Opinion
Correct ExxonMobil contract …or it will be an uphill struggle to get other companies to do better
Chartered Accountant Nigel Hinds is pleading, once again, with the Government of Guyana and ExxonMobil to negotiate the “lopsided” Petroleum Sharing Contract (PSA) that they signed in 2016. Hinds said that along with the many ills of the contract, the APNU+AFC government needs to realise that if it does not fix the contract, other companies…
The impact of higher oil prices on Guyanese economy
Reuters reported that oil prices edged up on January 10, 2018 to a near two-and-a-half year high after data showed strong demand for crude imports in China and increased US refining activity that drew more crude from inventories. The current price of WTI crude oil was US$66.15 per barrel. Pipeline outages in Libya and the North Sea…
Stabroek News Editors Calls for Renegotiation of PSA with ExxonMobil subsidiary
Without doubt this is a crucial juncture in the country’s history as it relates to securing a better future for each of its citizens and for succeeding generations. The moment has been made even more poignant by the deep distress that the sugar industry is in, a fitting warning that a prosperous industry that commands…
Who Bears the RISK – Exxon or GoG?
I have just read an interesting account of Cost Recovery as provided for by the Profit Sharing Agreement between GoG and the Oil Company. (KN Feb. 10th, Pre-contract cost… US$460M seem to have been pulled from an alternate universe – Nigel Hinds). It appears every penny incurred by the Oil Company – including interest cost…
Weakness in PSA…Production timeline left to whims of Exxon Mobil
The fact that Guyana will begin to reap benefits from royalties and profit from oil only after ExxonMobil beings production is reason enough to ensure that a production timeline is in the Production Sharing Agreement (PSA) that the country signed with ExxonMobil. This was noted recently by Chartered Accountant, Nigel Hinds. Hinds said that with…
The People’s Resource
See original source here: http://www.searchanddiscovery.com/pdfz/documents/2018/70320mangal/ndx_mangal.pdf.html
Could Guyana escape the natural resource curse? Part 4 – Some Dutch disease scenarios
In the previous column we explored the possibility of Guyana becoming a petro state overnight. A petro state is one in which most government revenue comes from oil royalties and profit share. The government is then tasked with spending and distributing these funds among competing interests. The last column was sceptical about the Guyanese state’s…
Agriculture, renewable energy, not oil are keys for Guyana’s long-term sustainability
Although Guyana is expected to become an oil producer, energy expert Dr. Vincent Adams says agriculture and renewable energy will actually be its keys to long-term sustainability. Adams told Sunday Stabroek that this will be what he will be telling not only government but Guyana’s citizenry when he returns this year, after serving in several…
Pre-contract cost… US$460M seem to have been pulled from an alternate universe
It is simply unheard of for a company to just quote a figure to be paid, whether by another company, a person, or a government, without at least giving a breakdown of the expenses. So said Chartered Accountant, Nigel Hinds, yesterday as he expressed his concerns about the US$460M pre-contract cost that ExxonMobil wants Guyana…
We need to renegotiate the oil contract
Contrary to much of the callous and unfair criticism that the current government has received I have measured their ‘works’ against their critics and I am confident that this regime will deliver a return to a sense of law and a better feeling about being Guyanese. Their infrastructural works are testimony to it, and they…