In follow-up to your editorial ‘Critics’ in the Sunday Stabroek for March 06, 2022, I suggest that the leadership of the PPP/C should re-read its 2020 election manifesto, to remind itself that it still has some important promises to act upon. One of these is its commitment to re-negotiate the Production Sharing Agreement with ExxonMobil:…
I watched with amusement, Exxon’s latest statement of March 2, 2022, and the frenzied utterings of our Honourable Vice President, even calling me a liar. I respect the office of the VP, so will not debase myself to the indignity of responding in kind, but will leave it to the people who know him better…
The build-own-operate-transfer (BOOT) financial arrangement has been used around the world to fund important infrastructure in partnership between government and private investors. In this financing model, the private investor upfronts the initial investment cost and expects to be repaid over some time period. The investor has an expected rate of return before underwriting the project….
It’s insulting that Exxon once again seems to believe that Guyanese people are stupid, attempting to bamboozle us with fanciful talk to camouflage the truth; but judging by their modus operandi and reputation around the world, I leave it to the Guyanese people to decide who is believable. First, with respect to the US$2.5 Billion…
I have followed with deep interest, the recent warranted upsurge in public outcry from experts and affected populations of all walks of life in Guyana, the Region, and other international communities calling for full insurance coverage in the event of an oil spill. However, there appears to be some confusion, misinformation, and missing facts in…
US Geological Survey – ‘Assessment of undiscovered oil and gas resources in Central and South America’ USGS Fact Sheet FS-037-01, March 2001 Guyana-Suriname Basin – total undiscovered resources with ‘fully risked estimates’ – Gas – trillion cubic feet – 7.035 at 95% confidence level, 36.802 at 50% confidence level, 95.909 at 5% confidence level, arithmetic…
Today’s column will simulate two scenarios of expected money inflows into and outflows from the Natural Resource Fund. All simulations are based on the NRF Act of 2021. The Act allows for higher early withdrawals from the Fund. Several justifications for high initial withdrawals were outlined by government officials. First, the dire shortage of the…
The Canadian High Commissioner to Guyana, Mark Berman, is one of the featured speakers at the inaugural Energy Conference & Expo to be held in the oil-rich South American CARICOM nation from February 15th to 18th, 2022. This is a pivotal opportunity for the Canadian ambassador to state Canada’s commitment to companies needing to pay taxes…
In a press release this past Saturday, the government admitted that the Stabroek Block contract is lopsided. The Department of Public Information article further states, “…with the passage of the local content legislation, Vice President, Dr. Bharrat Jagdeo, said the law now recoups the benefits lost from the Exxon deal.” It is astounding that the…
Last week’s column (‘Macroeconomic issues relating to the NRF’) made the point that there are many similarities between the Act of 2019 and 2021, but it is the withdrawal rule which separates the two Acts in a major way. The withdrawal rule is very important and it needs to be transparent so that Guyanese can…
