Guyana is responsible for paying the interest on the oil companies’ loans. This fact is buried in the Production Sharing Agreements (PSA). (Stabroek Block PSA, Annex C Section 3.1 part (l)). The interest rate to be paid is loosely noted as “market rate”. This flaw may cost Guyana billions of US dollars. It takes just…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 76 – September 6, 2019 Introduction For some time, questions have been raised about the royalty provisions in the 2016 Agreement under which Trotman/Greenidge/Granger partially signed away the birthright of all Guyanese past, present and future. This short column seeks to identify both…
In our last article, we dealt with the miscalculation of the licence area in the contract with Exxon. Prior to that we discussed some history which suggests that the claim that Venezuelan belligerence was the justification for the resort to illegality in the invention of wholesaling of license blocks when no such concept was available,…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 75 – August 30, 2019 Introduction Two weeks ago in Toronto Canada, the organisation Caribbean Council of the Americas (CCA) in a public advertisement invited the Guyanese community and “other interested parties in the greater Toronto area to learn about all and gas…
There have been several lofty predictions of gross revenues that the Guyana government is likely to receive. For example, Rystad Energy recently announced that the government will earn over US$100 billion in oil revenues from the Stabroek block alone. However, it is important to note that the gross oil revenue the government is expected to…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 74 – August 23, 2019 Introduction A couple of weeks ago Column 73 examined a statement by Dr. Mark Bynoe about the uplift of oil every eight to ten days and of his plans to independently market Guyana’s share of petroleum which we…
Under Melinda Janki’s letter (SN: 18/08/19), I asked several questions: What royalties are we getting on one million barrels of oil? Is it 250 barrels or 2,000 barrels? Is the royalty assessed on barrels sold? If only 1,000 barrels are sold, does this mean royalty would be assessed and paid on only 1,000 barrels? Mr…
The passage of time has seen our oil discoveries exceed six billion barrels. Our commentators, with great zest and zeal, protested the unconscionable contract’s plunder and robbery of our oil resources by ExxonMobil and their minions, with a 2% contract that has now withered down to appeals for Local Content, Ring Fencing, Tax Stabilisation Removals,…
In discussing Guyana’s nightmare oil deal last week, Winston Jordan predicted that Guyana will get “two hundred and something million” US dollars in 2020. He referred yet again to a “2% royalty.” As we all know, the APNU+AFC coalition sometimes has a problem with simple arithmetic and went all the way to the Caribbean Court…
The city parking meters galvanised the people of Georgetown. Irrespective of race or political party, they came out to protest against the implementation of the meters. The major newspapers in Guyana covered the protests, giving nationwide visibility to the issue. The pressure was sufficient to get the meters removed. The debacle turned the passion in…
