Opinion
Response to criticisms of TIGI’s claim that the petroleum contracts are in breach of the Procurement Act
In the Thursday September 12, 2019 edition of Stabroek News (SN), our claim that the award of the petroleum exploration licences was subject to the Public Procurement Act was rejected by the Public Procurement Commission and by Dr. Anand Goolsarran, a former auditor general and past president of TIGI. Our column to which these individuals…
Chapter #8 – Exxon Contract: The public policy issues
In a succinct and elegant statement, Thomas Dye defines public policy as “anything a government chooses to do or not to do” (Dye, 1972: 2). Public policy therefore has a wide reach and affects all sectors of society. It encompasses laws, any actions of government, funding priorities and the regulations that reflect given positions, attitudes,…
Some initial conditions as first oil beckons
If we want to say something about the future state of an event, we have to account for the initial conditions. Given that we live in a complex world, the outcomes often depend on the initial conditions. It is possible that one initial condition could produce multiple outcomes, making the task of prediction fraught with…
Exxon is also robbing Guyana of its independent leaders and columnists
Freddie Kissoon in his Kaieteur News column dated September 5, 2019 stated: “I am bamboozled by the insane frequency of the condemnations of Exxon, but no condemnation of the hate Sanjeev said is currently threatening Guyana.”Another columnist wrote in similar vein of Guyanese condemning Exxon “… your Eyewitness is getting a tad tired with the…
I applaud Govt. for curtailing uncapped interests
Dear Editor, I applaud the government for announcing that ‘uncapped interests’ will not be recovered as expenses in oil and gas exploration and production (KN Sep 12). I salute the media and other forces for being vigilant on the oil industry exposing shenanigans and looking out for the country’s interests unlike some politicians who are…
Guyana could lose US$8 to 16 billion in interest rates from Exxon – Canadian engineer
Guyana’s Production Sharing Agreement (PSA) with ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL), for the Stabroek Block has fielded major criticisms for a range of provisions, or the lack thereof, which are disastrous for Guyana.Now, Darshanand Khusial has stated that a failure to define “market rate” as it is stated in the Contract…
BILLIONS OF US DOLLARS COULD BE LOST BY FAILING TO DEFINE “MARKET RATE” IN THE OIL CONTRACTS
Guyana is responsible for paying the interest on the oil companies’ loans. This fact is buried in the Production Sharing Agreements (PSA). (Stabroek Block PSA, Annex C Section 3.1 part (l)). The interest rate to be paid is loosely noted as “market rate”. This flaw may cost Guyana billions of US dollars. It takes just…