Daily Archives: August 8, 2020

OIL: Seventeen Guyanese in the Diaspora demand comprehensive review of oil sector

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– Resolve discrepancies in pre-contract costs
– Probe cost anomalies between Liza 1 & 2
– Review taxes paid by Guyana for oil companies
– Review unspecified interest rates on oil companies’ loans
– Improve weak environmental standards
– Regulate amount of oil being produced

Experts say that Exxon’s operations in the Stabroek Block will result in losses of billions for Guyana, due to a poor contract (Image: ExxonMobil)

A group of 17 civil society professionals in the diaspora are calling on President Irfaan Ali to undertake a comprehensive review of the oil sector before it approves the Payara Field Development Plan (FDP) permitting ExxonMobil to produce oil in a third well.      Continue reading

Oil futures – Democracy wins in Guyana and Suriname – The Economist

The neighbours’ new presidents have contrasting challenges

The Americas-  Aug 8th 2020 edition – The Economist

Mr Ali had a minuscule lead on election day, but a disputed tally by the chief elections officer gave victory to Mr Granger. A drawn-out recount and legal battles followed. It looked as if Mr Granger, a former army brigadier, was determined to remain in office. He relented under pressure from other countries such as the United States and Britain, the former colonial power, plus regional organisations such as the Caribbean Community. Independent media and Guyana’s private sector lobbied for Mr Granger to go. His supporters plan a court fight, but have little prospect of success.

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DISASTERS: Beirut explosion: satellite images before and after the blast – The Guardian UK

Lebanon — Beirut Explosion

Beirut explosion: satellite images before and after the blast

Explosion that hit the seaport of Beirut, Lebanon. Photograph: Hussein Malla/AP

Satellite images show the scale of the damage caused by Tuesday’s (August 4, 2020) explosions in the Lebanese capital, with buildings miles from the port lying in ruin. The blast comes at a terrible time for Lebanon, which is on the brink of financial collapse.

CLICK LINK BELOW TO VIEW THE PHOTOS …..

 https://www.theguardian.com/world/2020/aug/06/beirut-explosion-before-and-after-satellite-images

POLITICS: Challenges facing the new Government of Guyana – By Sir Ronald Sanders 

 By Sir Ronald Sanders 

The one upside of the challenges facing the Government of Guyana after a 5-month impasse in declaring the result of general elections on March 2, is that the country’s economic growth in 2020 is projected at a whopping 52.8% – surpassing all 26 Latin American and Caribbean states.  This trend is likely to continue for many years to come.

Guyana has become a hotbed for new oil and gas production. Since 2015, there have been 19 oil discoveries, resulting in estimated recoverable petroleum resources of more than 8 billion barrels.  Between December 2019 and June 2020, this newly found wealth in oil and gas provided the government US$95M in royalties paid by ExxonMobil from its first two oil sales.      Continue reading