Dear Editor,
It’s no secret any more that for every nine barrels of oil we consume, we are only discovering one – The BP Statistical Review of World Energy.
The world is addicted to oil, while oil prices are reaching record highs currently close to US$110 per barrel. In just eight years, it’s projected the world will be consuming nearly 50,000 gallons of oil every second.
By that time, the world won’t be able to meet the projected demand, for one simple reason: We’re using up oil at breakneck speed.
And it’s also no secret that official oil reserve numbers furnished by OPEC member governments have been fudged for years. How can OPEC increase its output when it’s been found that OPEC Middle East oil nations, even Saudi Arabia, are pumping oil from known “post-production” fields (this means fields that should have closed by now since they have low output)?
Bottom-line, they are milking the fields to the bone.
What is the impact for Guyana, more expenditure, higher cost of living more poverty. Time to blow Synergy Holding away and get serious about our hydro project. I have been fortunate to be part of a corporate finance course at London Business School and I was astonished at how easy it is to raise funds internationally once you follow the internationally accepted principles.
I was also able to find out that Jamaica has a team of professionals who are good at this kind of thing. Now Jamaica is a friend, can we not ask that it seconds some of these specialists to the Ministry of Finance in Guyana to put together the proposal and lead the fund raising effort for us on the international capital markets?
Yours faithfully,
Sasenarine Singh
