…VP Jagdeo shirking responsibility in oil sector – Chis Ram Kaieteur News – Though Guyana’s blossoming petroleum sector is in desperate need of pruning to ensure the fruits satisfy the needs of the local populace, the country’s leaders have not been hearkening to their respective roles. This much can be said, particularly about Vice President...

Kaieteur News – The 2016 Production Sharing Agreement (PSA) that the Guyana government inked with oil major, ExxonMobil allows the company to pay back accumulated interest on loans it took to develop the resources in the Stabroek Block, without the prior approval of the Minister in charge. This newspaper highlighted in an article published two...

Kaieteur News – Fears over the lack of full protection in the form of adequate insurance, should there be an oil spill in Guyana’s Exclusive Economic Zone (EEZ) is being raised again, since in the proposed draft Production Sharing Agreement (PSA) governing the new oil blocks, it exposes Guyana to significant financial risks. The issue...

Kaieteur News – According to the draft Production Sharing Agreement (PSA) released on Tuesday for deep water and shallow water blocks, the People’s Progressive Party Civic (PPPC) Government is proposing to implement a suite of international guidelines that oil companies must follow when preparing Field Development Plans. These plans outline the steps a company will...

– says two weeks for public input inadequate Kaieteur News – The draft document of the new model Production Sharing Agreement (PSA) that was released on Tuesday should be subject to the necessary parliamentary processes which will allow for Guyanese to have an adequate review of the contract that will govern future oil deals. This...

Kaieteur News – Guyana’s Production Sharing Agreement (PSA) with ExxonMobil Guyana and their partners in the Stabroek Block, is structured in such a way that it in fact disguises, the true cost to produce a barrel of oil from its fields. Under the PSA, the operator is allowed to recover up to 75 percent of...

Dear Editor, Since oil has been extracted and exported from Guyana, no EEPGL financial statements have been made available to the public. More particularly, no financial data on the average cost of a barrel of oil has been publicized, given that this is an important non-renewable resource in Guyana’s patrimony. This is a serious concern...

Kaieteur News – At the end of a project’s life, oil and gas operators are required to restore the environment and cleanup the ocean floor after production activities; this process is referred to as decommissioning. Notably, Esso Exploration and Production Guyana Limited- ExxonMobil Guyana- deducts funds each month towards this expense. The money will only...

…says Gov’t. acting in oil company’s interest by refusing to change deal Kaieteur News – With four oil projects already approved, and two presently pending the approval of the Environmental Protection Agency (EPA), the Leader of the Opposition, Aubrey Norton believes that “conditions are ripe” for Guyana to seek changes to the lopsided 2016 Production...