GUYANA OIL: Exxon will now be producing more oil – faster than planned

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  • Dennis Albert  On 05/16/2021 at 1:31 am

    Why is the minimum wage at G$44200 (US$200/C$150/GBP$280)?

    800,000 Barrels a day is over 400 million barrels a year, and that’s a lot of money.

    • brandli62  On 05/16/2021 at 8:21 am

      Believe me, Dennis, things on the wage front will change faster than you think. Keep also in mind that the Guyanese earning from royalties and oil sales are locked in the National Resource Fund. It’s currently at 300 million after 18 months of oil production. By 2025, the Guyanese oil production with 3-4 FSPOs is expected to be five-fold higher than today.

      • Dennis Albert  On 05/16/2021 at 5:16 pm

        I hope so. The last government doubled the public sector minimum wage from G$35000 to G$70,000 a month, assuring that the G$70,000 is the introductory minimum wage and increases with experience.

  • brandli62  On 05/16/2021 at 8:17 am

    I believe that this is a good development for Guyana. In the very soon future, the development of new oil fields will be more and more discouraged by the capital markets. Guyana and Suriname might be the last countries that will be able to join the club of new oil producing nations for years to come. If you were to discourage oil field development in Guyana, you are risking to loose the business completely. It this were to happen, there would not even crumbs left for the nation.

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