Opinion
Trotman speaks to the Natural Resources Committee of the National Assembly
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 77 – November 15, 2019 Today’s column highlights a few issues raised by Mr. Raphael Trotman, then Minister of Natural Resources who appeared before the Natural Resources Committee of the National Assembly on May 18, 2018. In his presentation, Trotman misled the Committee…
Poll: 82% support for renegotiation of all contracts with all oil companies
In a nationwide public opinion tracking poll conducted in late October by the North American Caribbean Teachers Association, the nation almost unanimously rejects the low royalty rate (of between zero and two percent), sweeties or handouts given to oil companies, and profit sharing agreement of the government with multinational Exxon/Mobile and other oil companies. People…
Silence of the major parties on renegotiation of oppressive oil contracts is deafening
The humble fruit vendor selling at Bourda Market understands the difference between price and value. She grasps the value of her golden apples and sweet mangoes. She prices them at or above their fair value. She knows the prices of inferior produce and how far potential customers would have to travel to purchase her quality…
Whose oil is it?
Where in the Stabroek petroleum agreement is it stated that the oil companies receive 98% of revenues per month?On Thursday November 7th, 2019, the press reported that the Exxon will take the first three liftings of oil. The press indicated each lifting is one million barrels. Assuming oil price per barrel of US$60, the total…
More Deference on Oil and Politics
Should or will the population defer to the politicians (government) on oil and political decision making? If the politicians think so, they better think again. The people are not sleeping on oil politics. They are gradually waking up to the realities of oil and will demand a fair contract and distribution of the revenues.They are…
How is Exxon going to prove its share of the pre-contract costs incurred in Guyana if its automatic ‘file sweep’ programme deleted records dated before August 2015?
Exxon has an automatic ‘file sweep’ programme that has been deleting company records dated before August 2015. And, apparently, no backup exists for the deleted records. Did Exxon’s automatic ‘file sweep’ programme brush away the pre-contract records? Hence, what evidence will Exxon be submitting to prove its portion of the estimated US$900 million pre-contract costs?…
Local Content in oil industry must be measured in value
There are several news reports that government is preparing the final draft of its local content policy (act or law). There are also several commentaries on the issue. KN has focused extensively on issues pertaining to the oil industry – especially on how the nation is being hoodwinked (cheated and robbed) in broad daylight on…
TIGI says international law could protect Guyana from oppressive parts of Exxon deal
The Transparency Institute Guyana Inc (TIGI) is suggesting that international laws could protect Guyana from the most egregious provisions of the oil agreement with an ExxonMobil subsidiary since by contravening domestic law it violates several of the guidelines of the Organisation for Economic Co-operation and Development (OECD). In the ninth installment of a series of…
Exxon’s management accused of cooking the books to deceive shareholders; what about a third party like Guyana?
Exxon is accused of cooking the books. One set of accounting records for shareholders (investors) and another for its management. This may have cost Exxon’s shareholders up to US$1.6 billion in damages. That is the case brought by the New York Office of the Attorney General (NY OAG) and now on trial. Even more concerning…