Opinion
Unraveling Ambiguities: Assessing Transparency and Fiscal Clarity in Guyana’s Oil Sector Financial Statements
Oil and Gas Column # 91 – June 25, 2021 Every man, woman and child must become oil minded Introduction Each of the past three columns (#’s 88 – 90) reviewed the financial statements of one of the three oil companies which signed the 2016 Petroleum Agreement with the Coalition Government of President Granger. Today’s…
Esso Exploration and Production Guyana Inc. reports $6.5 billion loss in 2020
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 90 – June 22, 2021 Introduction Esso Exploration and Production Guyana Inc. (Esso), the largest of three partners in the Stabroek Block, with a 45% share under the 2016 Petroleum Agreement, has declared a loss of $6,516 million in 2020. This compares with…
Sifting Through Financial Transparency: A Closer Look at CNOOC’s Performance in Guyana’s Oil Sector
Every Man, Woman and Child in Guyana Must Become Oil-Minded This was Published on June 21, 2021 Introduction This column which last appeared on April 17, 2020, is returning for a short series. It will feature the 2020 financial performance of the three companies which signed a petroleum agreement with the Government of Guyana for…
Guyana letter to Exxon shareholders
https://www.oggn.org/final_guyana-letter-to-exxon-shareholders-with-intl-endorsements_sent-26may2021-to-cure-exxon/ https://www.oggn.org/guyana_cure-exxon_press-release-final-19-june-2021/ https://www.oggn.org/curerecommendations_20210505_fin/
Government to pay $5,391 million Corporation Tax for oil companies reporting after tax profits of $16,175 million.
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 89 – June 18, 2021 Introduction This second part of a mini-series on the three oil companies which operate the Liza 1 project under the Stabroek Block reviews the 2020 financial statements of the Guyana branch of Hess Guyana Exploration Limited (Hess). For…
Inside the Numbers: Unraveling CNOOC’s Financial Performance in Guyana’s Oil Sector
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 87 – June 11, 2021 Introduction With appreciation to the editor-in-chief of Stabroek News, this column which last appeared on April 17, 2020, is returning for a short series. It will feature the 2020 financial performance of the three companies which signed a…
By not paying taxes the Oil Companies are getting a free ride
Distinguished Retired Economics and Business Professor Dr. Ganga Ramdas’ of the Oil and Gas Governance Network (OGGN), asserts that Guyana is losing an approximate US$62 million annually due to Exxon not paying taxes, as other companies do. Many newspapers and commentators such as Guyana icon Christopher Ram have lamented this sad state of affairs of…
Scale of investment is not a reason for tax waivers
I refer to Mr. Reggie Bhagwandin’s letter, “Oil deal was designed to cater for the nature of the industry” and wish to comment as follows: An argument for tax waivers for Foreign Companies – Profits are not guaranteed. Business is very competitive. Therefore, it makes good sense for host governments to grant tax waivers for…
How much taxes should Exxon and the oil companies have paid?
As per the 2016 Stabroek Block contract, for the oil production lifecycle, from the preparation for oil production to when the oil is finally sold, the oil companies pay no taxes (see Article 15.1). The applicable income tax laws assess the Contractor’s tax due on taxable income (Article 15.3) and the Minister agrees to pay…