Using Dr Mangal’s royalty and profit sharing figures, we calculated Guyana is giving away $US 23 billion to Exxon under the current contract. This is based on oil price of $US 80 a barrel and 3.2 billion reserves. We used the upper range of Dr Mangal’s royalty range which is 20%. The reason for the…
Stating that the 2% royalty on oil from ExxonMobil was way below global standards and that the tax regime should have been greater, Presidential Advisor on Petroleum, Dr Jan Mangal says pressure from the citizenry has the potential to influence government to revise the contract with the American company. “Don’t underestimate the power that people…
PARIS (Reuters) – French oil and energy group Total has bought stakes in some offshore Guyana oil production blocks, boosting its presence in the potentially lucrative Guyana basin. Total said it was buying a 35 percent working interest in the Canje Block, in an agreement signed with an affiliate of Canadian company JHI Associates Inc….
The fact that Guyana will begin to reap benefits from royalties and profit from oil only after ExxonMobil beings production is reason enough to ensure that a production timeline is in the Production Sharing Agreement (PSA) that the country signed with ExxonMobil. This was noted recently by Chartered Accountant, Nigel Hinds. Hinds said that with…
See original source here: http://www.searchanddiscovery.com/pdfz/documents/2018/70320mangal/ndx_mangal.pdf.html
In the previous column we explored the possibility of Guyana becoming a petro state overnight. A petro state is one in which most government revenue comes from oil royalties and profit share. The government is then tasked with spending and distributing these funds among competing interests. The last column was sceptical about the Guyanese state’s…
Although Guyana is expected to become an oil producer, energy expert Dr. Vincent Adams says agriculture and renewable energy will actually be its keys to long-term sustainability. Adams told Sunday Stabroek that this will be what he will be telling not only government but Guyana’s citizenry when he returns this year, after serving in several…
It is simply unheard of for a company to just quote a figure to be paid, whether by another company, a person, or a government, without at least giving a breakdown of the expenses. So said Chartered Accountant, Nigel Hinds, yesterday as he expressed his concerns about the US$460M pre-contract cost that ExxonMobil wants Guyana…
Contrary to much of the callous and unfair criticism that the current government has received I have measured their ‘works’ against their critics and I am confident that this regime will deliver a return to a sense of law and a better feeling about being Guyanese. Their infrastructural works are testimony to it, and they…
The silence is deafening. It is indeed unfortunate that so many Guyanese are keeping quiet in the face of the glaring atrocities highlighted in the Production Sharing Agreement (PSA) that Minister of Natural Resources, Raphael Trotman signed with ExxonMobil. That is the crux of comments made by Chartered Accountant, Nigel Hinds. Hinds said that advocates…
