Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 164 “State capture is understood as efforts by private actors and public actors with private interests to redirect public policy decisions away from the public interest, using corrupt means and clustering around certain state organs and functions.”: Transparency International, Examining State Capture (2020),…
Mr. John Colling’s commitment to “transparency and open, fact-based discussions” regarding ExxonMobil’s operations in Guyana is a welcome breath of fresh air. His July 2 letter provides an excellent opportunity to address fundamental questions about the 2024 financial statements of the Stabroek Block partners and several unresolved historical issues. He boldly asserts that ExxonMobil’s financial…
Guyana’s Oil Extracted (2020-2024) Crude Oil Extracted (2020-2024) Year Volume (‘000 barrels) Value (US$ Million) 2020 26,605 1,064.1 2021 42,213 2,975.5 2022 101,051 9,853.8 2023 141,657 11,581.5 2024 224,708 17,993.2 Total 536,234 43,468.1 Crude Oil Trends (2020-2024) Crude Oil Export Trends (2020-2024)
Guyanese citizens pay taxes and expect everyone to pay their fair share. Tax revenue funds essential services, including the salaries of customs officers who verify foreign oil workers’ identities, and pensions for seniors. Given this context, it is troubling that oil companies pay no taxes on their profits. According to the Bank of Guyana, personal…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 163 Introduction Following part one of this column, which was taken up by Kaieteur News, the Ministry of Natural Resources issued a defensive statement attacking the newspaper for questioning why ExxonMobil reported US$10 billion in profits while Guyana received only US$2.6 billion. Logically,…
On Monday, June 16th, during an interview of Christopher Ram on a prominent Guyanese social media platform, outrageous claims were made by one of the co-hosts, a columnist for the Guyana Chronicle. The Chronicle columnist claimed that Guyana has received US$13 billion in oil income and that Guyana had received more than the oil consortium…
Income Tax Expense Bar Chart Income Tax Expense Comparison (2020-2024) Note: Total Oil Companies Tax Expense was US$5,230,524,082.00 whereas Guyana’s total income was US$6,275,194,950.97
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 162 Columns 159 – 161 examined the individual income statements of each Stabroek Block contractor in detail. Today’s column shifts focus to analyse the combined results of the three entities, providing a broader perspective on the collective financial performance and strategic positioning of…
Guyana Oil Income vs Companies Profit Guyana Oil Income vs Oil Companies Profit (2020-2024) Total Guyana Income $6.28B 2020-2024 Total Companies Profit $29.00B 2020-2024 Profit to Revenue Ratio 4.6:1 Average 2020-2024 Key Insights: Both Guyana’s oil income and companies’ profit have grown significantly from 2020-2024 Oil companies’ profit consistently exceeds Guyana’s income by a factor…
Pie Chart 2024 Stabroek Block: Guyana’s missing US$4.2 billion profit share US$2.6b received US$4.2b missing Guyana Actual Take: US$2.6 billion (14.6%) Guyana’s Profit US$2.2b and Royalty US$0.4b Guyana’s Missing Profit: US$4.2 billion (23.6%) Remaining Revenues: 11.0 billion (61.8%) Total 2024 Revenues: US$17.8b & Pre-tax profit: US$12.9b
