The Magnificent Seven 

Feb 14, 2024 Features / Columnists, News, The GHK Lall Column

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Kaieteur News – The Magnificent Seven in Guyana has its own stars, and they don’t go under the name Yul Brynner, or Steve McQueen, or Charles Bronson.  They are better known as Irfaan Ali, Bharrat Jagdeo, Aubrey Norton, Vickram Bharat, and Khemraj Ramjattan. The other stars are American icons, Darren Woods and Alistair Routledge.

Though they both have a full head of hair, the comparison to the sheriff in charge, Yul Brynner is unmistakable.  Either one would have done well in the role of Steve McQueen.  Seven oil discoveries in Guyana, and nobody is saying anything about how much.  Not the saturnine Darren Woods (Yul Brynner).  Not the ever-laconic Steve McQueen (Alistair Routledge).  There has to be a Calvera in there, and he can’t be American in this singular cast of heroes.  The choices narrow, and they are all local.

There is the stark panorama of a hardscrabble, impoverished pueblo in the American Southwest under siege.  Except that it is not helpless Mexican peasants under the gun, but poor Guyanese, almost illiterate about their oil wealth. Except that it is not United Artists and Cinemascope, but real life south of the border down Guyana Way.  Seven more oil discoveries, and there is an information blackout.  I never would have thought that Mistah Alistair Routledge would deign to be in the same company as the GPL.  He has now incorporated mystery and sorcery, maybe even calumny, into the Exxon operational menu.  How about telling the Guyanese people about how many barrels of oil of proven reserves, Mr. Routledge?  What’s so disturbing about doing that, where’s the exposure?

Of course, there are others to do those kinds of menial jobs.  I hear the Guyanese leader of the Magnificent Seven pack: Exxon monetizing the discovered resources.  This is why I have such high regard for this luminary.  He thinks he sounds like Winston Churchill.  I am sorry I hear someone who reminds me of Donald Trump. “Monetizing”, Dr. Jagdeo?  If I were to use that word, the swords would be drawn in PPP Government caves: there he goes with his old ways showing off and talking over the heads of the people.  Monetizing, with Exxon’s energies dedicated thereto, skipper Bhaar-raat?  Good grief! Exxon’s monetizing of its Guyana’s assets is on autopilot, does not require much handholding. Especially when the skies are clear and this friendly, thanks to Barry Jagdeo sweeping away all turbulence, and any budding ominous cloud formations (critics and naysayers).

But Jaggy is nothing if not savvy, which is why Big Chief Alistair holds him in such a tight headlock.  Listen to the local magnificent one expound.  He is all seven in one. “In fact, they (Exxon) have a greater kind of need to do that because globally… they look at your reserve and that helps to move stock prices for Exxon but they’ve decided that they want to focus more on appraisals as to how many barrels are in these discoveries, etc.”

I have informed Guyanese over and over about how silkily slick this fella Bharrat Jagdeo is.  He covers all the bases.  But the more that he does so, the more he reveals his hand.  It is empty.  Get a load of this: “they’ve decided they want to focus more on appraisals…”  Good Lord! Going on to two years since the last oil discovery numbers, and Exxon is still occupied with “appraisals.”  Exxon is not Occidental or Conoco.  Exxon is the king of appraisers.  I still take the big man’s word for it.  But I seek his permission to get my own word in, with even sideways working.  It is sure to reverberate, even resonate.  SEC rules allow oil companies to include in their filings reserves about which there is “reasonable certainty,” with the additional leeway of disclosing “probable reserves” and “possible reserves.” Why make a fuss with announcements if that was not present?  No sir, Exxon is neither frivolous nor reckless, not to that extent.  Why withhold the numbers about barrels in those seven discoveries, when the SEC incorporates the use of full cost accounting and a 12-month average price regime?  Now a thought comes, and nobody is going to like it.

When Exxon is less than energetic in increasing its reserves, as known with “reasonable certainty” and impress the likes of Vanguard, State Street, and Fidelity, about its Guyana jewel, then something is afoot. I am thinking of Exxon keeping Guyanese dangling in the wind through silence.  Because that is more beneficial to its interests, than coming out with the likely ‘significant’ numbers associated with those seven discoveries.  Superstar investors could always be given a hint of things in the bag with those discoveries on the golf course. Vice President Jagdeo should be talking at length about “monetizing” the nation’s oil wealth for the prosperity of its citizens. He should be standing guard over Guyana’s interests, and collaring the tuff guys looking to oppress the people.  But that’s too demanding for Jagdeo, so he takes the easy way out: he agrees with Exxon keeping the seven new discovery numbers under lock and key. I hail this special national leader. Many see and conclude about an apology for one.  Exxon runs all over Guyana, cleans up the town, and the Guyanese peasants are worst off for the experience. Seven discoveries, seven magnificent men.

(The views expressed in this article are those of the author and do not necessarily reflect the opinions of this newspaper.)                       

 

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• Bharrat Jagdeo, Charles Bronson, Guyanese, helpless Mexican peasants, Irfaan Ali

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