Production sharing agreements or contracts (PSAs), have been, from the time of their earliest introduction to the oil and gas sector, subjected to in-depth critical analyses and/or evaluations from economic, legal, and institutional perspectives. Among the most rigorous and perceptive of these evaluations, in my view, are: 1) K. Bindemann, Production-Sharing Agreements: An Economic Analysis,…
Investors are reportedly unhappy with Hess’s projection that it won’t generate free cash flow through 2020 due to spending tied to its offshore oil project in Guyana and its U.S. shale fields. See more here
The fact that Government collected a legitimate US$18 million signing bonus from oil giant ExxonMobil but failed to disclose this transaction to the nation has not gone unnoticed by international watchdog Extractive Industries Transparency Initiative (EITI). Guyana became a member of the group just two months ago, with its candidature application submitted in August in…
The oil sector is known for its ability to compromise some of the most “upstanding” politicians on earth. Instances of this irrefutable fact can be found in many countries such as Chad, Equatorial Guinea, Tanzania and Indonesia. As Guyana moves ahead with becoming an oil producing nation, many critics have expressed concern that Guyana’s politicians…
“Wait until (ExxonMobil) does something, and then alert the country. But do not harass them before the production even starts.” That was the advice given to the media yesterday, particularly Kaieteur News, by Minister of Foreign Affairs, Carl Greenidge. It was almost as if Greenidge was asking for ExxonMobil to be given kid-glove treatment. The…
Keeping information from the public only results in distrust and contracts for all of the country’s natural resources should be published, says Government’s Petroleum Advisor Jan Mangal. “The signing bonus and all revenues should be disclosed. There are no pros for non-disclosure, only cons,” Mangal told Stabroek News in response to questions posed on the…
Keeping information from the public only results in distrust and contracts for all of the country’s natural resources should be published, says Government’s Petroleum Advisor Jan Mangal. “The signing bonus and all revenues should be disclosed. There are no pros for non-disclosure, only cons,” Mangal told Stabroek News in response to questions posed on the…
The onus was on Minister of Natural Resources Raphael Trotman to tell President David Granger that he would be breaking the law if the US$18M bonus went anywhere else but to the Consolidated Fund, commentator and civil society activist Melinda Janki says. For his role in allowing the illegal act of placing the money into…
President of Guyana David Granger Wednesday acknowledged that American oil company ExxonMobil had paid over US$18 million as a signing bonus to his government. It confirmed a disclosure by the oil company last weekend, but Granger said that his administration had not meant to deceive the Guyanese about the payment. “It is a legitimate government…
STRAIGHT TALK Let me be very clear, Minister Trotman and Minister Jordan are creatures of President David Granger. They cannot collect G$3,780,000,000 (Yes, nuff zeros! G$3.7 billion is the equivalent of US$18 million) from a private sector investor with a track record that is not perfect with respect to relations with third world governments and…
