Darsh Khusial
Time for Guyana to consider hedging as oil prices recover
December 20th marked the one-year anniversary of oil being lifted from Guyana’s ocean floor. Who has benefitted the most from our oil? Is it the people of Guyana or the oil companies? Certainly, there doesn’t appear to be any significant oil benefits to the more than 30 percent of Guyanese living on US$2 a day….
Which of Guyana’s laws may have been violated by the Stabroek Block Contract
The 2016 Stabroek Block oil contract between the oil companies and the Government of Guyana violates many of Guyana’s laws compared to the original 1999 contract, according to local legal experts. The Government seems content to ignore our own national laws. None of the violations in this oil contract have been challenged in court as…
Oil advocacy group banking on oil reports for independent analysis
From: https://www.kaieteurnewsonline.com/2021/03/03/oil-advocacy-group-banking-on-oil-reports-for-independent-analysis/ The Oil & Gas Governance Network (OGGN) awaits the publication of oil reports dating back to the beginning of oil production. Vice President, Dr. Bharrat Jagdeo, had committed during a February 9 press conference that the government would make the reports available to the press. Three weeks later, the press does not have…
Guyana Should Trade Its Oil For COVID Vaccines
“Wildly uneven and unfair.” Those were the statements used recently by the United Nations boss. He wasn’t talking about Guyana’s Stabroek oil contract but COVID vaccine distribution. He cited that over 130 countries have not had a single dose of the vaccine, whereas 10 countries have administered 75% of all vaccinations. One of the main…
Kaieteur Block PSA
On Tuesday December 1st, 2020, it was reported in the Kaieteur News that VP Jagdeo made the statement, “… We made it clear that when they come for a production sharing agreement for the Kaieteur Block, (it would not have the same loopholes as those which exist in the Stabroek agreement). It would be a very…
Getting Exxon to give unlimited insurance is key sign that renegotiation is possible – Oil & Gas body
Kaieteur News – The Oil & Gas Governance Network (OGGN) stands firm that ExxonMobil’s Stabroek Block agreement is renegotiable, and that former Head of the Environmental Protection Agency (EPA), Dr. Vincent Adams proved this during his stewardship in the post.In October last year, Dr. Adams had told Kaieteur News how he had ensured that the…
Precedent exists for renegotiation of Exxon deal, gov’t has to act
Has the Government inquired with Exxon about improving the financial terms of the Stabroek Block oil contract? The Guyana Environmental Protection Agency (EPA) was recently able to push back on the oil companies to improve the Stabroek Block agreement which was originally signed in 2016. Those improvements have centred around protecting Guyana from the devastation…
Oil governance advocates challenge World Bank to prove Guyana’s gas project will not end up like Ghana’s
The World Bank, Guyana’s development partner of many years, is being challenged to prove that Guyana’s gas-to-shore project will not fall to the same fate as Ghana’s project. The African nation’s Sankofa field gas project, endorsed and partly financed by the Bank, has trapped Ghana in a deal which forces it to pay hundreds of…
Why are we paying US$4.3 billion more for Payara when compared to Liza Phase 1?
If you are lending money, you want to ask yourself two main questions as part of due diligence. The first, can the borrower repay the entire loan when the loan comes due. And, the other, are you being paid a fair interest rate for the risk you are taking on with a particular borrower. On Wednesday, October 28th,…