The Road To First Oil

Exxon is no stranger to politics. It understands the importance of billboards (India and Guyana) and the politics of Buses (the USA and the Tories Brexit bus).

The infamous tax certificates We recall from Column 119 that while the tax is paid by the Government of Guyana, the oil companies receive from the Guyana Revenue Authority ‘proper tax certificates’ in their names.

Among the several challenges facing the Natural Resource Fund (NRF) – also known internationally as a Sovereign Wealth Fund – identified in column 117 published on 22 December, was one which I described simply as “accounting”.

Part 117  Introduction The International Monetary Fund and the Inter-American Bank have both expressed concerns about the structure and operations of the Natural Resource Fund, one of the PPP/C’s flagship projects directly associated with the oil and gas economy.

Understanding, or not understanding ringfencing Introduction Today’s column returns to the very popular topic of ringfencing in petroleum operations.

Introduction Let me confess to being as surprised as many of the readers of this column, on learning that Belize is in fact an oil producing state!

Introduction The Kaieteur News this past Wednesday reported  Minister of Natural Resources Vickram Bharrat as stating that the Government has written ExxonMobil directing that it relinquish portions of the Kaieteur and Canje Oil Blocks.

Introduction This column extends to Mr Trotman compliments and appreciation for his publication.

Today’s column will complete the remaining chapters VI to X of Raphael Trotman’s book.

Introduction Today’s column continues with a review of Chapters IV and V of Mr.

Introduction Today’s column begins the review of Raphael Trotman’s book From Destiny to Prosperity – the names of two of the first three Floating Production, Storage and  Offloading vessels (FPSO) in the petroleum operations conducted by the Contractors in the Stabroek Block, the other being Unity.

Introduction It has been several months since column 108. Yet, when I told a friend that I intended to publish approximately eight columns over the next few weeks, his immediate reaction was the question: what will you say that you have not addressed in the one hundred and eight columns and dozens of letters over the past four years?

Introduction Part 107 of this column took up the issue of the construction of a Head Office building by Esso Exploration and Production Guyana Limited at Ogle, ECD and asserted that the whole saga is rife with misrepresentation, secrecy, complicity, abuse of power, possible illegality, and a touch of mystery.

Introduction Today I return to the matter of Esso’s new head office at Ogle, first addressed in Part 104 on 9th.

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.

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 a major topic, a running debate on facts among the Government, the Bank of Guyana, segments of the Private Sector Commission and of the banking sector and privately owned businesses.

Introduction Following a question raised in the National Assembly by Opposition MP Mr.

Introduction On 22 February 2023, the Guyana High Court handed down its decision in the action brought by newspaper publisher and crusader Glenn Lall.

Introduction President Irfaan Ali was visibly upset by the disclosure in the Stabroek News of Guyana’s suspension from the Norway-based Extractive Industries Transparency Initiative (EITI).

More than three years ago, and even before the first barrel of oil was produced, the 2016 Petroleum Agreement signed by Esso Exploration and Production Guyana limited (Esso) and Hess and CNOOC, its Joint Venture partners, concluded its first renegotiation with the Government of Guyana.