EEPGL and auditors should explain why total revenue is included in the PSA’s cost function
By Stabroek News October 4, 2022 Dear Editor, In the EEPGL contract, it is specified that Guyana will receive in the Production Sharing Agreement (PSA), 50 percent of the profits, after EEPGL extracts upfront, and without Guyana’s prior review of the cost, 75 percent of the total revenue as cost. This proportional linkage between total…
We condemn this verbal attack on Tamica Garnett
The Oil and Gas Governance Network (OGGN) condemns yet another attack on female journalists, this time a verbal attack on Tamica Garnett of the Guyana Chronicle on 19 April 2023 from PNC Chief Scrutineer Carol Joseph, after Tamica Garnett requested information from the party on the local government election (LGE).
GUYANA CANNOT ENJOY EITI MEMBERSHIP ON ITS OWN TERMS
What is in danger of being lost in the furore surrounding the temporary suspension of Guyana’s Extractive Industries Transparency Initiative (GYEITI) is that unless the Government mends its ways, it is courting more serious sanctions. Recognizing that the ultimate authority in the EITI is the Multi-Stakeholder Group (MSG) is the critical issue at stake. A…
Could Guyana escape the natural resource curse? Part 2: The role of corporate governance
The previous essay established the developmental context under which we address the essential question of this series: could Guyana escape the natural resource curse? The best measure we have of development is perhaps the Human Development Index (HDI) and its iterations such as the Gender Development Index and inequality-adjusted HDI. At a minimum, escaping the…
New PSA fails to fix source of foreign currency shortage
Chartered Accountant, Christopher Ram has reiterated his position that the current foreign currency shortage is a fallout from the 2016 Production Sharing Agreement for the Stabroek Block and he said Guyanese should note that the much vaunted Model PSA has essentially retained the old foreign exchange framework, which is the source of the problem. Writing…
What the coalition gov’t should say about the Global Witness report
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…
WRI: Questions on your congratulatory message on the issuance of Winrock-ART’s TREES jurisdictional forest-based carbon credits to Guyana on 5 December 2022
Dear Dr Ani Dasgupta Ani.dasgupta@wri.org We noted with surprise a congratulatory message attributed to WRI on the issuance of Winrock-ART’s TREES jurisdictional forest-based carbon credits to Guyana on 5 December 2022 (Department of Public Information (2022) ‘Sale of carbon credits: $157B for investments in low-carbon development across Guyana’, Department of Public Information, 21 December. Available at: https://dpi.gov.gy/sale-of-carbon-credits-157b-for-investments-in-low-carbon-development-across-guyana/) ….
The cost-price relation: Indicative prices after Guyana’s oil comes on stream
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…
The NRF is indeed overstated
The Oil & Gas Governance Network (OGGN) Guyana notes that Stabroek News on January 13, 2024 carried a letter by Mr Dhanraj Deonarine with the title “Is the NRF really overstated?” The letter suggests that the claim by Mr. Ram that the Natural Resource Fund (NRF), Guyana’s Sovereign Wealth Fund, is overstated “is not such…