Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 99 – July 2, 2022 Introduction In this Part 99, we address our attention to the 2021 audited financial statements of Hess Exploration and Production Guyana Limited (the branch) which despite its name, is in fact a branch of a Cayman Islands incorporated…
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By Stabroek News July 1, 2022 Dear Editor, Recently, I read a report prepared by SPHEREX Analytics, an accounting firm that produced the 2020 and 2021 financial statements for Esso Exploration and Production Guyana Limited (EEPGL). In the report, it is claimed that, ‘… Guyana’s share in profit and royalty is greater than the net…
Now we have the Senior Finance Minister asserting at the Guyana Anti-Corruption Framework training workshop, organized by the Ministry of Governance, that he firmly believes transparency and accountability are crucial in the fight against corruption. He is following the lead of his President, who always maintains their government is transparent. Well, let them tell their…
In my opinion, this contract should be considered null and void for the following interim reasons:1) This contract was not made in good faith, good intention, is biased and is not consistent with minimum international contracting requirements, practice, guidelines, procedures and laws.2) This contract is a production sharing contract/royalty (PSA), where Guyana is technically a…
The Executive branch of government and the GRA, a government agency, have finally decided to come clean on some very important provisions on the Oil Contract. They are at once revealing – and they are outrageous frauds and violations of all standards of decency.How well known is the Pay-on-Behalf concept in Oil Contracts – as…
Recent discussions surrounding the cost recovery provision in the oil contract and the possible renegotiation served as motivation for this column. I intend to clarify and reemphasise several points I made on these topics in previous columns. Over the years, I have examined various topics which are still relevant to present deliberations. These include the…
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A SN daily blogger pesters me on this subject: Oil Companies’ financial risk assessment for exploration in Guyana. “Most politically unstable place in Caribbean”, he says. Five biggest Risks – Political risk, Geological risk, Price risk, Supply & Demand risk, Cost Risk. Seems clear the blogger is talking about political risk – gov’t overthrow, nationalization?…
There are times in life when we have to make declarations in order to move to the next desired stage. Declarations of insolvency or of bankruptcy, and of assets come to mind. However, our intrepid Vice-President volunteered a declaration of incompetence – and he doesn’t even seem to realize it! Here is someone, who was…
