Dutch Disease explained Does a person have it? Definitely not, it is not a medical condition; it is an economic condition. In the 1960s, much natural gas was found off the coast of Holland. By the 1970s, the oil and gas rush in that country had raised the value of the DUTCH Guilders (the name of the…
President Ali’s decision to seek technical assistance to review the Payara project is most commendable, and is a good sign that our new government would listen to the voice of Guyanese stakeholders concerned and invested in making sure our oil wealth is to the benefit of Guyanese first. This change of heart is most welcome…
Verse 1: Slashing the guarantee, oh, what a disgraceExxon’s making moves, leaving us in a dark placeParent company’s smile, but it’s just a charadeFull coverage cut, our trust begins to fade Chorus: Oh, stand up, stand strong, don’t let them play their gameProtect our land, don’t let them shift the blameFrom the rivers to the…
Parliament’s decision to create—what amounts to—a zero tax clause in the petroleum production agreement keeps power and wealth in the hands of its foreign counterparties and contributes to Guyana’s economic inequality. Additionally, it stagnates the potential for sustainable economic growth here in the local land. While the Stabroek Block Production Sharing Agreement (PSA) should be…
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…
On social media, one can find many speeches by members of parliament debating the 2020 budget for Guyana. The budget outlines the allocation of money to the major activities that keep the country running. Issues such as how much will be spent on health care to the amount of dollars pensioners will receive are determined…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 85 – February 6, 2020 Two days ago, Column 84 set out the main provisions of the 2016 Bridging Deed. That Deed purported to keep alive the 1999 Petroleum Agreement signed by then President Janet Jagan. Effectively, it not only allows the three…
According to the last count, there are seven countries that have jettisoned their national currency and adopted the American dollar as their legal tender. There are also four countries that have adopted the euro as their currency. These are examples of complete dollarization or euroization. Closer to home, Panama and El Salvador of Central America,…
Introduction Last week’s column provided additional data on the first of four features of Guyana’s recent oil and gas discovery; that is, its physical/geological configuration. The column amplified on three attributes: the geological make-up; its location offshore; and, the size or quantum of potential reserves. Today’s column amplifies on the second feature, namely, the project…
What do we value as the oil and gas juggernaut rolls on? On your way to or from Guyana’s international airport at Timehri you travel on the East Bank Demerara road. Every mile or so, a small billboard displaying the village name will flash past your eyes. 29 kms from Georgetown and 10.5 km from…
