Opinion
Arguing the Local Content Policy will recoup losses from the Stabroek Block is not grounded in reality and logic
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…
Notes on the withdrawal rules of the 2019 and 2021 NRF Acts
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…
We look forward to the road revolution
As the Government prepares to gobble up the entire NRF fund, let’s make sure we engage in a massive infrastructural program. At least, we will have something to show for our money. This “Road Revolution” as the Government calls it, will be a “tipping point” for Guyana and is transformational. When I lived in the…
Gov’t’s oil production reports should be released in a timely manner and in one location
Major Guyanese newspapers have been exposing numerous issues surrounding the oil contracts. One positive change, as a result of their relentless efforts, was having the Ministry of Natural Resources publish Guyana’s oil lift data. Additionally, it appears that the Extractive Industries Transparency Initiative (EITI) reviews have had some impact because a new website has appeared…
Landmark Legal Challenge: Glenn Lall Takes on Guyana’s Petroleum Agreement Tax Provisions
Every Man, Woman and Child Must Become Oil-Minded (Part 96) January 21, 2022 Businessman and Newspaper Publisher Mr. Glenn Lall has filed an action in the Guyana High Court challenging key provisions of the 2016 Petroleum Agreement between the Government of Guyana and Esso Exploration and Production Guyana Limited, CNOOC Petroleum Guyana Limited and HESS…
Gov’t defending oil contract in court is bad PR for 2025
Finally, in all of Guyana, one man – Glenn Lall, owner of Kaieteur News – has found the gumption, and moral courage to stand in the middle of the road and tell the Government and oil companies that he will not sit idly by and allow the looting of Guyana to continue. Glenn speaks for…
Macroeconomic issues relating to the large early withdrawal from the NRF
In the previous column, I noted several positive features of the Natural Resource Fund (NRF) Act of 2021. I also outlined several potential downsides such as the possibility for employing unnecessary financial consulting in the face of a legally-mandated passive investment strategy, the power relations between the officers of the Fund and government given the…
It’s “our wealth, our country.”
Both the PNC and PPP came to power through “crossover voters” in 2015 and 2020, and hung by a thread of a one-seat majority. In 2011, the PPP was a minority Government by one seat. In politics now, the “crossover” voters matter for any party to win an election! What the PNC and PPP need…
End this corporate welfare of VAT waivers and exemptions for these oil companies
My friend Suresh said, “There are not enough ‘cuss words’ to describe the treasonous oil contract signed by the PNC” and which the PPP vowed they would not renegotiate. The Exxon Head had said that at election time, both parties promised they would not renegotiate the contract. That puts the oil companies, PNC and PPP…
Some pros and cons of the Natural Resource Fund Act of 2021
The Natural Resource Fund Act of December 2021 is a clear and concise document outlining the purpose of the Fund, as well as the sources of oil revenue deposit and method of withdrawal. The Act is quite clear on the kinds of assets in which the people’s oil monies are to be invested. It was…