Maya Angelou, American literary giant and civil rights activist once said, “When people show you who they are, believe them the first time”. Unfortunately, when Esso showed us who they were from the first decade of this century, we not only did not believe them, but successive governments spinelessly conspired with them to deprive current…
It would be perfectly understandable if the public is totally confused over the issue of the audit of the expenses claimed by Esso, Hess and CNOOC for the period 1999 – 2017. Various reports in the media suggest that the UK entity contracted to audit the costs reported by the consortium were overstated by US$214…
It has been eight years since large oil reserves were discovered off the shores of Guyana, but the nation has only reaped a measly 14.5% of total oil revenues since oil production or more accurately oil extraction started in 2019. The remaining 85.5% have been captured by foreign oil companies. In fact, the Stabroek Block…
A letter entitled “Notions that the level of borrowing is reckless are far-fetched” penned by Mr. Bhagwandin was published earlier this week in Stabroek News (August 8, 2023). The backdrop to this letter is as follows. The National Assembly approved, last week, a new debt ceiling to facilitate greater borrowing. Guyana’s domestic public debt ceiling…
The oil companies, Hess & Exxon, recently reported earnings in the 2Q2023 that were significantly below the profits they earned in 2Q last year. However, they were very optimistic about the future because of their big bet on Guyana. By 2027, they are projecting to be pumping 1.2 million barrels of oil per day. With…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 101 – September 16, 2022 More than three years ago, and even before the first barrel of oil was produced, the 2016 Petroleum Agreement signed by Esso Exploration and Production Guyana limited (Esso) and Hess and CNOOC, its Joint Venture partners, concluded its…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 100 – July 8, 2022 Introduction By a strange coincidence, this 100th. column features the 2021 financial statements of Esso Exploration and Production Limited, the designated Operator and holder of a 45% interest in the Stabroek Block under the 2016 Petroleum Agreement. Esso…
Every Man, Woman and Child Must Become Oil-Minded (Part 97) – June 17, 2022 It is more than five months since the 96th. column was published on January 22nd. of this year. That column summarised the court action brought by citizen Glenn Lall seeking declarations against the tax provisions contained in the 2016 Petroleum Agreement….
Every Man, Woman and Child in Guyana Must Become Oil-Minded This was Published on June 21, 2021 Introduction This column which last appeared on April 17, 2020, is returning for a short series. It will feature the 2020 financial performance of the three companies which signed a petroleum agreement with the Government of Guyana for…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 86 – February 7, 2020 Introduction It has been a week of fast-moving events. This past Monday (February 3), the London-based NGO Global Witness released a report Signed Away in which it made the claim that had Guyana properly negotiated the 2016 Petroleum…
