Authorities in Guyana have projected that the country will receive close to US$1 billion in oil revenue this year, representing more than three times what it has earned per annum to date from the Liza Phase 1 Development.
During his reading of Guyana’s 2022 national budget on Wednesday, Senior Minister in the Office of the President with responsibility for Finance Dr. Ashni – Singh said, “It is estimated that deposits into the [Natural Resource Fund] NRF for 2022 will total US$957.6 million, comprising some US$857.1 million earned from the government lifts of profit oil, and an additional US$100.5 million from royalties.”
For Guyana, this level of revenue from any sector is a gamechanger. To put that into perspective, when Dr. Singh proposed the 2021 budget about this time last year, he announced that it would cost the equivalent of US$1.8 billion. Continue reading →
After searching for more than 22 years, Canadian oil explorer, CGX has struck oil in commercial quantities at the Kawa-1 well offshore the Corentyne.
Sources close to the company says further evaluations still have to be done of the quality and depth of oil found.
Trading of the company’s stock on the Toronto Stock Exchange under the symbol “OYL” was halted this afternoon, usually a sign of an impending material announcement. Continue reading →
I spent most of this month working on a long piece on using data to understand the trans-Atlantic slave trade. It is on the cover of the Sunday Review this week, if you want tocheck it out.
One of the parts we had to trim for space was a paragraph on the domestic trade within the United States. A significant part of the slave system, the domestic trade relied on the sale of “surplus” slaves from the states of the Upper South down to New Orleans and beyond. Here’s what I wrote:
Slaveholders in Upper South states like Virginia and Maryland produced a “surplus” of enslaved labor, which they sold to traders. Those traders brought their captives to markets in Charleston and Savannah and New Orleans, where they would be sold to the highest bidder to labor and produce profit. Enslaved women were expected, as well, to produce new capital, in the form of children, for their enslavers. Continue reading →
OilNow – January 31, 2022
OPINION: Slavery Was About Profit – By Jamelle Bouie | NY Times
I spent most of this month working on a long piece on using data to understand the trans-Atlantic slave trade. It is on the cover of the Sunday Review this week, if you want to check it out.
One of the parts we had to trim for space was a paragraph on the domestic trade within the United States. A significant part of the slave system, the domestic trade relied on the sale of “surplus” slaves from the states of the Upper South down to New Orleans and beyond. Here’s what I wrote:
Slaveholders in Upper South states like Virginia and Maryland produced a “surplus” of enslaved labor, which they sold to traders. Those traders brought their captives to markets in Charleston and Savannah and New Orleans, where they would be sold to the highest bidder to labor and produce profit. Enslaved women were expected, as well, to produce new capital, in the form of children, for their enslavers. Continue reading →
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