Imagine you’re at a casino and take $8 from your wallet and make a bet that results in winnings of $300. You then decide not to risk any of your original capital (the cash from your wallet) and only bet your $300 in winnings going forward. At that point, you are playing with house money or “free money.”…
In keeping with Article 15.6, page 42 of the Production Sharing Agreement (PSA), the Government of Guyana is assigned the burdensome task of paying the taxes of the oil consortium (EMGL, Hess, and CNOOC) from its share of oil profits and royalties. This contractual arrangement is unheard-of; as it discriminates against other local companies which…
ExxonMobil Guyana – Income Tax Expense Report 2020-2024 USD$ ExxonMobil Guyana Limited Income Tax Expense Analysis • 2020-2024 Income Tax Expense Summary USD$ Year Income Tax Expense (USD) 2020 $0 (no tax expense) 2021 $0 (no tax expense) 2022 $284,813,567 2023 $662,906,474 2024 $1,248,000,000 Total (2020-2024) $2,195,720,041 Visual Analysis Income Tax Expense Progression Key Insights…
In spite of the oil-induced inflation of Guyana’s economy, a walk through Georgetown will show rampant poverty and homelessness. The same is true in many areas along the coast. The World Bank assessed in 2022 Guyana’s poverty rate as 48 per cent of the population living below the poverty line of USD 5.50 per day;…
See video here: https://youtu.be/Vj_086ZqiVU?t=3428
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 164 “State capture is understood as efforts by private actors and public actors with private interests to redirect public policy decisions away from the public interest, using corrupt means and clustering around certain state organs and functions.”: Transparency International, Examining State Capture (2020),…
Mr. John Colling’s commitment to “transparency and open, fact-based discussions” regarding ExxonMobil’s operations in Guyana is a welcome breath of fresh air. His July 2 letter provides an excellent opportunity to address fundamental questions about the 2024 financial statements of the Stabroek Block partners and several unresolved historical issues. He boldly asserts that ExxonMobil’s financial…
Guyana’s Oil Extracted (2020-2024) Crude Oil Extracted (2020-2024) Year Volume (‘000 barrels) Value (US$ Million) 2020 26,605 1,064.1 2021 42,213 2,975.5 2022 101,051 9,853.8 2023 141,657 11,581.5 2024 224,708 17,993.2 Total 536,234 43,468.1 Crude Oil Trends (2020-2024) Crude Oil Export Trends (2020-2024)
