Opinion
Unveiling the Financial Puzzle: Dissecting Pre-Production Costs and Revenue Projections in Guyana’s Oil Sector
Every Man, Woman and Child in Guyana Must Become Oil-Minded (Part 64) Introduction Figures contained in the 2017 financial statements of Esso Exploration and Production Guyana Limited indicate that the three-party set up of Esso, Hess and CNOOC Nexen will spend well over five hundred billion dollars ($500,000,000,000) up to December 2019. The three companies…
Double Standards in Contracts: The Bridge Debacle vs. ExxonMobil’s Petroleum Agreement
Every Man, Woman and Child in Guyana Must Become Oil-Minded (Part 63) Introduction It has been nearly a month since the last column appeared on October 19 under the title Complex for the White Man, Disdain for Locals. Recent developments have lent an aura of prescience about that column as we witnessed and contrasted the…
Uninformed international oil experts bamboozling Guyanese
In Stabroek News dated November 4, 2018; Minister Winston Jordan exposed the oil experts, who were invited to Guyana via funding unknown, to pronounce on the Green Paper, Sovereign Wealth Fund/ National Resources Fund and suchlike. Except for the disgraceful 2% royalty, the comments by Minister Jordan, conflated with remarks I made as an invitee;…
GLOBAL CONTRACTS ARE BEING RENEGOTIATED ON FAIRNESS, WHY CAN’T GUYANA DO THE SAME
This is in reference to Clement Smith’s letter in Kaieteur News on October 27 titled “Guyana’s take from oil is larger than many countries”. Clement Smith stated my recent letter is inconsistent with the facts. A copy of this letter can be found here: http://www.oggn.website/2018/10/23/flawed-oil-contract-is-giving-up-more-than-investment-bank-likely-to-generate-in-future-returns. In his letter, the only source of information cited was…
Greenidge meeting with Merrill Lynch exposes flaws in Govt handling of oil and gas
The recent revelations that Minister of Foreign Affairs, Carl Greenidge, met with Merrill Lynch, who is likely interested in the investment feature of Guyana’s Natural Resource Fund has exposed some fundamental flaws. This view was shared by Auditor and Financial consultant, Nigel Hinds, who said that the Government’s approach is the ‘minus 101 manner of…
Guyana has crucial advantages which should pave the way to renegotiate the Exxon oil deal
In February 2018, Exxon produced a 20-minute Facebook video in which its stated purpose was to address questions concerning the Oil Contract, Revenues and Taxes. At minute 10, the presenter declaims: Guyana is a frontier country. And, further states that the Guyanese people should be satisfied with the oil contract. Pronouncing Guyana as a “frontier…
Flawed oil contract is giving up more than investment bank likely to generate in future returns
On Thursday October 18th, 2018 the Stabroek News published an article entitled `Merrill Lynch interested in sovereign wealth fund’. The investment world has taken notice of the potential wealth that lays offshore in Guyana. The government should study the history of those who seek to bestow advice on how to manage Guyana’s potential windfall. The flawed oil contract…
Ministerial Disregard: Foreign Enthusiasm, Local Contempt in Guyana’s Oil Sector
Every Man, Woman and Child in Guyana Must Become Oil-Minded (Part 62) Introduction During the recently-concluded United Nations General Assembly in New York, USA, the Guyana Delegation led by Foreign Minister Carl Greenidge facilitated a meeting between the Governor of the Bank of Guyana and representatives of Merrill Lynch, the investment arm of the Bank…
The industrial brands exploring and developing Guyana’s oil & gas “play”
Introduction Last week’s column provided additional data on the first of four features of Guyana’s recent oil and gas discovery; that is, its physical/geological configuration. The column amplified on three attributes: the geological make-up; its location offshore; and, the size or quantum of potential reserves. Today’s column amplifies on the second feature, namely, the project…
We must benefit meaningfully from our resources
Mr Robin Mills, a guru in the oil industry, writing for The National, an online and print media platform, posted on October 8, 2018 that “Guyana may be the next big beast in global oil”. Mills foresees the country emerging as the top per capita oil producer. It is noteworthy that Mr Mills ignored the…