Introduction
Last week’s column wrapped-up a four-column series on the ruling Stabroek PSA [backward looking] and the new Model PSA and its Public Modalities [forward looking]. Today’s topic is the first of a four-column series that focuses on Guyana’s petroleum resources and petroleum reserves. I consider this topic to be a core consideration for any serious task that seeks to interrogate Guyana’s oil and gas sector.
I urge this perspective primarily due to the consideration that, in just five years after First Oil, Guyana has been propelled to what Rystad Energy deems as an outstanding success. I cite this firm here, because it is reputed to be one of the world’s leading independent energy and energy related research and business intelligence firms. [See section below].
My principal aim in this column is to urge readers to keep in mind constantly the need for a clear understanding that there are strong differences in the degree of both risk and uncertainty when economic agents seek to classify an asset as to whether it is a resource or reserve.
