• The Ministry of Natural Resources announced on Wednesday that ExxonMobil Guyana Limited (EMGL) has officially relinquished 20 per cent of the Stabroek Block.
• ‘Relinquishment,’ outlined in the 2016 Production Sharing Agreement (PSA), refers to the giving up of sections of a block by a contractor after a stipulated amount of time has elapsed and no commercial discoveries have been made.
• “The Stabroek block has been the site of multiple significant discoveries, which are now undergoing evaluation and appraisal to determine their commercial potential,” the ministry explained. Notably, the relinquished portion is composed of various sections of the entire block and isn’t located in a single area.
• The ministry reaffirmed its commitment to ensuring that the petroleum sector is properly managed by legal provisions and in the most prudent manner for the benefit of all Guyanese. The press release says that the Ministry of Natural Resources and the Guyana Geology and Mines Commission will “continue to work diligently to ensure that all petroleum operations executed by EMGL and its partners are conducted in keeping with the requirements of the [Petroleum Activities Act], the Stabroek Block Petroleum Agreement, and…international best practices.”
• To date, more than 50 oil discoveries have been made in Guyana’s waters, with 46 of them being found in the Stabroek Block alone. There are currently six sanctioned projects. Three of them combined are producing approximately 600,000 barrels of oil per day. A fourth is scheduled for startup in August of this year.

(Source: Newsroom Guyana)

• The Bank of England is taking very seriously the risk to economic growth from the upheaval in global trade, Governor Andrew Bailey said on Wednesday, two weeks before the BoE's next interest rate decision and its latest economic forecasts.
• Bailey, speaking on the sidelines of the International Monetary Fund's spring meetings that have been dominated by U.S. President Donald Trump's trade tariffs, said Britain stood to be hit by the global disruption as an open economy. Bailey pointed to the IMF's sharp downgrade of its forecasts for economic growth in 2025, both globally and in the UK.
• Investors on Wednesday assigned a 100% probability to the BoE cutting rates by a quarter of a percentage point on May 8 after the next scheduled Monetary Policy Committee meeting.

(Source: Reuters)

• The government is exploring options to make Barbados more competitive in the sale of luxury goods, as part of its wider economic and tourism strategy, according to Prime Minister Mia Mottley.
• The PM has invited the Barbados Chamber of Commerce and Industry (BCCI) to submit recommendations on how to reposition the island as a destination for high-end shopping. “I’ve invited the private sector—the Chamber of Commerce specifically—to submit to me a paper with respect to luxury goods again,” the Prime Minister said during her address at the opening of the Courts Superstore at W Plaza, Welches, on Thursday.
• “Barbados did lose some competitiveness with respect to the sale of luxury goods in this country. It is part and parcel of our tourism brand and part of our value proposition, and we need to claim it back.”
• Mottley did not outline any specific measures under consideration but said the matter was being actively reviewed as part of the government’s ongoing efforts to strengthen the island’s retail and investment climate.
• The Prime Minister’s remarks come amid increased focus on improving customer service and upgrading commercial infrastructure in key retail zones. She said developments such as the new Courts Superstore were important to improving the overall consumer experience but also signalled the administration’s intention to support both mass market and niche retail offerings.
• Officials within the business community have previously called for a review of import duties and taxes that affect the sale of high-end items, arguing that they have contributed to a decline in Barbados’ appeal to luxury shoppers.

(Source: Barbados Today)