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…
Exxon has an automatic ‘file sweep’ programme that has been deleting company records dated before August 2015. And, apparently, no backup exists for the deleted records. Did Exxon’s automatic ‘file sweep’ programme brush away the pre-contract records? Hence, what evidence will Exxon be submitting to prove its portion of the estimated US$900 million pre-contract costs?…
Exxon is accused of cooking the books. One set of accounting records for shareholders (investors) and another for its management. This may have cost Exxon’s shareholders up to US$1.6 billion in damages. That is the case brought by the New York Office of the Attorney General (NY OAG) and now on trial. Even more concerning…
Taxes are fundamental to developing the Western world’s prestigious institutions and first-class infrastructure. In Canada, heart attack surgery is free. In the US, for a few dollars, you can hop on to a NYC bullet train that rockets you down the tracks to Boston. These services wouldn’t be affordable without the taxes paid by major…
Guyana’s Production Sharing Agreement (PSA) with ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), for the Stabroek Block has fielded major criticisms for a range of provisions, or the lack thereof, which are disastrous for Guyana.Now, Darshanand Khusial has stated that a failure to define “market rate” as it is stated in the Contract…
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…
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…
On the weekend, the media reported on a real time facial recognition and facial tracking system to be deployed for 24 hours surveillance in Georgetown and the East Bank of Demerara. It was described by a government official as, “…one of the best developments for our country…”.This facial recognition technology has been banned in San…
How would you use data to explain that this is a fair contract to the average Guyanese? On Thursday July 18th, the Stabroek News published an interview of Mr Henson, ExxonMobil Country Manager. Mr Henson is quoted as saying, “The contract is a fair contract. It absolutely is a fair contract given the risk profile…
Exxon the American oil giant recently reported their 13th oil discovery in Guyana’s Stabroek block. The confirmed barrels of oil in the Stabroek block is 5.5 billion barrels. UK’s Tullow estimates that the Orinduik block holds 4 billion barrels of oil. There are more blocks like Canje and Kaieteur yet to be explored. Even if no more…
