Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 141 – October 19, 2024 Introduction The results of a recent survey on the 2016 Petroleum Agreement with ExxonMobil and partners reveal overwhelming public support for renegotiation, with serious concerns about key provisions of the Agreement. The survey, conducted by Ram & McRae…
With your permission, permit me to explain how total revenue, total cost, and profits are identified in the Guyana oil business, and in particular Liza One. In this regard, knowing the selling price (P) and the average total cost (ATC) of a barrel of oil signals the first decision point of any investment. The average…
Does His Excellency the President Mohamed Irfaan Ali live in an alternative universe? ‘We now have 18,000 Guyanese working on the offshore oil rig.’ See the DPI notice from October 14, 2024; https://dpi.gov.gy/local-content-raked-in-over-us2-billion-in-businesses-to-date-president-ali/ . There are 3 functioning FPSOs, each with a working crew of 150-160 according to the EIAs, of whom fewer than half will be…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 140 President Irfaan Ali enjoys his encounters with international journalists, including BBC’s Steve Sackur and more recently New York Times’ International Climate Correspondent, Somini Sengupta. While the President has ably navigated the questions posed to him, he has benefitted from some important questions…
Recently, Ambassador Samuel Hinds reminded Guyanese of the notion that ‘A bird in the hand is worth more than two in the bush’. I contend that this statement is only true when one does not have ownership of both the bird and the bush; and therefore, one has to manage both bird and bush and other…
I refer to a letter captioned, ‘Let’s feel good about what we are getting from our oil’ written by His Excellency Samuel Hinds, Ambassador, Former Prime Minister, and Former Acting Preisident of the Cooperative Republic of Guyana. In that letter, it is stated… ‘If we have troubles absorbing the US $4.4 billion according to some…
WHEN oil companies sell the oil and gas that they extract from Trinidad and Tobago (T&T), over 80% of the revenue is paid to third-party contractors for goods and services. These contractors are often international companies that get paid in foreign currency which they take out of T&T. Many of these foreign companies pay little…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 138 – September 28, 2024 After years of dithering and delays, the People’s National Congress Reform (PNC-R) recently unveiled a 20-point plan – more a statement of intent – for managing Guyana’s fast-moving oil and gas sector. This plan, coming eight years after…
