I refer to a letter captioned, ‘Let’s feel good about what we are getting from our oil’ written by His Excellency Samuel Hinds, Ambassador, Former Prime Minister, and Former Acting Preisident of the Cooperative Republic of Guyana. In that letter, it is stated… ‘If we have troubles absorbing the US $4.4 billion according to some…
It has been reported that Guyana received $336 billion in 2023 from oil, and had to pay $306 billion in taxes for Exxon Mobil and partners (KN: Sept. 13, 2024). The implication which can be drawn from this distribution of total revenue is that Guyana only received G$30 billion ($336 B – $306 B) from…
In a recent presentation by Mr. Glenn Lall, he asked the following question: What is the average cost of a barrel of oil? In reply, I will present some information on the cost of a barrel of oil, based on the combined 2023 Financial Statements of the consortium: EMGL, Hess and CNOOC. Additionally, a comparison…
Given that Guyana pays the taxes of the oil companies (EMGL, Hess, and CNOOC), and recognizing that Guyana should receive 14.5 percent of total revenue, the question which must be answered is the following: How much money will Guyana receive after the taxes have been deducted from Guyana’s share of total revenue? The answer to…
Reference is made to the letter submitted by the Ministry of Natural Resources (MNR) dated July 7, 2024 in reply to my letter on July 1, 2024. In their letter, MNR made the false claim, among other things, that the numbers I used to describe the Hess and CNOOC financial statement were pure fiction. While…
Thanks are extended to Mr. Phillip Rietema, Vice President and Business Services Manager of ExxonMobil Guyana Limited (EMGL), who made two important statements about the performance of the Oil company in Guyana. In the first statement published in Kaieteur News (https://www.kaieteurnewsonline.com/2024/07/02/exxons-guyana-operations-secure-with-us40-per-barrel-breakeven-point-phillip-rietema-vice-president-of-emgl/), it is reported that Mr. Rietema said that oil prices, ‘…went (down) from US$100…
Having received copies of the 2023 Financial Statements of ExxonMobil Guyana Limited (EMGL), Hess, and CNOOC, with ownership rights in the company of 45 percent, 30 percent, and 25 percent, respectively, I decided to undertake a brief analysis of the 2023 financial information. But before doing so, it is important to state that the Government,…
I refer to Mr. Joel Bhagwandin’s letter dated 6-17, 2024 in which he claims the information I requested is in the Natural Resource Fund (NRF) Report. Not surprisingly, Mr. Bhagwandin’s answer is the usual ‘red herring’, in which he is once again attempting to divert attention away from the real issues I raised in my…
One of the most valuable non-renewable resources that Guyana has, apart from oil, is gold. The price for an ounce of gold on the World Market (June 16, 2024) is US$2,348.40 (https://www.google.com/search?q=price+of+gold&rlz=1C1ONGR_enUS1113US1113&oq=price+of+g&gs_lcrp=EgZjaHJvbWUqCggAEAAYsQMYgAQyCggAEAAYsQMYgAQyCggBEAAYsQMYgAQyBggCEEUYOTINCAMQABiSAxiABBiKBTIHCAQQABiABDIHCAUQABiABDINCAYQABixAxjJAxiABDIHCAcQABiABDIHCAgQA); and therefore, one pound of gold is US$37,574.40, as compared with a pound of sugar at US 19.35 cents and rice at US 18.15…
