OGGN Members
Natural Resource Fund: the right rhetoric but no credible commitment to transparency
Several observers have noted that the account in the Federal Reserve Bank of New York does not constitute the National Resource Fund (NRF). The account in the Federal Reserve is merely holding the oil revenues – at almost zero percent yield – until the Guyana government operationalises the NRF (hereafter “the Fund”). Operationalisation of the…
Dr. Thomas’s ‘average effective tax rate’ is misleading
I would like to make some comments on the article by Dr. Thomas, “Guyana’s Oil and Gas Sector: More on the abuses of misinformation, deceptions, and fake news.” (SN July 11, 2021). Some clarifications are needed as Dr. Thomas seemed to have missed some important points. Firstly, the Guyana’s taxation system is not based on “average effective…
Haze surrounds cost to taxpayers from gas project
There are unanswered questions that relate to future taxpayers’ burdens arising from possible new government debt interest costs and Guyana’s payment of profit taxes on behalf of the contractors from its Production Sharing Agreement. Will the Gas to Energy be similarly treated? There are three major stakeholders in the Gas to Energy project: Contractor, Government…
The Gas to Energy Project: More questions than answers?
Alfred Bhulai, Dr Janette Bulkan, Jocelyn Dow, D Radzik, Vanda Radzik, Dr Troy Thomas, Dr Maya Trotz The Environmental Protection Agency (EPA) published a Public Notice on June 25, 2021 stating that an Environmental Impact Assessment (EIA) was required for the “Gas to Energy Project” led by Esso Exploration and Production Guyana Limited (EEPGL). EEPGL…
Floating vessels would give Guyana flexibility to develop its economy
The oil company/contractor and Government have determined that the gas has commercial value and will be cooled to minus 261 Fahrenheit degrees on land instead of using a floating ship. The process is unclear; the oil company has a development plan to develop gas, recover the expenditures in the 75% cost recoveries, and sell the…
Developmental planning should not add to taxpayers’ burdens
It is heartening to note that Private Sector Projects would be supported in national development: In reading ‘Ali stumps for private sector during talks with visiting CDB president’ (SN – July 11, 2021): ‘Ali, the statement noted, has been adamant that the government would support private sector initiatives, especially when it comes to developmental projects’. …
The stability of Guyana’s Wealth Fund is predicated on slippery unknowns
Guyana’s Assessed Tax Liability, GY$5.391 billion for the Petroleum Contractors is an outrage. Instead of securing funds for floods, sea defenses, and compensation to farmers for crop losses, the money deposited at the Federal Reserve of New York must now be used to pay Guyana’s tax bill, a situation that will reduce Guyana’s Petroleum share…
Which Of Guyana’s Oil Blocks Lacks A Production Sharing Agreement?
Attorney General of Guyana, Mohabir Nandlall, is currently on a visit to New York. On July 2nd, he appeared at two meetings – one at Villa Russo to an audience of 60 and second, at Royal Restaurant on Rockaway Blvd. in Queens, NY to an audience of 150. At the Villa Russo meeting, I asked…