It has been eight years since large oil reserves were discovered off the shores of Guyana, but the nation has only reaped a measly 14.5% of total oil revenues since oil production or more accurately oil extraction started in 2019. The remaining 85.5% have been captured by foreign oil companies. In fact, the Stabroek Block…
Reference is made to Elder Green’s letter titled, “This mad rush to have foreigners develop all they can find in our waters is senseless” (SN August 16th). Mr. Green is onto something here. “Go easy on exploiting our non-renewable oil resource”, he says. When it’s done, it’s done. Further he cautions, “In other words, don’t…
International measures of economic growth – usually expressed as Gross Domestic Product – add the tremendous growth in the enclave economy of ExxonMobil and co-venturers to the small locally-controlled business achievements. The official GDP figures contrast with the 48 per cent of the population living below the World Bank’s estimate of the poverty line. The…
Reference is made to SN’s blogger, Justin, (SN August 10 blog on Andre Brandli’s letter). He explained Guyana’s share of oil revenues as follows: “Your mango tree has 100 mangoes which sell for $10,000 on the market. I pay 2% royalty. But I have the right to 75% cost recovery+ 50% profit sharing, and you…
A letter entitled “Notions that the level of borrowing is reckless are far-fetched” penned by Mr. Bhagwandin was published earlier this week in Stabroek News (August 8, 2023). The backdrop to this letter is as follows. The National Assembly approved, last week, a new debt ceiling to facilitate greater borrowing. Guyana’s domestic public debt ceiling…
Reference is made to Dr. Randolph Persaud’s letter titled: ‘Suggestion that Exxon is Guyana’s new slave master is baseless . . .”. (SN August 6th). My characterization of the Persaud’s letter is to brainwash the Guyanese people into feeling gratitude for Exxon’s investment – and to disregard the Guyanese people’s arguments and plea for renegotiation…
Newspapers publishing letters with allegations and refusing to give the accused space for a response is unethical journalism. The following papers have published accusations against OGGN but refused to publish our response: Our response to these critiques is here: https://www.oggn.org/2023/07/29/oggn-is-a-legitimate-non-profit-organization-registered-under-the-irc-section-501c3/
The oil companies, Hess & Exxon, recently reported earnings in the 2Q2023 that were significantly below the profits they earned in 2Q last year. However, they were very optimistic about the future because of their big bet on Guyana. By 2027, they are projecting to be pumping 1.2 million barrels of oil per day. With…
MARAD Notice to Mariners number 114 dated July 31 2023 was published through the Department of Public Information on 03 August. The Notice covers the arrival and deployment of another of Jan De Nul’s dredgers. Jan De Nul is the 15 percent shareholder in the VEHSI shore base alongside the 85 percent shareholding of NRG…
A priest once said with reference to a local bigwig in Guyana, an impoverished country perched on the northern shoulder of South America: “first you get on, then you get honest.” That is, you need to acquire wealth before you can be philanthropic. Little of that culture of philanthropy appears to have survived among the…
