Allan A. Fenty says: ‘Mind you re-negotiation can happen if ever an oil giant knows it will still be reaping whirlwinds of profit on investments. I have some gut feeling that Exxon and its subsidiaries are not such” (SN August 26th). Mr. Fenty’s statement is filled with ambiguity, wishy-washy; very uncharacteristic of him. Do not…
‘Exxon and Chevron Report Record Profits on High Oil and Gas Prices – The energy industry’s windfall has followed a spike in prices, resulting mostly from Russia’s invasion of Ukraine, and a global economy rebounding from the coronavirus pandemic.’ This is a front page story today in NYT. It is amazing SN updated and printed…
“Guyana races against the clock to bank its oil bonanza”, is the title of an article by Reuters, published on Yahoo online news (July 18th). The author, Sabrina Valle had a face-to-face interview with Mr Jagdeo in which he said the following (to paraphrase): Mr Jagdeo argued that calls to halt the developments for the…
Dr. Tulsi Dyal Singh writes: I spoke about the flaws in the PSA at length at my Moray House talk three years ago. In fact, I tried to console the audience with a riff based on that old primary school poem, “If”. (SN July 5th). I don’t know what Dr. Tulsi Dyal Singh said about…
The Executive branch of government and the GRA, a government agency, have finally decided to come clean on some very important provisions on the Oil Contract. They are at once revealing – and they are outrageous frauds and violations of all standards of decency.How well known is the Pay-on-Behalf concept in Oil Contracts – as…
A SN daily blogger pesters me on this subject: Oil Companies’ financial risk assessment for exploration in Guyana. “Most politically unstable place in Caribbean”, he says. Five biggest Risks – Political risk, Geological risk, Price risk, Supply & Demand risk, Cost Risk. Seems clear the blogger is talking about political risk – gov’t overthrow, nationalization?…
When Guyana’s oil contract was signed in 2016 world market prices per barrel averaged $65. All indications today are that future prices (next 5 -10 years) may average $110. The portion of higher average price ($110 minus $65 = $45) can be called the Russia-Ukraine war premium. Who gets to keep most of the $45…
Today’s front page story in SN showing Minister Bharrat handing over production license for a fourth oil well to Exxon’s Guyana president Alistair Routledge, giving up yet more leverages to demand renegotiation – should give cause for alarm to the Guyanese people. It is simply giving Exxon license to cheat the Guyanese people of Fair…
The argument has been advanced that the reason PNC rigged all elections (1968 – 1985) goes like this: Why not? If PNC didn’t rig, then PPP with its Indian numerical majority base would win all elections – and they (PNC) would be kept out of power forever. Sounds like good logic in an environment where…
I have long considered Steve Coll’s book, “Private Empire ExxonMobil and American Power”, the bible on ExxonMobil. All government officials and ministers with responsibilities for the oil portfolio should take the time to do a serious study of this book. This book was published in 2012. Minister Trotman had renegotiated the Oil Contract in 2016…
