Dr Tarron Khemraj talks about the political aspects of the resource curse
Presentation deck can be found here: Political aspects of the resource curse
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It is time to rise up and demand that this massively flawed contract be scrapped
Continuing my analysis of the Petroleum Production Agreement signed between the Government and ESSO, CNOOC and HESS, I would like to touch on a few more Articles in the contract. I recommend: Mr. President, this contract is massively flawed and MUST be renegotiated. As a matter of fact, the existing contract should be rescinded and…
The more I studied this oil agreement, the more I realized that our country will be screwed
The Petroleum Production Agreement signed between the Government and ESSO, CNOOC and HESS should be addressed holistically. Over the past year or so, all efforts were aimed at the financial benefits and significant short-changing from the contract. Whether the seemingly one-sided contract would be renegotiated, and a more favourable one be concluded, the people of…
Guyana needs you to break its resource curse
Exxon the American oil giant recently reported their 13th oil discovery in Guyana’s Stabroek block. The confirmed barrels of oil in the Stabroek block is 5.5 billion barrels. UK’s Tullow estimates that the Orinduik block holds 4 billion barrels of oil. There are more blocks like Canje and Kaieteur yet to be explored. Even if no more…
Seventeen reasons why the ExxonMobil contract should be renegotiated
In my opinion this contract should be considered null and void for the following interim reasons:1)This contract was not made in good faith, good intention, is biased and is not consistent with minimum international contracting requirements, practice, guidelines, procedures and laws.2)This contract is a production sharing contract/royalty (PSA), where Guyana is technically a partner, a…
Land ownership, use and some distribution considerations
Several weeks ago I started a series of columns on the ethnic security dilemmas (ESDs). I also briefly reviewed Minister Carl Greenidge’s book on land settlements, and discussed the issues of income and wealth (asset) distribution. All these issues are connected. Before I close the series, I want to share some findings on land ownership…
We need leaders who are versed in logistics and economics of oil
Would you sell your most valuable resource for about 25% of the price of what it was worth? That is what Canada was doing in November when they allowed the oil companies to sell Alberta crude oil for US$13 a barrel when the market price was US$54. This landlocked oil was costing the government millions…
GLOBAL CONTRACTS ARE BEING RENEGOTIATED ON FAIRNESS, WHY CAN’T GUYANA DO THE SAME
This is in reference to Clement Smith’s letter in Kaieteur News on October 27 titled “Guyana’s take from oil is larger than many countries”. Clement Smith stated my recent letter is inconsistent with the facts. A copy of this letter can be found here: http://www.oggn.website/2018/10/23/flawed-oil-contract-is-giving-up-more-than-investment-bank-likely-to-generate-in-future-returns. In his letter, the only source of information cited was…
Guyana has crucial advantages which should pave the way to renegotiate the Exxon oil deal
In February 2018, Exxon produced a 20-minute Facebook video in which its stated purpose was to address questions concerning the Oil Contract, Revenues and Taxes. At minute 10, the presenter declaims: Guyana is a frontier country. And, further states that the Guyanese people should be satisfied with the oil contract. Pronouncing Guyana as a “frontier…
Flawed oil contract is giving up more than investment bank likely to generate in future returns
On Thursday October 18th, 2018 the Stabroek News published an article entitled `Merrill Lynch interested in sovereign wealth fund’. The investment world has taken notice of the potential wealth that lays offshore in Guyana. The government should study the history of those who seek to bestow advice on how to manage Guyana’s potential windfall. The flawed oil contract…