There is a clause in the contract that deals with the subject of renegotiation. To paraphrase: it says it can only be done with the agreement of both parties. How does one party (GoG) secure the agreement of the other (Exxon)? Robin Singh (SN, Oct 8th) says you must have “bargaining chips” to induce Exxon…
Articles by Dr. Tarron Khemraj appearing on his business page in SN 2023/09/24 and SN 2023/09/10 require some comments, since the use of ‘Balances from Abroad’ imply that Commercial Banks have readily available sources of foreign exchange that are liquid balances and can be deployed to make good any foreign exchange ‘shortage’ affecting the Private…
Guyana’s oil economy is now mirroring its lopsided oil contract. The world’s highest growing economy in 2022 is not spreading the fruits of growth evenly across Agriculture, Manufacturing, and Services. Indeed, the rich versus poor is mirrored by oil and non-oil economy – the high growth oil sector registering 90% growth in the value-added income…
Recently, the World Bank, using the Gross National Income (GNI) per capita measure, reclassified Guyana as a high-income country. GNI is the sum of all income earned by a country, irrespective of where the income was earned. The justification for this elevation into the highest GNI category is largely based on the impact of foreign…
By Tarron Khemraj On September 10, 2023 On August 19, the Stabroek News reported that the government is willing to make necessary interventions in the foreign exchange (FX) market in order to enable the smooth access to hard currencies. In the same news report, Vice President Jagdeo noted that there is ample foreign exchange if one considers the…
I am glad to read that Toshao Orin Fernandes of Chinese Landing Amerindian Village has asked the National Toshaos’ Council (NTC) for a slot at the opening of the NTC’s conference on Monday 28 August to talk about the continuing illegal mining on Chinese Landing’s titled Village Lands. It has been over a month since…
These four posters focus on Bangamary (scientific name Macrodon ancylodon, also known as King Weakfish in neighbouring Suriname), the most affordable fish in Guyanese coastal markets and available throughout the year. The posters are part of the public dissemination of research findings supported by a Canadian Government SSHRC Insight grant (2022-2024) awarded to Dr Janette…
It has been eight years since large oil reserves were discovered off the shores of Guyana, but the nation has only reaped a measly 14.5% of total oil revenues since oil production or more accurately oil extraction started in 2019. The remaining 85.5% have been captured by foreign oil companies. In fact, the Stabroek Block…
Reference is made to Elder Green’s letter titled, “This mad rush to have foreigners develop all they can find in our waters is senseless” (SN August 16th). Mr. Green is onto something here. “Go easy on exploiting our non-renewable oil resource”, he says. When it’s done, it’s done. Further he cautions, “In other words, don’t…
International measures of economic growth – usually expressed as Gross Domestic Product – add the tremendous growth in the enclave economy of ExxonMobil and co-venturers to the small locally-controlled business achievements. The official GDP figures contrast with the 48 per cent of the population living below the World Bank’s estimate of the poverty line. The…
