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Using Dr Mangal’s royalty and profit sharing figures, we calculated Guyana is giving away $US 23 billion to Exxon under the current contract. This is based on oil price of $US 80 a barrel and 3.2 billion reserves. We used the upper range of Dr Mangal’s royalty range which is 20%. The reason for the…

Stating that the 2% royalty on oil from ExxonMobil was way below global standards and that the tax regime should have been greater, Presidential Advisor on Petroleum, Dr Jan Mangal says pressure from the citizenry has the potential to influence government to revise the contract with the American company. “Don’t underestimate the power that people…

PARIS (Reuters) – French oil and energy group Total has bought stakes in some offshore Guyana oil production blocks, boosting its presence in the potentially lucrative Guyana basin. Total said it was buying a 35 percent working interest in the Canje Block, in an agreement signed with an affiliate of Canadian company JHI Associates Inc….

See press release here: http://www.oggn.website/fair-deal-for-guyana/ Purchasing a house is the largest financial decision most of us will ever make. Given the importance of this decision, the majority of buyers will defer to an expert whose competence is rooted in real estate. If the seller has hired a real estate agent then the buyer, even if he…

Guyana is now hurrying to put measures in place to monitor and assess cost recovery claims. However, it has already tied itself to the repayment of US $460,237,918M. This is according to the 2016 Production Sharing Agreement (PSA) that Minister of Natural Resources, Raphael Trotman signed with ExxonMobil. See more here  

Despite extensive criticisms about the 2016 Production Sharing Agreement (PSA) that Minister of Natural Resources, Raphael Trotman signed with ExxonMobil, Government has not seen the need for any further amendments to be made to the document. See more here

Just days after its major oil find at the offshore Ranger-1 site in the Stabroek Block, ExxonMobil’s subsidiary, EEPGL is preparing to begin drilling at the Pacora-1 well site. According to an advertisement in today’s Stabroek News from the Maritime Administration Department, Esso Exploration & Production Guyana Ltd (EEPGL) will on January 25 begin a…

Exxon Mobil Corporation announced today positive results from its Ranger-1 exploration well, making it ExxonMobil’s sixth oil discovery offshore Guyana since 2015. The release today said that the Ranger-1 well discovery adds to previous world-class discoveries at Liza, Payara, Snoek, Liza Deep and Turbot, which are estimated to total more than 3.2 billion recoverable oil-equivalent…

Oil companies always have a long list of demands; one of them being tax holidays. In the case of Guyana, the Government has granted ExxonMobil a premium tax exemption package. According to Article 15 of the Production Sharing Agreement (PSA) with ExxonMobil, “no tax, VAT, excise tax, duty, fee, charge or impost should be levied…

Some nations make the sorry mistake of only fearing the worst and begin preparing for it when oil companies head into production phase. But an oil spill can happen when operators are in their exploratory stage. This was the case of the great Deepwater Horizon oil spill. It was recognized as the worst oil spill…