‘Exxon and Chevron Report Record Profits on High Oil and Gas Prices – The energy industry’s windfall has followed a spike in prices, resulting mostly from Russia’s invasion of Ukraine, and a global economy rebounding from the coronavirus pandemic.’ This is a front page story today in NYT. It is amazing SN updated and printed…
Has the Government inquired with Exxon about improving the financial terms of the Stabroek Block oil contract? The Guyana Environmental Protection Agency (EPA) was recently able to push back on the oil companies to improve the Stabroek Block agreement which was originally signed in 2016. Those improvements have centred around protecting Guyana from the devastation…
The Laws of Guyana establishing the Environmental Assessment Board (EAB) could not be clearer. Article 8 (1): Any member of the Board who has any interest, directly or indirectly, in any matter before the Board –Shall disclose the nature of his interest to the Board; and Shall not take part in any deliberation or decisions…
Several observers have noted that the account in the Federal Reserve Bank of New York does not constitute the National Resource Fund (NRF). The account in the Federal Reserve is merely holding the oil revenues – at almost zero percent yield – until the Guyana government operationalises the NRF (hereafter “the Fund”). Operationalisation of the…
Former Advisor to the President, Dr. Jan Mangal, yesterday said that all contracts made in the four months of post elections have to be rescinded, as they were rushed and were not signed for the benefit of the people. He was, at the time, commenting on a revelation by this newspaper that Minister of Finance…
By Stabroek News August 10, 2022 Dear Editor, Permit me to respond to a letter dated August 6, 2022 written by Joel Bhagwandin, Financial Analyst, captioned,’ Guyana poised to earn close to US$5b annually when the four approved oil platforms are producing concurrently’. In that letter, it is stated that,’ Professor Hunte failed to cite…
“African states must unite (for the continent) or sell themselves out to imperialist and colonialist exploiters for a mess of pottage…”: Kwame Nkrumah. Or as our own Cheddi Jagan told the National Assembly in 1983 in a speech following the invasion of Grenada: “Right now Washington is …hoping to get these puppets one by one…
The seas surrounding Guyana are under threat by big oil companies. We believe that the Government of Guyana is putting the natural world and our common home in danger. Our legal cases will help protect the ocean, biodiversity and the global climate system for the benefit of each one of us. The legal cases will…
As usual there has been no comment in the local Press on MARAD Notice to Mariners number 113 (2022) dated June 28, 2022. This Notice defines a sea area of 119 square kilometres offshore from Plantation Best where the biggest of the oil field shore bases is being constructed, which will be deep-dredged up to…
Who is the owner of the “proven oil reserves” once the contract is signed between the oil company and the host country? In a typical contract, the “reserves” are monetized and this value is entered on the balance sheet of the Oil Company. The share price of the Company is maintained and traded based on…
