In a recent presentation by Mr. Glenn Lall, he asked the following question: What is the average cost of a barrel of oil? In reply, I will present some information on the cost of a barrel of oil, based on the combined 2023 Financial Statements of the consortium: EMGL, Hess and CNOOC. Additionally, a comparison…
Given that Guyana pays the taxes of the oil companies (EMGL, Hess, and CNOOC), and recognizing that Guyana should receive 14.5 percent of total revenue, the question which must be answered is the following: How much money will Guyana receive after the taxes have been deducted from Guyana’s share of total revenue? The answer to…
I am most elated by VP Jagdeo’s hullabaloo surrounding the arrival of the capping stack in Guyana, since it finally brings attention to the constant raising of my dreaded concern about the Government’s dangerous tripling of the stack’s deployment time to 9 days from the 3 days decided upon by the Coalition Government and Exxon,…
I write with reference to Chris Ram’s column. He is reporting CNOOC earned a profit of USD 1.7 billion (rounded) on its 25% ownership in the consortium drilling for oil in Guyana. I also note that CNOOC’s paid-up capital (equity) is a mere USD 200,000. These numbers were on CNOOC’s 2023 income statement. I have…
Reference is made to the letter submitted by the Ministry of Natural Resources (MNR) dated July 7, 2024 in reply to my letter on July 1, 2024. In their letter, MNR made the false claim, among other things, that the numbers I used to describe the Hess and CNOOC financial statement were pure fiction. While…
Thanks are extended to Mr. Phillip Rietema, Vice President and Business Services Manager of ExxonMobil Guyana Limited (EMGL), who made two important statements about the performance of the Oil company in Guyana. In the first statement published in Kaieteur News (https://www.kaieteurnewsonline.com/2024/07/02/exxons-guyana-operations-secure-with-us40-per-barrel-breakeven-point-phillip-rietema-vice-president-of-emgl/), it is reported that Mr. Rietema said that oil prices, ‘…went (down) from US$100…
Having received copies of the 2023 Financial Statements of ExxonMobil Guyana Limited (EMGL), Hess, and CNOOC, with ownership rights in the company of 45 percent, 30 percent, and 25 percent, respectively, I decided to undertake a brief analysis of the 2023 financial information. But before doing so, it is important to state that the Government,…
