Category Archives: Business

USA: New York Politics: Why George Santos Won’t Resign – By LUKE SAVAGE | JACOBIN


By: LUKE SAVAGE | JACOBIN   – More on George Santos

In a world where norms and codes of conduct mattered, George Santos’s would be an open and shut case. But as long as he remains useful to the narrow Republican House majority, the chronically dishonest congressman likely isn’t going anywhere.

Last November, a thirty-four-year-old Republican from Queens who currently identifies himself as George Santos was elected to represent New York’s third congressional district. Beyond these somewhat rudimentary facts, however, the objective reality of “George Santos” has become increasingly difficult to discern. Indeed, the millennial human being — who has also gone by the monikers Anthony Santos, George Devolder, Anthony Zabrovsky, and George Anthony Santos-Devolder — appears to have premised his entire public-facing identity on a series of falsehoods and fabrications so brazen and audacious that they make even a seasoned bullshit artist like Donald Trump look like Jim Carrey in Liar, Liar.        Continue reading

GUYANA: Georgetown – City Hall restoration climbs to over $1B with $263.2 M budgetary allocation

The restoration works ongoing at City Hall

This was outlined by Minister within the Office of the President with the Responsibility for Finance, Dr. Ashni Singh.   During the reading of the national budget on Monday, Dr. Singh outlined that the additional sums will be diverted to City Hall for the completion of the building.        Continue reading

GUYANA: 2023 BUDGET SET AT G$781.9B – $208.9B from Oil Account

          – Govt. to draw down $208.9B from oil account for support

               Sugar, fisheries, gold industries perform poorly

Jan 17, 2023 – Kaieteur News – Senior Minister with responsibility for Finance, Dr. Ashni Singh yesterday unveiled a $781.9B budget for 2023 under the theme: “Improving Lives Today, Building Prosperity for Tomorrow.”

This is 41.4 percent larger than the 2022 budget which stood at $552.9B.

During an almost six-hour presentation in the National Assembly, Dr. Singh was keen to note that $208.9B in oil revenues will be withdrawn from the Natural Resource Fund (NRF) to support national development priorities this year. Last year, government had used $126B to prop up the 2022 budget.        Continue reading

OIL: Exxon Mobil accurately predicted global warming since 1970s, study finds

Study reveals oil giant’s research predicted global warming with up to 83% accuracy – AP

A closeup photo shows a side profile of a man with graying short hair, wearing glasses and frowning as he faces a microphone.
Lee Raymond, (left) the former CEO of Exxon Mobil, is pictured here during testimony on Capitol Hill, on Nov. 9, 2005, before a joint Senate Energy and Commerce Committee hearing about oil prices. A new study published in Science quotes him as saying in 1999 that climate projections are often based on ‘sheer speculation.’ (Pablo Martinez Monsivais/The Associated Press)
Scientists with oil and gas giant Exxon Mobil made remarkably accurate predictions about global warming, even as the company made public statements that contradicted its own scientists’ conclusions, a new study has found.            Continue reading

GUYANA: Exxon study says… 5th oil project could affect air quality we breathe’

Jan 15, 2023  – Kaieteur News – American oil giant, ExxonMobil Corporation, has put Guyana on notice that its fifth project in the Stabroek Block, set to develop over 1.3 billion barrels of oil, could affect the nation’s air quality.

Specifically, the Environmental Impact Assessment (EIA) for the US$12.6B project states that emissions resulting from the project have the potential to change ambient air quality in the Project Area of Influence. Air quality Exxon noted is important for health of humans and wildlife. It was further noted by Exxon that Greenhouse gas (GHG) emissions from the Project may increase the GHG concentrations in the atmosphere.            Continue reading

WORLD ECONOMICS: Globalization is About to Collapse. Here’s Why – Video

WORLD ECONOMICS: Globalization is About to Collapse. Here’s Why – Video

No economic model can compete with Globalization. It has lifted billions out of poverty, virtually eliminated famine, and provided untold riches that our ancestors could only dream of. Despite the pros and cons of globalization, it is doomed to fail.

Chapters: 00:00 – What Is Globalization? 01:24 – History of Globalization 02:38 – Modern Globalization 05:34 – Globalization After the Cold War 07:35 – Pros and Cons of Globalization 13:11 – Anti-globalization in the US 16:48 – Fragility of Supply Chains 18:57 – Geopolitical Pressures on Globalization 25:17 – Population Collapse.



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GUYANA: The US$12.5 billion; Exxon’s 5th Guyana project will be largest ever to date

ExxonMobil’s proposed Uaru development project is now estimated to cost US$12.683 billion (GY$2.638 trillion). This is stated in the Environmental Impact Assessment (EIA) for the project, compiled by Acorn International. The new cost reflects the impact of inflationary pressures on oil and gas projects internationally, as noted by Stabroek Block stakeholder, Hess Corporation, in October.

This cost was provided for the purpose of the environmental authorisation process. ExxonMobil Guyana and its Stabroek Block partners have not yet made a final investment decision (FID); and are continuing to evaluate cost considerations during the development process. The partners usually come to FID after regulators grant environmental authorisation and a production license.

The project will draw crude from the Uaru, Mako and Snoek fields. The combined recoverable reserve therein is 1.319 billion barrels of oil-equivalent, according to estimates from Rystad Energy.

Uaru will be the largest ever project to date, offshore Guyana, by cost and volume of resources to be produced.

Map shows location of proposed Uaru project

The project scope includes drilling approximately 38-63 development wells, installation and operation of subsea umbilicals, risers, and flowlines (SURF) equipment; installation and operation of a floating production, storage, and offloading (FPSO) vessel; and ultimately, project decommissioning.

Oil production rate is set at 250,000 barrels per day (bpd). However, the FPSO basic design has an upper oil production limit of 263,000 bpd. The partners are open to revising the peak production rate upward if the opportunity presents itself in the detailed design stage. For the EIA, Acorn said it assessed the potential impacts of production up to 300,000 bpd.

The FPSO will have storage capacity of two million barrels of stabilised crude; and will be able to offload approximately one million barrels onto a tanker in a period of approximately 24 hours.

The proposed FPSO vessel will be a new-built facility with double-hull protection. This FPSO will differ from the earlier four ordered by ExxonMobil from SBM Offshore for the Stabroek Block projects, as it will be delivered by MODEC. It will be built into MODEC’s M350TM hull. MODEC has been gunning for contracts to deliver challenging largescale FPSOs, even entering a recent joint venture with Toyo Engineering Corporation to improve its bargaining position.

MODEC’s M350 – Next Generation New Built FPSO Hull

The project is expected to produce crude for at least 20 years, starting late 2026/early 2027.

While Guyana’s Environmental Protection Agency (EPA) reviews the EIA, the Ministry of Natural Resources is evaluating bids for an expert consultant to review the field development plan (FDP).

ExxonMobil has a 45% operating stake in the project. Hess has 30%, and CNOOC has 25%.

The Yellowtail production, expected in 2025, will take production offshore Guyana to 830,000 bpd, likely to make the country the world’s largest per capita producer of oil.

Uaru, as the fifth Stabroek Block development, is expected to lift production offshore Guyana to 1.08 million bpd. The partners have consistently reinforced their plan to have six FPSOs offshore Guyana by 2027, with production capacity of 1.2 million bpd. Chief Executive Officer of Hess Corporation, John Hess, said in January that the Fangtooth discovery of 2022 is being targeted for the seventh development. There is potential for at least 10 FPSOs in the Stabroek Block.


CHINA: China’s Economy is in Bad Shape – Video

CHINA: China’s Economy is in Bad Shape – Video


GUYANA: Grasps at Prospect for Progress in the New Year – by Ralph Ramkarran

Ralph Ramkarran

Predictions of significant economic growth in Guyana due to the developing petroleum industry are being realized. Guyana’s Gross Domestic Product (GDP) in 2021 was US$8.04 B., representing a 20 percent growth rate. GDP reached the US$4 B mark in 2012 and increased to US$5 B in 2019. From US$8.04B in 2021 the GDP is projected to grow in 2022 by 56 percent which will take its projected GDP to US$12+ B. Its per capita income grew from US$9,000+ to US$10,000+.

Increased spending projections for 2022 reflected the increased GDP for 2021. For example, spending by the Ministry of Works is due to increase from G$40 B in 2021 to G$96 B in 2022. It is due to increase from G$39 B to G$57 B for the Ministry of Health, G$25 B to G$33 B for the Ministry of Education and G$19 B to G$29 B for the Ministry of Agriculture. Total budget projects for 2022 are expected to be G$553 B.                Continue reading

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