Guyana's largest oil vessel arrives as St Vincent seeks Taiwan help on debt

GEORGETOWN, Guyana. Guyana's government has welcomed the arrival of the Errea Wittu, its fifth and largest floating production, storage and offloading (FPSO) vessel, which is expected to push national oil output beyond one million barrels a day.

The US$12.7 billion project is targeting more than 800 million barrels of recoverable oil. Natural Resources Minister Vickram Bharrat described it as a major milestone in the development of Guyana's oil and gas sector.

"With first oil expected in the fourth quarter of 2026, production is poised to cross the one-million-barrel-per-day mark. This is a major development for our country and one that brings with it greater responsibility to ensure Guyanese continue to benefit from the sector," Bharrat said.

President Irfaan Ali said the vessel would add about 250,000 barrels a day. He said the four FPSOs already operating produce roughly 900,000 to 920,000 barrels a day.

The Errea Wittu, built by Japan-based MODEC for the Uaru development in the Stabroek Block, is expected to begin production in September. Bharrat said the government would continue to disclose petroleum revenue through the National Assembly and push for more local content.

St Vincent turns to Taiwan on debt

St Vincent and the Grenadines is in talks with Taiwan to ease its heavy public debt, with Prime Minister Godwin Friday saying Taipei has shown a genuine willingness to help. The country's debt-to-GDP ratio exceeds 113 per cent.

During a recent visit to Taiwan, Friday discussed the US$345 million owed to Taipei and said his government would not allow the country to become a failed state.

"We inherited that on November 27. I'm not going to pass this on to a next generation. We have to fix the problem now," he said.

Friday said his government had held serious talks with the International Monetary Fund, the World Bank and regional partners. "A lot of this is still in discussion, but the goodwill is there," he said.

Early warning systems for Belize and Trinidad and Tobago

The Caribbean Development Bank (CDB) is financing a US$27.1 million project to strengthen weather services and multi-hazard early warning systems in Belize and Trinidad and Tobago.

The funding includes a US$24.1 million Green Climate Fund grant, US$1.2 million from the CDB and US$1.88 million in counterpart funding from the two governments. The Caribbean Meteorological Organisation will carry out the project with national agencies.

"As climate-related hazards become more frequent and severe, robust early warning systems are essential to protecting communities, safeguarding key economic sectors and preserving development gains," said L. O'Reilly Lewis, director of the CDB's projects department.