Former presidential advisor Jan Mangal has warned that while cash payouts from oil revenue may have an important role to play in the future, at this point it could be a distraction from the larger goal of clawing back wealth. His reference in a Facebook post today to clawing back of wealth will be seen…
In 2016, the APNU+AFC Government renegotiated a Production Sharing Agreement (PSA) Guyana had with ExxonMobil’s subsidiary Esso Exploration and Production Guyana Limited (EEPGL), and its two other partners, Hess Corporation and CNOOC/NEXEN. After unceasing calls for its release, the PSA was finally made public in December 2017. From then to now, everyone besides ExxonMobil and…
Oil and Gas Consultant, Dr. Jan Mangal, is of the firm view that the Environmental Permit for the Liza Phase Two project should not be approved until a long list of issues has been resolved.These include the need for all oil companies to have internationally recognized insurance policies and for the industry to be governed…
1. Q: What kind of audit was conducted on ExxonMobil’s costs? A: It was a ministerial audit required by Guyana’s 2016 petroleum agreement. 2. Q: What costs were audited? A: ExxonMobil’s pre-production costs from 1999 to 2015. 3. Q: How much in costs did the audit find were ineligible for cost recovery? …
Introduction Today’s column continues the discussion of the tenth (and final) item on my list of “top-10 development challenges”, which as I have indicated, Guyana will face when spending Government Take from its coming petroleum sector. Last week’s column had offered two concrete proposals on the topic (“integrating PSA revenues and the National Budget”). Both…
Former Presidents Jagdeo and Ramotar are not paying attention. Solar energy is far cheaper than the US$400-800M gas to shore project. I have already made this public without refutation. Last year the Guyana Energy Agency (GEA) asked me for a conversation in August 2020 after I again publicly advised the PPP/C government to give up…
By Elizabeth Deane-Hughes We were unprepared and undereducated for the Oil Industry in 2016. Fast forward to 2022 and the Gas aspect of the Oil & Gas industry is about to start up on very faulty grounds and yet still we are unprepared and undereducated. The oil and the gas sectors of the one industry…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Column 132 Modest investment, gargantuan returns Last week’s column completed the review of the published financial statements of the three companies which signed the 2016 Agreement for the Stabroek Block. Table 1 is a summary of the Income Statements (Profit and Loss Accounts) of…
