Tag Archives: Mid-Atlantic Oil and Gas

GUYANA; OIL BLOCKS: Legalizing stolen state assets – Commentary

Cunning politicians use crooked middlemen to hold, receive or transfer stolen state assets. For example, politicians would have some of their shady friends establish shell companies, information about which the public cannot access. These companies would then be handed oil blocks or given other state assets.

In the past, bribes were paid into politicians’ secret bank accounts or that of their relatives. With stricter anti-money laundering and transparency laws, these bribes are now easily detectable. Corrupt politicians therefore have devised more elaborate schemes to legalize the proceeds of corrupt dealings.  Continue reading

Guyana: Oil Blocks awarded to four companies with no financial wherewithal

PPP Government: Canje, Kaieteur Blocks awarded to four companies with no financial wherewithal for exploration

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– Audited Finance statements and records of beneficial owners not submitted for EITI Report

When a government wants oil companies to explore the potential of a country’s resources, they court firms that have a track record of finding oil and gas.   But that has not been the case here.

Days before the 2015 General and Regional Elections, former President, Donald Ramotar acted in a manner that was contrary to this international best practice.

Ramotar signed away the Canje and Kaieteur Blocks, which total over 4.8 million acres, to four companies which have no track record of exploring for oil prior to 2015.        Continue reading

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