Though Guyana’s blossoming petroleum sector is in desperate need of pruning to ensure the fruits satisfy the needs of the local populace, the country’s leaders have not been hearkening to their respective roles. This much can be said, particularly about Vice President (VP) Bharrat Jagdeo, who is tasked with management of the local petroleum, according…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 106 – March 25, 2023 Introduction In Guyana’s fast changing news cycle, the issue of whether or not there is a shortage of foreign currency appears to have receded into the background. That of course does not mean that the temporary problem has…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 105 – March 17, 2023 Introduction It is surely a contradiction that even as Guyana has the fastest growing economy in the world, and amid a phenomenal expansion in oil production and export, the issue of the availability of foreign exchange is now…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 104 – March 10, 2023 Introduction Following a question raised in the National Assembly by Opposition MP Mr. Ganesh Mahipaul, ExxonMobil’s Country Manager Alistair Routledge, emboldened by his increasingly comfortable relationship with the PPP/C, reacted to Mahipaul by declaring that the approximately US$160…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 102 – 24 February 2023. Introduction President Irfaan Ali was visibly upset by the disclosure in the Stabroek News of Guyana’s suspension from the Norway-based Extractive Industry Transparency Initiative (EITI). The body was formed in London in June 2003 when representatives from governments,…
By Stabroek News October 11, 2022 Dear Editor, Permit me to respond to Joel Bhagwandin’s letter in SN of October 8th, captioned, ‘The overall objective of the PSA is to obtain a higher profit share after fully recouping investment costs’; but before doing so, I would like to recommend that Joel Bhagwandin take some finance…
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 100 – July 8, 2022 Introduction By a strange coincidence, this 100th. column features the 2021 financial statements of Esso Exploration and Production Limited, the designated Operator and holder of a 45% interest in the Stabroek Block under the 2016 Petroleum Agreement. Esso…
By Stabroek News July 5, 2022 Dear Editor, I refer to a letter published in the July 3, 2022 Sunday Stabroek, captioned, ‘Depending on the amount of wells explored Guyana’s 14.5% take will increase at some point in the future’, and I would like to make a few observations. First, the writer states that, ’… Guyana’s…
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…
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…
