Dear Editor,
SN may be correct to offer publication to the diversity of opinion on the distribution of our oil wealth. However, it must also, or should have in its journalistic philosophy, the responsibility of keeping the public informed on the facts about issues such as Guyana’s oil wealth, where the objective of contributors is to spread misinformation and/or preach docility to the masses. Sam Hinds’ letter (SN, Oct 02/24) should have been accompanied by an Editor’s Note. It may have been impossible in my letter KN Letters Column on Oct 01/24 on the subject, but for those who did, it also raises for discussion the larger issue of our failed political system, which has also now been compromised by external influences. The main points follow below.
The release of updated information last month on Guyana’s oil reserves put this figure at 11.6 billion barrels (www.OILNOW.GY), with the potential to increase further, based on a report by David Messler at http://www.OilPrice.com. This amounts to a staggering, almost unimaginable amount of wealth for Guyana. This allows for a revision of what Guyana will be conceding to Exxon in the absence of renegotiation of the existing contract, as shown in the table. A PPP- or PNC-led government after 2025, by their indignant unwillingness to renegotiate the existing GoG/Exxon contract, will be giving Exxon between US$28 billion and US$49 billion, of this money. This is based on oil prices ranging from US$40-70/bbl.
Guyana’s Oil Reserves Estimated at 11.6 billion barrels (OILNOW.gy August 2024)
The PPP and PNC can change their story and tell you they will renegotiate, but Guyanese will have to bear the consequences of believing them.
Sincerely,
Craig Sylvester
