Dr Clive Thomas

Introduction: Cost-Price Relation Two weeks ago (October 23), this column had introduced as part of the continuing discussion of “Guyana in the coming time of oil and gas production and export”, the notion of the “cost-price relation” that could emerge after production starts.

Introduction Today’s column addresses price, in the cost-price relation that Guyana’s oil and gas ‘discovery’ will likely encounter, after it comes on stream 5-7 years from today.

Introduction Today’s column addresses the “cost-price relation”, likely to emerge as Guyana transforms its oil and gas “discovery” into an industrial success.

Introduction Last week’s column provided additional data on the first of four features of Guyana’s recent oil and gas discovery; that is, its physical/geological configuration.

Introduction Today’s column is primarily aimed at amplifying those references, which were made last week to the dynamic features of Guyana’s ‘potentially massive’ oil and natural gas discovery.

In today’s column I introduce the second topic in the series appraising Guyana’s economy in the coming time of oil and gas production and export.

Introduction Based on the medium and long-term outlook of the world’s energy market, today’s column introduces two further policy lessons to guide Guyana’s planning for future oil and gas production and export.

The question I respond to in today’s column is: Does the prevailing world energy outlook offer useful policy lessons for Guyana’s benefit, in anticipation of its oil and gas production coming on stream in the early 2020s?

Introduction Last’s week column identified several key trends on the demand side of the global energy market.

Introduction Today I begin to address the third and final sub-sector in this long-running series of columns on the extractive industries sector of Guyana.

Introduction Today’s column concludes my discussion of Guyana’s extractive forest sub-sector.

Introduction Today’s column comes at the point where I am left only to discuss the export performance of the extractive forest sub-sector over the last decade (2006-2015).

Introduction Today’s column closes the discussion we are having on production of timber and non-timber products in Guyana’s extractive forest sector over the past decade (2006-2015).

Introduction As I have opined before, the microeconomic information supplied in last Sunday’s column, depicting employment levels within the extractive forest sub-sector, generally conforms to what might have been anticipated, given the weak, erratic, and declining economic returns exhibited by the sub-sector, when analyzed from a macroeconomic/national accounts perspective, for the decade 2006-2015.

Introduction Today’s column focuses on economic data for the forest sector, other than those derived from Guyana’s National Accounts, which have been already introduced.

Regrettable underperformance Readers would have no doubt readily gleaned from the subject matter which was addressed in last Sunday’s column, whether it was a boon for Guyana or a regrettable loss as I had represented it, for a country of its size, vulnerability, and poverty, which was also exceptionally well endowed with forest resources, to be seemingly boastful of its historically comparative low deforestation rate.

Introduction My recent columns have argued that, despite a relatively rich forest resource endowment, and relatedly a very high standing in the world of forests, Guyana has had historically one of the world’s lowest deforestation rates.

Dilemma Last week’s column revealed what is perhaps a crucial dilemma facing Guyana’s forests.

On-going series The recent media release by ExxonMobil to the effect that the findings of its second offshore well (Liza 2) appear to confirm the substantial size of Guyana’s potential oil and gas reserve, presents me with a welcome opportunity to remind readers that my recent columns on Guyana’s extractive forest sub-sector are directly linked to an ongoing series dedicated to evaluate Guyana’s future as an intensive natural resources extraction-dependent economy, in the coming time of large-scale oil and gas production and export.

Erratic Last week’s column highlighted what I consider to be a most distinctive feature of the extractive forest sub-sector’s performance in Guyana’s economy, during the past decade.