2019
Oil companies should explain US$ billion-dollar anomaly between Liza Phase 1 and 2 before gov’t approves Payara project
The oil companies appear to be pressuring the government to approve the Payara project. Before we proceed with any more approvals, we should clarify mathematical anomalies between Liza Phase 1 and Liza Phase 2 that may save us billions of US dollars; verify the pre-contract costs; hire qualified people and create the institutions/regulations so we…
Hess’ confirmation of payment of US$30 million raises serious red flags for Exxon
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 78 – November 22, 2019 Introduction Mr. John Hess CEO of Hess Corporation disclosed that his company paid US$30 million for a 30% stake in ExxonMobil’s Stabroek Block. This revelation, publicised in the Kaieteur News on November 19, 2019, is sure to have…
Where are the nationalists on oil?
During the anti colonial struggle in the 1950s and 1960s, the political leaders lambasted the (British) imperial powers (colonizers) for exploiting the nation and not paying their fair share in taxes and for not contributing to the development of the colony.The foreigners (the White man) were described as blood suckers, vampires draining the resources of…
Trotman speaks to the Natural Resources Committee of the National Assembly
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 77 – November 15, 2019 Today’s column highlights a few issues raised by Mr. Raphael Trotman, then Minister of Natural Resources who appeared before the Natural Resources Committee of the National Assembly on May 18, 2018. In his presentation, Trotman misled the Committee…
Poll: 82% support for renegotiation of all contracts with all oil companies
In a nationwide public opinion tracking poll conducted in late October by the North American Caribbean Teachers Association, the nation almost unanimously rejects the low royalty rate (of between zero and two percent), sweeties or handouts given to oil companies, and profit sharing agreement of the government with multinational Exxon/Mobile and other oil companies. People…
Silence of the major parties on renegotiation of oppressive oil contracts is deafening
The humble fruit vendor selling at Bourda Market understands the difference between price and value. She grasps the value of her golden apples and sweet mangoes. She prices them at or above their fair value. She knows the prices of inferior produce and how far potential customers would have to travel to purchase her quality…
Whose oil is it?
Where in the Stabroek petroleum agreement is it stated that the oil companies receive 98% of revenues per month?On Thursday November 7th, 2019, the press reported that the Exxon will take the first three liftings of oil. The press indicated each lifting is one million barrels. Assuming oil price per barrel of US$60, the total…
More Deference on Oil and Politics
Should or will the population defer to the politicians (government) on oil and political decision making? If the politicians think so, they better think again. The people are not sleeping on oil politics. They are gradually waking up to the realities of oil and will demand a fair contract and distribution of the revenues.They are…