On June 1st, 2018 the Stabroek News published an article discussing a report by Norway’s Rystad Energy. Other Caribbean newspapers have published similar articles. However, there appears to be inconsistencies in the report that need clarification. Here are a few points of concern: It was stated that Rystad is forecasting 600,000 barrels per day (bpd) in…
I have just read an interesting account of Cost Recovery as provided for by the Profit Sharing Agreement between GoG and the Oil Company. (KN Feb. 10th, Pre-contract cost… US$460M seem to have been pulled from an alternate universe – Nigel Hinds). It appears every penny incurred by the Oil Company – including interest cost…
A contract was signed in June 2016 between the coalition government, ExxonMobil and its partners in the Stabroek block. Why did this contract dealing with the exploitation of the nation’s natural resources remain a secret for over a year? This does not augur well for the future transparency of the oil industry. In Article 15…
There is a joke that you may have heard in some accounting classes. During an interview, prospective candidates were asked what was 2+2. The engineer answered 4, the journalist 4, and the lawyer 4. The accountant leaned over and whispered, “I can make it any number you want”. There is a great point behind this…
