Daily Archives: 05/08/2012

NICIL holding billions $$ isn’t illegal- Ramotar

NICIL holding billions $$ isn’t illegal- Ramotar

May 8, 2012 Demerara Waves

President Donald Ramotar on Monday denied that his administration is violating the law by allowing the holding company of government’s assets to keep huge chunks of cash rather than depositing them into the Consolidated Fund.

Concerns have been raised by the political opposition and government critics about GUY$50 billion being kept by the National Industrial Commercial Investments Limited (NICIL).

“You don’t have to do that because the law allows NICIL to keep this money,” the Guyanese leader told reporters at the Office of the President.

Ramotar insisted that “as far as I am aware, I’m not doing anything illegal; we’re not doing anything illegal as far as that is concerned.”   Continue reading

CGX’s oil exploration yields water; Pres. “disappointed” but optimistic

CGX’s oil exploration yields water; Guyana’s Pres. “disappointed” but optimistic

May 7, 2012 (DemeraraWaves)

CGX Oil rig

After spending US$16 million more than the budgeted US$55 million and an additional 30 days, CGX Energy has come up with water instead of oil at its Eagle-1 well, the Canadian company said on Monday, May 7, 2012.

“CMR (combinable magnetic resonance) and MDT (modular formation dynamics) were run and both logs identified the presence of good quality sandstone reservoirs that unfortunately proved to be water bearing,” according to the Toronto-headquartered oil exploration company.   Continue reading