Latest update January 5th, 2025 4:10 AM
Latest News
- Jagdeo must explain how Gas-to-Energy project is feasible with final cost still unknown- Norton
- ‘Citizens who wish to enter the political race should not be threatened’ – Nigel Hughes
- Biden notifies US Congress of planned $8bn arms sales to Israel: Reports
- Guyanese Silence Fuels Exploitation
- Senegal to end all foreign military presence in 2025
Impossible to Cap – Guyana’s Huge Oil Discovery
Dear Editor,
We don’t need to hear about the personal sacrifices of politicians during past political campaigns or the hardships of being a leader; especially when such inflated speech is used as a means to defend the worst contract ever agreed upon in the annals of the world, if opportunity losses to Guyana are computed on a per capita basis – in the Production Sharing Agreement between Guyana on one side and ExxonMobil, Hess, and CNOOC on the other side.
What we really heard is a hot air blast of arrogance, verbosity, and self-glorification from one of Guyana’s most skillful communicators.
Simply put, the oil find in Guyana is so huge that even extreme incompetence and mismanagement will not substantially mitigate the spouting flow of wealth and value that will occur in Guyana from 2020 and continue for the long term.
Using the WorldAtlas.com oil data table, dated January 11, 2018; I have modified their ranking, by including Guyana’s oil reserve on a per capita basis, for comparison against the World’s Top Twenty Countries with the Largest Proven Oil Reserves:
On January 17, 2018, a Bloomberg article noted: The world’s hottest offshore prospect for oil companies is off the coast of Guyana, where a string of major discoveries has drawn hundreds of millions of dollars in a quest for crude.
Michael Fitzsimmons in his January 26, 2018 article for Seeking Alpha (a crowd-sourced content service for financial markets); highlighted the following: 
1. Exxon has made six discoveries in the deep-water offshore of Guyana.
2. Associated recoverable reserves are now up to 3.2 billion Barrels of oil equivalent (BOE).
3. To put that into perspective, that’s 200,000 Barrels of oil equivalent per day (BOE/D) for 43 years.
4. Exxon needed a big reserves replacement after de-booking massive oil sands reserves last year. It found them.
It is well known within the oil industry that corporations tend to be conservative on their estimated recoverable oil reservices. In addition, to the foregoing, exploration in Guyana’s offshore is in an early stage and it is much more probable than possible that Guyana’s recoverable oil reserve will exceed the Ten Billion BOE.
ExxonMobil is the single largest publicly traded oil corporation in the world, with a market cap of just under US$380 Billion and more significantly for Guyana – Exxon Mobil is a quintessential United States Corporation; the country that by a substantial gap, is the world’s top military superpower.
Nigel Hinds
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
The PPP is in self-destructive mode
Peeping Tom… Kaieteur News –The PPPC is not some scrappy garage band trying to book a gig at the Seawall Bandstand.... more
Forget Begging Rich Nations: Caribbean Countries Should Act to Save Themselves
By Sir Ronald Sanders Kaieteur News- It has long been evident that the world’s richest nations, especially those responsible... more
Weekend Cartoon
