara and Snoek.
The Liza Phase 1 development includes a subsea production system and a floating production, storage and offloading (FPSO) vessel designed to produce up to 120,000 barrels of oil per day. Production is expected to begin by 2020, less than five years after discovery of the field. Phase 1 is expected to cost just over $4.4 billion, which includes a lease capitalization cost of approximately $1.2 billion for the FPSO facility, and will develop approximately 450 million barrels of oil.
BRUSSELS (AP) -- A year after its historic vote, Britain on Monday finally opened negotiations with the other 27 European Union nations about leaving the bloc, with the final outcome, due in 2019, as globally important as it now seems unpredictable.
The two chief negotiators, Michel Barnier of the EU and David Davis from Britain, immediately set off to find common ground in their working relationship, an important touchstone to see how amicable the biggest political divorce in decades will become.
"Our objective is clear. We must first tackle the uncertainties caused by Brexit," centering on citizens living on each other's territory, border arrangements between Ireland and the United Kingdom and the amount that Britain stands to pay to get out of its previous EU commitments, Barnier said.
Davis said he was looking for a "positive and constructive tone" to deal with the myriad issues dividing both sides.
(Trinidad Guardian) The ANSA McAL Group announced yesterday that its wholly-owned subsidiary ANSA Coatings International has signed a definitive agreement to acquire the Caribbean business of Berger, the paint manufacturer.
A statement from the local conglomerate said the agreement is to acquire Lewis Berger (Overseas Holdings) Limited (LBOH) from Berger International Private Limited (BIPL), in an all-cash transaction, for an undisclosed sum, subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in the third quarter of calendar year 2017.
LBOH is a privately held UK company with equity-ownership stakes of 100 per cent, 70 per cent and 51 per cent in Berger Paints Barbados Limited, Berger Paints Trinidad Limited and Berger Paints Jamaica Limited respectively. The combined Berger Caribbean business has estimated net sales of US$35 million.
Berger Paints Trinidad Ltd is a public company listed on the T&T Stock Exchange with issued share capital of 5,161,444 shares and market capitalisation of $20,903,848.20 as at the close of yesterday’s trading.
(Reuters) Amazon.com Inc said on Friday it would buy Whole Foods Market Inc for $13.7 billion, in an embrace of brick-and-mortar stores that could turn the high-end grocer into a mass-market merchant and upend the already struggling U.S. retail industry.
Amazon used aggressive pricing to become an e-commerce retail juggernaut and has recently been experimenting with brick-and-mortar outlets. It will take over a natural and organic grocer pioneer with 456 stores, a mecca for young, high-end shoppers, that has been struggling to rein in prices and integrate technology.
The deal represents a dramatic turn in strategy for Amazon, which has offered food delivery through its Fresh service for a decade but has not made a major dent in the $700 billion grocery market.
“The ramifications for all of retail are seismic – not just retailers that sell grocery, but for everyone,” Gordon Haskett analyst Chuck Grom said.
(Caribbean 360 News) KINGSTON, Jamaica – The Betting, Gaming and Lotteries Commission (BGLC), has indicated that it intends to fast-track the roll-out of Internet gaming in Jamaica.
Director of Information and Communication Technology (ICT) at the BGLC, Carole Martinez-Johnson, said the Commission is currently reviewing proposals from licensees, which will be processed as quickly as possible.
Executive Director of the BGLC, Vitus Evans, noted that online gaming is a lucrative industry, valued at US$39.9 billion in 2015. He noted that the figure is forecast to reach US$51.96 billion by next year.
He said interactive and online gaming represent the new frontier of the industry, and will be key topics for discussion at the two-day Caribbean Gaming Show and Summit which began yesterday with a focus on the impact of technology on gaming.