Introduction Today’s column addresses price, in the cost-price relation that Guyana’s oil and gas ‘discovery’ will likely encounter, after it comes on stream 5-7 years from today. Like last week’s treatment of cost in the relation, today’s treatment is also indicative. This underscores the difficulty of determining oil prices so far into the future. Economists…
I call on the government to issue a comprehensive statement explaining the reasons for the dismissal of the EPA chief Vincent Adams. I have read Dr Adams’ record of service with the US govt. – there can hardly be another Guyanese with his expertise and directly relevant Oil & Gas experience. His summary firing suggests…
I am in support of OGGN (Oil and Gas Governance Network) leader Mike Persaud’s call that Parliament should review major projects pertaining to Guyana’s natural resources to prevent giveaways, such as the current oil contracts signed by a Minister in the previous PNC Government defeated in a no-confidence motion and defeated in the subsequent general…
Many new graduates searching for a job lack the experience they need to get their dream job. They have spent years studying and have good grades. However, without the relevant industry experience, many employers are not willing to take the risk on them, especially for highly technical positions. Usually it takes 10 years to develop…
Introduction and Definition Today’s column develops further the discussion of the IMF’s Fiscal Transparency Code. I had proposed Guyana’s unqualified adoption of this Code, as the most effective means for forging a seamless integration of spending the expected Government Take from the petroleum sector and the national fiscal and budgetary systems. The column elaborates on…
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…
The circuit breaker box controls the electrical energy in your house. Electronic devices in your house ranging from microwaves to televisions would be reduced to ornaments if the circuit breaker box malfunctions. This critical box is installed in your house, not on your street. You wouldn’t want criminals to easily disable the lights and alarms…
Using Dr Mangal’s royalty and profit sharing figures, we calculated Guyana is giving away $US 23 billion to Exxon under the current contract. This is based on oil price of $US 80 a barrel and 3.2 billion reserves. We used the upper range of Dr Mangal’s royalty range which is 20%. The reason for the…
My term as Petroleum Adviser to President Granger began in March 2017, whereas the re-negotiation of the contract for the Stabroek Block was performed about a year earlier (early part of 2016). I have not negotiated contracts between any oil company and the Co-operative Republic of Guyana. President Granger has been clear that his priority…
