FLORIDA – A mission to study one of the solar system’s most promising environments that may be suitable for life has lifted off. NASA’s Europa Clipper spacecraft — designed to explore its namesake, Jupiter’s moon Europa — launched aboard a SpaceX Falcon Heavy rocket Monday at 12:06 p.m. ET from NASA’s Kennedy Space Center in Florida. The event streamed live on NASA’s website. The long-anticipated liftoff, initially scheduled for October 10, was delayed by Hurricane Milton. But crews onsite at the center evaluated launch facilities after the storm and cleared the spacecraft to return to the launchpad.

Now, the spacecraft has successfully entered orbit and NASA confirmed they received a signal from Europa Clipper about an hour and 10 minutes after launch, which means that mission control is communicating with the spacecraft and receiving data.

Europa Clipper will serve as NASA’s first spacecraft dedicated to studying an ice-covered ocean world in our solar system, and it aims to determine whether the moon could be habitable for life as we know it.

Clipper will carry nine instruments and a gravity experiment to investigate the ocean beneath Europa’s thick ice shell. The moon’s ocean is estimated to contain twice as much liquid water as Earth’s oceans.

“The instruments work together hand in hand to answer our most pressing questions about Europa,” said Robert Pappalardo, the mission’s project scientist at NASA’s Jet Propulsion Laboratory in Pasadena, California, in a statement. “We will learn what makes Europa tick, from its core and rocky interior to its ocean and ice shell to its very thin atmosphere and the surrounding space environment.” The spacecraft also carries more than 2.6 million names, submitted by people from countries around the world and a poem by US Poet Laureate Ada Limón. The $5.2 billion mission began as a concept in 2013, but the road to launch hasn’t been without challenges.

In May, engineers discovered that components of the spacecraft may not be able to withstand Jupiter’s harsh radiation environment. However, the team was able to complete necessary testing in time and get approval in September to proceed toward launch, preventing a 13-month delay of the launch with no changes to the mission plan, goals or trajectory. (CNN)…[+]

WASHINGTON DC – The World Bank’s Chief Economist for Latin America and the Caribbean (LAC), William Maloney, has underscored the need for Guyana to ensure that its Natural Resource Fund (NRF) is well-managed and independent. Monies earned from oil sales and royalties from ExxonMobil Guyana Limited operation in the Stabroek Block is deposited into Guyana’s NRF (oil fund).

During a press conference, Maloney highlighted the country’s promising future due to its petroleum sector, but cautioned that managing these resources will present significant challenges.

Maloney pointed out that the primary concern will be to prevent overvaluation of the local currency and inflation, issues that could arise if oil revenues are not properly utilized. “Guyana clearly have a bright future in terms of revenues coming from petroleum and I think the challenge is going to be to use those revenues correctly in such a way that (they) don’t drive overvaluation of the currency and drive inflation in the country,” Maloney said.

He emphasized the importance of ensuring that these funds are used in ways that promote long-term economic stability. The World Bank official added: “That’s going to mean having a very well-run and independent sovereign wealth fund. I think that’s going to be a big challenge going forward.” Moreover, he also noted that the World Bank is working with Guyana to ensure that the country’s oil investments are environmentally sustainable. Recently, the Government of Guyana withdrew $62.3 billion from the oil fund, bringing its total withdrawal to date for the year to $239.176 billion.

 Kaieteur News had reported that concerns have been raised about the management of the NRF. Recently the Chairman of the National Assembly’s Public Accounts Committee, Jermaine Figueira called for transparency when using Guyana’s oil money. He even cited the need for possible amendments to the Act.  Section 16.2 of the Act states that: “All withdrawals from the Fund shall be deposited into the Consolidated Fund and shall be used only to finance: (a) national development priorities including any initiative aimed at realizing an inclusive green economy, and (b) essential projects that are directly related to ameliorating the effect of a major natural disaster.” (Kaieteur News)

Photo: Chief Economist of Latin America and Caribbean, William Maloney.

GUYANA – As Guyanese and independent global organizations continue to call on government to implement a ring-fencing provision, to allow the country to enjoy the early proceeds from the petroleum sector, the former President and Prime Minister of Guyana, Samuel Hinds has said that the lack of this key clause works in favor of the nation. Guyana’s Ambassador to the United States in a letter to the editor Kaieteur News continued the conversation on an article that was published by the newspaper indicating that Guyana should have received US$10B (Guyanese Dollars) to date but has only received US$4.4B.

Hinds said he believes that the additional money Guyana should have received was affected by taxes and ring-fencing. After explaining that governments usually accept royalty and profit payments in the place of taxes, he shifted his attention to ring-fencing. Ring-fencing in the petroleum sector would simply require each project to pay its own development costs. Guyana did not implement such a provision, leaving Exxon to use the revenues from projects producing oil to invest in other developments. In this manner, the proceeds available as profits are significantly reduced.

Hinds is adamant that this current arrangement not only works in favor of the oil companies, but the government of Guyana as well. The former President wrote: “One should also note that the lack of ring fencing (if ring fencing was unilaterally enforceable) facilitates further rapid exploration and development of the field. Yes, it may be argued that it is like us financing further and faster exploration and development of the Stabroek block.  That benefits Exxon and benefits us too.” With oil prices likely to drop in the future as the world transitions to cleaner energy sources, Guyanese have been relentless in urging government to ring-fence the projects for Guyana to see the flow of greater deposits into the Natural Resource Fund or the oil account.

Ambassador Hinds however explained that: “As long as there is a certain level of continuing discovery and development, today’s foregone payments would in time be received by us. True, there is the issue of “delayed” payments and the time value of money. Certainly, these considerations quickly become complex and complicated – where lawyers and accountants make their money; but after all of that, a judgement has to be made on what would turn out better for us.” (Kaieteur News)

Photo: Former President, Prime Minister and Guyana’s Ambassador to the United States, Samuel Hinds. (Kaieteur News)