Oil agreement and the President

On February 14th, the third anniversary of the Cummingsburg Accord which masterminded the victory of the APNU+AFC coalition at the 2015 general elections, President Granger was asked whether the 2016 Production Sharing Agreement (PSA) between his government and ExxonMobil subsidiary, Esso Exploration and Production Guyana Limited (EEGPL) would be renegotiated. His answer did not rise…

Read More

Securing advances on oil revenues should be considered – US-based business professor

Seeking advances on future revenue from ExxonMobil should be under discussion, according to United States-based Guyanese business professor and accountant Floyd Haynes, who says the benefits for a developing nation like ours are incalculable and can outweigh the disadvantages “I think it should be considered. You are borrowing against future revenues. There are …benefits to…

Read More

Guyana Is About to Open Up Pandora’s Barrel – Expats hold the key to whether its big offshore oil deposits bring riches — or ruin.

Wedged between Brazil and Venezuela, Guyana could easily go unnoticed. It has fewer than 750,000 people and a per capita income of $4,300, half the regional average, qualifying it as the hemisphere’s third-poorest nation.  At the moment, Guyana also might be its luckiest. Having struck big oil offshore starting in 2015, industry experts reckon total reserves at around 2 billion…

Read More

Diaspora seen as pivotal to Guyana’s oil future

Whether Guyana becomes “immensely rich or just another Trump-hole” from oil revenues depends largely on its ability to attract specialty experience and competencies in industry and sectors here, says business website Bloomberg. “Guyana could attenuate the brain drain by reaching out to its diaspora,” Bloomberg yesterday reported. “There are more than 100 reported expatriate organizations,…

Read More

‘No prospect’ at this time of Exxon contract review – President

Despite noting that there is “no prospect” at this time for a review of the controversial Production Sharing Agreement (PSA) between the government and a subsidiary of oil giant, ExxonMobil, President David Granger said yesterday that the matter is engaging the attention of Cabinet “These matters are before Cabinet and it depends on what determination…

Read More

Correct ExxonMobil contract …or it will be an uphill struggle to get other companies to do better

Chartered Accountant Nigel Hinds is pleading, once again, with the Government of Guyana and ExxonMobil to negotiate the “lopsided” Petroleum Sharing Contract (PSA) that they signed in 2016. Hinds said that along with the many ills of the contract, the APNU+AFC government needs to realise that if it does not fix the contract, other companies…

Read More

Financial Times: How Guyana can avoid the curse of oil – The commodity can bring both wealth and trouble and it is easy to think of countries that have been damaged by its discovery

The hottest new prospect for the world’s oil industry is Guyana, a small, relatively poor, country on the north-eastern coast of Latin America. Over the past year, a series of discoveries by ExxonMobil have identified 3.2bn barrels of oil in the Stabroek block around 120 miles offshore. Given Exxon’s traditional caution, the actual reserves could…

Read More