Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 100 – July 8, 2022 Introduction By a strange coincidence, this 100th. column features the 2021 financial statements of Esso Exploration and Production Limited, the designated Operator and holder of a 45% interest in the Stabroek Block under the 2016 Petroleum Agreement. Esso…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 99 – July 2, 2022 Introduction In this Part 99, we address our attention to the 2021 audited financial statements of Hess Exploration and Production Guyana Limited (the branch) which despite its name, is in fact a branch of a Cayman Islands incorporated…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 98 – June 24, 2022 Introduction Last week’s column began a short series on the 2021 financial performance of the three companies – Esso, Hess and CNOOC – which hold 45%, 30%, and 25% respectively of the highly productive Stabroek Block, a find…
Every Man, Woman and Child Must Become Oil-Minded (Part 97) – June 17, 2022 It is more than five months since the 96th. column was published on January 22nd. of this year. That column summarised the court action brought by citizen Glenn Lall seeking declarations against the tax provisions contained in the 2016 Petroleum Agreement….
In the part 4 we described how even before Transparency Institute Guyana Inc (TIGI) began to write on the petroleum contract and advocated for insurance to be included in local content (we had not then made representation for oil spill protection as we began to make recently) Berbice fishermen had demanded oil spill insurance. We…
In part 3 we showed that oil companies seemed to have no trouble providing insurance to protect foreign stakeholders and how moral hazard featured in banking, so much so that it helped bring down the financial system in 2007/8. We also showed that the extent of the Deepwater Horizon damage far exceeded “astounding”. In this…
In part 1 we showed that insurance companies knew how to mitigate the risk of ‘moral hazard’ so that while the tendency of the insured to benefit financially from information asymmetry existed, it could never ever be enough to frustrate a properly functioning insurance market. In part 2 we presented the quote Dr CYT should…
In Part 1 of our response to Dr. CYT, we pointed out that he had neglected to take into account some fundamental points concerning the nature of the insurance business. We pointed out that, even if the oil company decided to indulge in more risky behaviour as a result of taking out the insurance, the…
Dr. C.Y Thomas, in his column of Sunday 17th April last (https://www.stabroeknews.com/2022/04/17/sunday/guyana and the wider world/critiques-2-3-exxonmobil in the courts of law and public-opinion/) under the guise of a critique of ExxonMobil, continued his ridicule of those of us calling for guaranteed compensation in the form of insurance against any damage to the environment of Guyana and that…
President Ali is a good man and our duly elected President, who can end up being a great leader. Our AG, a “maybe” future presidential candidate and the smartest man in Guyana, is a national hero, and defender of our democracy. Who can forget his role as a “Guardian of Democracy” during the five months…
