If I were in the GoG, I’d insist Exxon sign the PCG letter agreeing to Full Liability Coverage. Sign the letter – and go on with your Oil Drilling. Observe Safety Rules. End of story. All oil drilling is done on a Wing and a Prayer. Hope an accident never happens – but if it…
Former EPA chief Dr. Vincent Adams has said many times that Full Liability Coverage (FLC) as enshrined in the permits, equals insurance plus a parent company guarantee to cover “any” costs above insurance. In mathematical parlance: Full Liability Coverage = Insurance + Parent Company Guarantee for all remaining costs. Parent Company Guarantee is simply a…
The OECD/G20 Inclusive Frame-work on Base Erosion and Profit Shifting (BEPS) is implementing a landmark reform to the international tax system, which will ensure multinational enterprises will be subject to a 15% effective minimum tax rate. The details can be found via this link https://www.oecd.org/tax/beps/. Domestic tax avoidance by BEPS due to multinational enterprises exploiting gaps…
I see Vice-President Dr Bharrat Jagdeo has thrown out a challenge for a company to produce solar power for the grid at 5 US cents per kilowatt hour (kWh). He will win. He is correct that large-scale batteries are not available to Guyana. Only countries like India and China who have the technology, raw materials,…
I write to comment on one issue in your well-argued Editorial titled ‘Hess’ carbon offset deal’ which begins: ‘You have to give it to Bharrat Jagdeo. He has been trying to “sell” Guyana’s rainforest since the early 2000s going around the world saying if you don’t buy our trees they may have to be chopped…
VP Jagdeo himself, admitted on the Glenn Lall show that “yes, full liability coverage is in all of the permits”; and in his August 19, 2022 press conference, exclaims “it is by law and by the permit they have to do this. Full coverage: that is an obligation…that’s what the oil companies understand is that…
All Guyanese, our Caribbean neighbours, and Venezuela, must now be worried sick by the Honourable VP Jagdeo’s announcing that slashing the parent company guarantee from full coverage, down to a piddling $2 Billion USD, “remains a priority”. This in-your-face sellout and betrayal of our people, not only throws out the existing legal full liability coverage…
There are important issues raised in Joel Bhagwandin’s [JB] letter in SN – March 26, 2023 that are very important for Guyana, as the new oil economy unfolds. Principles related to ownership rights and corporate funding determine future incomes earned from such ownership rights. Future tax payments are also related to the classification of corporations…
S.11 (5) of Guyana’s Environmental Protection Act declares that every environmental impact assessment shall contain the following information: – (b) an outline of the main alternatives studied by the developer and an indication of the main reasons for his choice, taking into account the environmental factors. One therefore expects to find studies of the alternatives…
Kaieteur News – Vice President Bharrat Jagdeo has over time repeatedly lambasted former Head of the Environmental Protection Agency (EPA) for signing the worst permit, that authorized the development of the country’s first producing oil field—Liza I. In fact, the former Head-of-State, now Vice President, over time proffered publicly that it was his administration that would…
