Opinion
Guyana letter to Exxon shareholders
https://www.oggn.org/final_guyana-letter-to-exxon-shareholders-with-intl-endorsements_sent-26may2021-to-cure-exxon/ https://www.oggn.org/guyana_cure-exxon_press-release-final-19-june-2021/ https://www.oggn.org/curerecommendations_20210505_fin/
Government to pay $5,391 million Corporation Tax for oil companies reporting after tax profits of $16,175 million.
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 89 – June 18, 2021 Introduction This second part of a mini-series on the three oil companies which operate the Liza 1 project under the Stabroek Block reviews the 2020 financial statements of the Guyana branch of Hess Guyana Exploration Limited (Hess). For…
Inside the Numbers: Unraveling CNOOC’s Financial Performance in Guyana’s Oil Sector
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 87 – June 11, 2021 Introduction With appreciation to the editor-in-chief of Stabroek News, this column which last appeared on April 17, 2020, is returning for a short series. It will feature the 2020 financial performance of the three companies which signed a…
By not paying taxes the Oil Companies are getting a free ride
Distinguished Retired Economics and Business Professor Dr. Ganga Ramdas’ of the Oil and Gas Governance Network (OGGN), asserts that Guyana is losing an approximate US$62 million annually due to Exxon not paying taxes, as other companies do. Many newspapers and commentators such as Guyana icon Christopher Ram have lamented this sad state of affairs of…
Scale of investment is not a reason for tax waivers
I refer to Mr. Reggie Bhagwandin’s letter, “Oil deal was designed to cater for the nature of the industry” and wish to comment as follows: An argument for tax waivers for Foreign Companies – Profits are not guaranteed. Business is very competitive. Therefore, it makes good sense for host governments to grant tax waivers for…
How much taxes should Exxon and the oil companies have paid?
As per the 2016 Stabroek Block contract, for the oil production lifecycle, from the preparation for oil production to when the oil is finally sold, the oil companies pay no taxes (see Article 15.1). The applicable income tax laws assess the Contractor’s tax due on taxable income (Article 15.3) and the Minister agrees to pay…
Guyanese Citizens File Climate Case Claiming Massive Offshore Oil Project is Unconstitutional
Washington, DC — Today, Guyanese citizens filed the first constitutional climate case in the Caribbean to challenge fossil fuel production on the grounds that it exacerbates global warming and threatens human rights. The case, before Guyana’s Constitutional Court, claims that Guyana’s approval of a massive, ExxonMobil-led oil and gas buildout off the country’s coast violates the…
Meeting – Extractive Sector Transparency Week
Guyana Extractives Industry Transparency Week. A virtual Guyana Extractives Industry Transparency Week (GEITW) from June 7-11, 2021. This one-week event is focused on bringing together government, industry, civil society organizations, journalists, and the general public under one forum to discuss Guyana’s ongoing pursuit of good governance and transparency in the extractives sector. Key areas of…
Gas to shore and the pesky outlet flange
Today’s column explores the proposed gas-to-shore project. Off the bat, I must declare that converting the present heavy fuel power plants to natural gas makes sense. Indeed, in June 2015, I wrote a column, then under Development Watch, arguing for the transition from high-polluting heavy fuel to less-polluting natural gas power plants. However, the same…
Time for Guyana to consider hedging as oil prices recover
December 20th marked the one-year anniversary of oil being lifted from Guyana’s ocean floor. Who has benefitted the most from our oil? Is it the people of Guyana or the oil companies? Certainly, there doesn’t appear to be any significant oil benefits to the more than 30 percent of Guyanese living on US$2 a day….