Having received copies of the 2023 Financial Statements of ExxonMobil Guyana Limited (EMGL), Hess, and CNOOC, with ownership rights in the company of 45 percent, 30 percent, and 25 percent, respectively, I decided to undertake a brief analysis of the 2023 financial information. But before doing so, it is important to state that the Government,…
I refer to Mr. Joel Bhagwandin’s letter dated 6-17, 2024 in which he claims the information I requested is in the Natural Resource Fund (NRF) Report. Not surprisingly, Mr. Bhagwandin’s answer is the usual ‘red herring’, in which he is once again attempting to divert attention away from the real issues I raised in my…
One of the most valuable non-renewable resources that Guyana has, apart from oil, is gold. The price for an ounce of gold on the World Market (June 16, 2024) is US$2,348.40 (https://www.google.com/search?q=price+of+gold&rlz=1C1ONGR_enUS1113US1113&oq=price+of+g&gs_lcrp=EgZjaHJvbWUqCggAEAAYsQMYgAQyCggAEAAYsQMYgAQyCggBEAAYsQMYgAQyBggCEEUYOTINCAMQABiSAxiABBiKBTIHCAQQABiABDIHCAUQABiABDINCAYQABixAxjJAxiABDIHCAcQABiABDIHCAgQA); and therefore, one pound of gold is US$37,574.40, as compared with a pound of sugar at US 19.35 cents and rice at US 18.15…
I refer to Mr. Joel Bhagwandin’s letter in SN dated June 14, 2024 submitted in response to my letter dated June 12, 2024 on the shortage of royalty paid by EMGL. Mr. Bhagwandin claims, among other unrelated issues, that the shortage observed in royalty was associated with the following: ’(I) royalties …(being) deposited every quarter…
Reference is made to the ExxonMobil Guyana Limited Annual Report 2023 (https://corporate.exxonmobil.com/locations/guyana/annual-report). In that report (Page 36), it is recorded that royalty paid is G$21,922,725,604.00, representing 2 percent of total revenue of G$1,108,897, 727, 566.00 (Table1). However, the royalty paid is not 2 percent of total revenue; instead, it is only 1.977%. The correct royalty…
Reference is made to a letter written by Dr. Leslie Ramsammy in response to my letter on the subject of life expectancy in Guyana (SN 5- 30-2024), and I would like to make the following observations. First, in Dr. Ramsammy’s letter he stated that ‘At the moment, Guyana’s life expectancy is approaching 71(years)…’. (and) ……
Dear Editor, On the occasion of Guyana’s 58th Independence Anniversary, President Mohamed Irfaan Ali is reported to have said that from 2020 to now (2024), the country’s life expectancy has increased by two years overall to 70 in males, and 74 for females. And that government’s new target is to increase overall life expectancy to…
Recently, it was reported that the auditors appointed by the Government of Guyana to audit the books of ExxonMobil Guyana Limited (EMGL) have been denied access to pertinent oil reports and associated cost information ((See Anand Gool-sarran’s Report, “The audit report on Exxon’s post-contract costs (Final Part)”, https://www.stabroeknews. com/2024/04/08/features/accountability-watch/the-audit-report-on-exxons-post-contract-costs-final-part/). Similar difficulties were observed on a US$214.0…
It was reported that Former President, Mr. Jagdeo, stated that the reports on royalty payments by Attorney at Law and Chartered Accountant, Mr. Christopher Ram, and Dr. C. Kenrick Hunte, Professor and Former Ambassador, were wrong and that the Government has collected the correct amount of royalty from ExxonMobil Guyana Limited (EMGL). In response to…
It has been reported that Guyana receives 52 percent of oil profits from ExxonMobil Guyana Limited (EMGL) oil extraction operations. Given that Guyana is not a shareholder in EMGL, this is overly generous of a company that is expected to minimize cost and maximize profits for its shareholders. In fact, nowhere in the Production Sharing…
