Latest update April 15th, 2025 7:12 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Our oil has been hijacked

May 17, 2020 News

Our responsibility is to share, with our readers, oil-related developments that impact on the country. To our chagrin, many of these reports have been negative and with far-reaching implications for our people. They suggest that Guyana negotiated an unacceptable arrangement.
Last week, we carried two reports. The first report entitled: “Govt. has no say on Exxon’s budget for Guyana” (Wednesday, May 13) highlighted the one-sided, backward and revenue depleting provisions Guyana accepted.
The oil agreement which was signed by Exxon was supposed to be a business partnership, albeit not one among equals. Exxon has the capital, the technology and the know-how. In such a scenario, it is the general partner and Guyana is the limited partner. But if the truth is to be told, Guyana has reduced itself to a sleeping partner, with little say, low presence and limited influence.
Exxon has essentially been given a license to spend as it pleases. Exxon also reduces Guyana to purely clerical roles: check invoices, run adding machine tape, clear for Exxon to pay and charge to Guyana. Exxon has total control and Guyana none as to how much is spent, who is contracted and for what, monies are spent.
This can reduce our revenues and place us in the position of paying Exxon to indebt us.
The second reported headlined “Govt. ignores expert’s advice to complete oil policy before law review” (Friday, May 15), concerns our petroleum policy and the revision of our petroleum laws.
Any owner of a valuable but historically problematic resource would wisely and practically outline, prioritize, and dictate a policy – including its vision, goals and objectives. This policy would represent the national blueprint, a holy writ, reflecting the minimum requirements for the sector. This policy would become the prerequisite and a guide for any review of the country’s petroleum laws. It would circumscribe the parameters of the law-revision process.
Unfortunately, Guyana has not developed any such policy. This is tantamount to entering into a process blindfolded. It is akin to placing the cart before the horse.
The deficiencies which this newspaper reports have highlighted are a foreboding of our oil future. We have been sold out even before we have bought-in.

Similar Articles

The Glenn Lall Show|| April, 14th, 2025

 

 

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Beckford brace Slingerz to fourth win on the trot, as Santos topple Den Amstel

Beckford brace Slingerz to fourth win on the trot, as Santos topple...

Apr 15, 2025

-GFF Elite League Season VII weekend continues Kaieteur Sports- The rumble of football action echoed once again at the National Training Centre over the weekend as Season VII of the Guyana Football...
Read More
West Indies Women’s World Cup hopes in jeopardy after crushing defeat to Pakistan

West Indies Women’s World Cup hopes in jeopardy...

Apr 15, 2025

GCC, Ogle, East Bank among winners as Demerara Zone heats up 

GCC, Ogle, East Bank among winners as Demerara...

Apr 15, 2025

Unbeaten GCA storm to 2025 title

Unbeaten GCA storm to 2025 title

Apr 15, 2025

Tucber Park Cricket Club receives cricket gear from Minister Zulfikar Mustapha

Tucber Park Cricket Club receives cricket gear...

Apr 15, 2025

Young guns flourish at Moo! National Junior’s Squash C/ship

Young guns flourish at Moo! National Junior’s...

Apr 15, 2025

Features/Columnists

  • Of Silk and Steel

    Peeping Tom… Kaieteur News-  By the time the first container ship from China—the Liu Lin Hai—steamed into a port... more

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]