In the previous column we explored the possibility of Guyana becoming a petro state overnight. A petro state is one in which most government revenue comes from oil royalties and profit share. The government is then tasked with spending and distributing these funds among competing interests. The last column was sceptical about the Guyanese state’s…
Although Guyana is expected to become an oil producer, energy expert Dr. Vincent Adams says agriculture and renewable energy will actually be its keys to long-term sustainability. Adams told Sunday Stabroek that this will be what he will be telling not only government but Guyana’s citizenry when he returns this year, after serving in several…
It is simply unheard of for a company to just quote a figure to be paid, whether by another company, a person, or a government, without at least giving a breakdown of the expenses. So said Chartered Accountant, Nigel Hinds, yesterday as he expressed his concerns about the US$460M pre-contract cost that ExxonMobil wants Guyana…
Contrary to much of the callous and unfair criticism that the current government has received I have measured their ‘works’ against their critics and I am confident that this regime will deliver a return to a sense of law and a better feeling about being Guyanese. Their infrastructural works are testimony to it, and they…
The silence is deafening. It is indeed unfortunate that so many Guyanese are keeping quiet in the face of the glaring atrocities highlighted in the Production Sharing Agreement (PSA) that Minister of Natural Resources, Raphael Trotman signed with ExxonMobil. That is the crux of comments made by Chartered Accountant, Nigel Hinds. Hinds said that advocates…
The second part in this series addressed the question of how much money Guyana will likely receive. It is generally known today that the Production Sharing Agreement (PSA) is quite favourable toward ExxonMobil. We tried to understand this within the context of the Anglo-American corporate governance framework, which sees a corporation as having the sole…
You found out that your backyard has gold. Someone comes along and tells you he can dig up your gold. So you sign a contract with him that stipulates you are only entitled to 10 percent of your own gold. The gold digger finds 10,000 bars of gold, therefore according to the provisions of the…
With billions already gained on the stock market from its oil find here, ExxonMobil and its partners can “more than afford” to pay Guyana US$1 billion instead of the US$18 million received as a signing bonus, according to energy expert Dr Vincent Adams, who also strongly believes that the government should go back to the…
With billions already gained on the stock market from its oil find here, ExxonMobil and its partners can “more than afford” to pay Guyana US$1 billion instead of the US$18 million received as a signing bonus, according to energy expert Dr Vincent Adams, who also strongly believes that the government should go back to the…
If one adds the collective losses from contracts that were mismanaged; investments that fell through, like the glass factory under Burnham and the Skeldon Factory under Jagdeo as well as the Marriott; if you also consider all that was given in bailouts and loans to agencies that had to be written off; those losses will…
