The developed world is turning a blind eye on matters of tax fairness in the process of exploitation of Guyana’s petroleum oil resources. Under the current oil contract that a Guyana Minister was ‘told to sign’, Guyana gets an effective zero per-cent of profits tax after the Minister pays the contractors’ share of profit tax….
I have to confess to some impatience at having to correct, once again, some of the disinformation being peddled. Instead of taking stock of how this individual embarrasses himself, he continues to show reckless indifference, as if it were a badge of honour. Two months ago, there was a demonstration of the inability to differentiate…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 99 – July 2, 2022 Introduction In this Part 99, we address our attention to the 2021 audited financial statements of Hess Exploration and Production Guyana Limited (the branch) which despite its name, is in fact a branch of a Cayman Islands incorporated…
National news outlets, including this distinguished newspaper, have been documenting problems that are emerging as a consequence of the Local Content Act, which was passed by Parliament in late December 2021. Companies, such as Ramps Logistics Guyana, the largest logistics company servicing the oil and gas sector, has apparently been denied access to the local…
The public deserves information on the outcomes of the 2016 Petroleum Sharing Agreement, PSA2016. Article 15.1 purports that Guyana’s tax laws are complied with by the contractor and its affiliated companies. This is in form only. Substance of actual corporation profits tax, under Guyana’s Sovereign Tax laws, are not paid into Guyana’s Consolidated Fund. This…
The Honourable Minister Trotman, in the Guyana Standard online publication on the 28th May 2019, said “… at no point during his tenure did he (Jan Mangal) ever request that capacity be developed or that the relevant expertise be hired to ensure independent reviews of data on the Stabroek Block which would be submitted by…
Would it not be refreshing to see the following as a press release from APNU or the coalition government in relation to the recently published report by Global Witness? “…. APNU press release in relation to the recently published Global Witness report on Guyana. Guyana is starting its oil & gas industry from scratch, and…
In discussing Guyana’s nightmare oil deal last week, Winston Jordan predicted that Guyana will get “two hundred and something million” US dollars in 2020. He referred yet again to a “2% royalty.” As we all know, the APNU+AFC coalition sometimes has a problem with simple arithmetic and went all the way to the Caribbean Court…
Introduction Last Sunday’s column completed my presentation of ten lessons which I have argued the Guyanese authorities can profitably learn from a studied appraisal of worldwide experiences with oil-based sovereign wealth funds (SWFs) over the past six decades. As I had indicated at the start of that presentation on the lessons to be learnt, after…
The hidden costs of the gas-to-power projects are slowly bubbling up: GPL has to find 50 MW of heavy fuel oil generation; and they are looking for some other company to deliver seamless connections without transmission and distribution problems. GPL is caught in an inefficiency trap, because it still only aims to deliver electricity at…
