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Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 132 Modest investment, gargantuan returns Last week’s column completed the review of the published financial statements of the three companies which signed the 2016 Agreement for the Stabroek Block. Table 1 is a summary of the Income Statements (Profit and Loss Accounts) of…

Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 131 Today’s column features the financial statements of the Chinese-owned CNOOC which holds a 25% working interest in the Stabroek Block, as a “non-operating joint venture partner”. CNOOC, like its other two partners, is a branch of a company incorporated outside of Guyana…

Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 130 – June 14, 2024 Exxon’s incredible (and unique) return on Equity Introduction This week’s column features the financial statements of the Guyana branch of ExxonMobil Guyana Limited, a 45% stakeholder, and the designated Operator, in the Stabroek Block. In what was a…

Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 129 On 29th December 2023, in a letter to the press, I argued that the Natural Resource Fund was overstated by G$274 BN., the amount of the Corporation Taxes paid by the Government on behalf of the oil companies required under Article 15.4…

Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 128 Introduction The two previous parts on this subject carried on Tuesday (21st.) and Wednesday (22nd) dealt with the first of two documents published in the Official Gazette a week earlier. These were the Guarantee and Indemnity Agreements by the oil companies with…

Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 127 Introduction Yesterday’s column addressed three Guarantee and Indemnity Agreements (GIA) granted by the oil companies to the Environmental Protection Agency. These we are told are to provide some assurance to Guyana that there is money available to deal with any environmental events…

The Official Gazette of 11 May 2023 published two documents – a Guarantee and Indemnity Agreement dated 9th June 2023 (GIA) and a Contract of Insurance effective 1st. February 2024. The first deals with the Environmental Obligations of the three Contractors – Exxon, Hess and CNOOC – and the second, with third party insurance taken…

The disagreement involving the three Contractors under the 2016 Agreement (Exxon Guyana, Mobil, Hess and CNOOC) and Chevron over the friendly takeover of Hess by Chevron has gone to arbitration in the United States. There is nothing to indicate that the Irfaan Ali Administration has expressed any interest in the matter before the Arbitrators, although…