Newell Dennison and others in GGMC should start spilling the beans on all these suspicious actions by politicians and companies, which may have defrauded the ordinary people of billions of US$. Such actions of disclosure might be viewed as very patriotic, and might be remembered for steering Guyana away from its nasty exploitative past with…
The oil contract contains a loophole that may tempt the oil companies to get around the 14.25% of revenues minimum limit cited by some analysts. The only guarantee is the 2% royalty, but the 50%/50% profit share can be exploited such that Guyana’s average take is less than 14.25% in earlier periods. On April 1st, 2018…
Guyana’s General Elections of March 2, 2020, were marred by irregularities during the vote counting process, which led to a recount supervised by CARICOM. Subsequently, election petitions were filed at the Guyana’s High Court, which still await final resolution. Now have a look at Brazil, our neighbour to the south covering 49% of South America’s…
In a recent presentation by Mr. Glenn Lall, he asked the following question: What is the average cost of a barrel of oil? In reply, I will present some information on the cost of a barrel of oil, based on the combined 2023 Financial Statements of the consortium: EMGL, Hess and CNOOC. Additionally, a comparison…
Thanks are extended to Mr. Phillip Rietema, Vice President and Business Services Manager of ExxonMobil Guyana Limited (EMGL), who made two important statements about the performance of the Oil company in Guyana. In the first statement published in Kaieteur News (https://www.kaieteurnewsonline.com/2024/07/02/exxons-guyana-operations-secure-with-us40-per-barrel-breakeven-point-phillip-rietema-vice-president-of-emgl/), it is reported that Mr. Rietema said that oil prices, ‘…went (down) from US$100…
No one would doubt the contract between Exxon and Guyana is one of domination and subordination, of strong versus weak, of big fish eating little fish. There is only one choice for the Guyana Government and that is to renegotiate the contract before signing the new Payara approval. Unless we do this, we can kiss…
The Oil and Gas Governance Network (OGGN), a pressure group formed to advocate for prudent management of Guyana’s oil sector, is urging the President to renegotiate the Stabroek Block Production Sharing Agreement (PSA) with ExxonMobil, using the same alacrity with which he handled the Cheddi Jagan International Airport (CJIA) renovation a week ago. The project…
A day or two ago Mr Carl Greenidge dedicated about 14 minutes of his speech at the APNU campaign in Berbice to criticising an accomplished international anti-corruption NGO called Global Witness, and myself, Jan Mangal, a former adviser to President Granger on oil & gas. In my role as adviser to President Granger on oil…
I follow with daily frustration, the widespread misunderstanding of Full Liability Coverage which is being misconstrued as full liability insurance. There is no such thing as “full liability insurance”, since it is unrealistic for any insurance company to underwrite such a large sum. Thence, it was most painful to watch our Honourable Ministers argue against…
I would like to follow-up on SN November 18, 2021. Mere stating that an audit will be done does not mention if the 2016 Contract terms, Article 23 and Annex C will be renegotiated. There are also a number of unanswered questions that could secure Guyana’s interests. Will Guyana’s property and tax laws related to…
