Latest update February 14th, 2025 8:22 AM
Out of US$2.88 billion, Guyana gets meagre US$219M in first quarter oil revenues
…Glenn Lall says leaders should hang their heads in shame
Kaieteur News – From an estimated US$2.88B in oil revenues, Guyana pocketed a mere US$219M for the first quarter of this year-something which businessman, Glenn Lall has condemned as criminal in light of the government’s refusal to renegotiate the lopsided ExxonMobil contract.
Businessman, Dr. Glenn Lall
Bank of Guyana disclosed last week that the Natural Resource Fund (NRF) for the first quarter of 2023 saw inflows amounting to G$45.7B (US$219.45 million) comprising of profit oil – G$33.7B (US$161.86 million) and royalties – G$12B (US$57.59 million). The financial institution said lower levels of profit oil and royalties were recorded for this quarter in comparison to G$105.8B (US$507.64 million) and G$13.9B (US$66.95 million) respectively for the previous quarter. These funds were deposited into the Natural Resource Fund account held at the Federal Reserve Bank of New York. Since its inception, the Fund has accounted for G$408.9B (US$1,961.25 million) from 24 lifts of profit oil and G$57.9B (US$277.66 million) from royalties.
Weighing in on the issue, Lall, who is also publisher of the Kaieteur News said Guyana’s take from the first quarter profits was so shameful that President Irfaan Ali and Vice President Bharrat Jagdeo did not announce the figure themselves, but rather the Bank of Guyana. “Do the math yourself – 400,000 barrels pumping every day, multiply that by US$80 is US$32M a day, multiply that by the 90 days, January to March it comes up to US$2.88 billion. And out of that Guyana received US$219M in royalties and profits.”
Lall said: “So, 2B 661MUSD of our oil left Guyana and we only received US$219M in 3 months.” He added that when ExxonMobil begins to pump oil in Liza 3 and 4, wells, Guyana will receive about the same amount “and that is what Jagdeo say government has to run like a business and not like a cake shop.”
“Them shame to tell Guyana what the oil companies are doing to us, and in the same breath both President Ali and Jagdeo going to approve the 5th project with those same terms and conditions, giving the oil companies more leeway to further rob every Guyanese,” Lall.
Oil Cancer
Meanwhile, Lall said Guyana’s oil business with Exxon its partners has become a “cancer, a deadly poison to the leaders of this land, in all camps.” He noted that since the APNU/AFC signed that horrible Exxon contract and left office, they have been said little or nothing. “They selectively choose what they respond to, whenever the Kaieteur News and other media houses expose what’s going on in the oil sector. As for the present government, ever since Jagdeo put himself in charge of the oil sector, all you hear from him is about the 14 new oil blocks to come on stream, what and what Guyana will get out of them, if, yes if, oil is found in them, and keep on telling Guyana that the mistakes the Coalition made with the Exxon Stabroek Block deal, will not be repeated in these 14 new oil contracts. This has been Jagdeo’s mantra, every time he opens his mouth to talk about the oil sector.”
Mr. Lall asked why Jagdeo was only correcting and fixing everything for the “future uncertain” oil blocks and not correcting the flaws in the Stabroek block field with Exxon, which has 600 oil blocks inside.
“Can you picture the Atlantic Ocean from Suriname to Venezuela border; the biggest chunk there is called the Stabroek Block and it has 600 oil blocks in it, not 14 blocks, 600 oil blocks and Jagdeo not correcting anything in that, why? You guys see what Jagdeo is doing with the blessing of the Opposition – selling out this country, all he keeps talking about is the 14 oil blocks that sit outside that huge chunk called the Stabroek Block, with no discovery as yet, we don’t know if those 14 got any oil in them, but every minute, every hour, every day whenever Jagdeo opens his mouth, he talking about that: Guyana will get 10% Tax, 10% Royalty, he will cap the Interest Rate, they will have to give us Insurance, but when it comes to the Stabroek Block with 600 oil blocks, Exxon getting a free pass to do whatever they want…”
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