Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 110 – October 20, 2023 Introduction Today’s column begins the review of Trotman’s book From Destiny to Prosperity – the names of two of the first three Floating Storage and Production Offshore vessels (FPSO) in the petroleum operations conducted by the Contractors in…
People are now saying VP Jagdeo is a sell-out to ExxonMobil. But I disagree, because the PPP leadership forfeited the interests of the poor people of Guyana to ExxonMobil since 2015. Robert Persaud quietly awarded the Canje/Kaieteur oil blocks to non-entities in 2015 days before his party lost the election, and then ExxonMobil quickly bought…
According to a Bank of Guyana Report, the share of Total Revenue that Guyana received for profit oil and royalty between January 2020 and June 2023 is US$2.68 billion. And from this amount, it can be derived that total Revenue (TR) is US$18.47 billion, the total cost recovery is US$13.85 billion, and the share of…
Introduction Having established in the previous parts the considerable assistance that Guyana can draw from the Churchill Falls case in pursuing renegotiation of the 2016 Agreement, this part examines the specific mechanisms available under the 2016 Agreement that allow Guyana to achieve that end. Additionally, I argue that ExxonMobil’s recent categorical refusal to consider any…
Today’s column will simulate two scenarios of expected money inflows into and outflows from the Natural Resource Fund. All simulations are based on the NRF Act of 2021. The Act allows for higher early withdrawals from the Fund. Several justifications for high initial withdrawals were outlined by government officials. First, the dire shortage of the…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 98 – June 24, 2022 Introduction Last week’s column began a short series on the 2021 financial performance of the three companies – Esso, Hess and CNOOC – which hold 45%, 30%, and 25% respectively of the highly productive Stabroek Block, a find…
I was planning to write this week about the recent parliamentary debates over the role of the Bank of Guyana in the financial system and foreign exchange market. However, I will discuss the more recent appointment by President David Granger of the new head of the fledgling agency, the Department of Energy (DoE). There is…
Despite noting that there is “no prospect” at this time for a review of the controversial Production Sharing Agreement (PSA) between the government and a subsidiary of oil giant, ExxonMobil, President David Granger said yesterday that the matter is engaging the attention of Cabinet “These matters are before Cabinet and it depends on what determination…
Guyana’s oil export led growth model leaves important gaps in Government financing that could pose sustainability threats for whichever Government is in office. One has to go back to fundamentals and ask if the engine of growth makes any contribution to the Central Government’s current or capital budget, beyond its 2 percent Royalty that Guyana…
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