The 2016 Stabroek PSA allows the operator, ExxonMobil Guyana Ltd. (EMGL) to deduct massive expenses against current production—including costs from unsuccessful exploration elsewhere (due to lack of ring-fencing). Because the contract permits up to 75% of oil produced, on a monthly basis, to be used to pay off these Recoverable Contract Costs, we show below…
The Bank of Guyana (BoG) half-year report (Jan to June 2025, page 81: https://tinyurl.com/bdd829ec) shows that Guyana received a total of US$1.08 Billion as payments for profit oil (US$ 907.94 Million) and Royalty (US$ 169.6 Million). In keeping with the 2016 PSA Contract, it is stipulated that Guyana must receive 2 percent of Total Revenue…
In response to a question from local reporters on oil extraction in Guyana, Stabroek News (US taxpayers not subsidising Exxon’s operations here, October 14, 2025) reported that Mr. Alistair Rout-ledge, President of ExxonMobil Guyana Ltd. (EMGL) Country President, stated at a press conference on October 13, 2025, that “prior to 2023 we were not making…
Recently, the Government of Guyana approved the US$6.8 Billion Hammer-head oil extraction project which is expected to produce 150,000 barrels of oil per day, with first oil projected for 2029 (SN Article: Ram https://www.stabroeknews.com/2025/09/26/ features/the-road-to-first-oil/while-guyana-celebrates-hammerhead-america-investigates/ ). It was reported also that the total commercial quantity of oil to be extracted from Hammerhead is set at 445…
Article 15.4 (a and b) in the 2016 Petroleum Agreement (page 39: https://www.oggn.org/wp-content/uploads/2017/12/Oct2016-Petroleum-Agreement.pdf) has the condition that the Minister agrees that the appropriate portion of the Government’s share of Profit Oil shall be accepted by the Minister as payment in full of assessed taxes by the consortium (EMGL, Hess, CNOOC). This constraining requirement that mandates the government…
In a recent presentation by President Ali, he stated that “…We have seen around us countries that made the mistake of treating oil of treating natural resources revenue as wealth you’ve seen … Trinidad and Tobago Venezuela natural resources revenue is not wealth is revenue to be invested to create wealth… and that is what…
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…
See video here: https://youtu.be/Vj_086ZqiVU?t=3428
I refer to an SN article (December 23, 2024) captioned ‘President talks tough again on GuySuCo amid poor results, ongoing subventions’ (https://www.stabroeknews.com/2024/12/23/news/guyana/president-talks-tough-again-on-GuySuCo-amid-poor-results-ongoing-subventions/). In that article, President Ali is quoted as saying “…if …the target for 2025; the first crop target, and the second crop target, if the target is not achieved, then heads will roll.” May…
