500,000 Barrels A Day.

With the production of 500,000 barrels a day for 300 days a year at US$40 a barrel, the annual income would be US$6 billion. The cost of production of oil varies widely, depending on whether it is onshore or offshore and if offshore, how far away and how deep. To give some idea North Sea […]

ENDING THE POLITICS OF ETHNO-POLITICAL DOMINATION

The spectacular discoveries of oil in offshore Guyana, with promises of a glowing future, must be tempered with what that future really means and with the realities of today. It appears that Guyana stands to receive $US300 million a year for the first five years after production commences and a little over that sum for […]

WHAT DO RISING POLITICAL TENSIONS MEAN?

Political tensions in Guyana took a turn for the worst over the past two weeks. This has resulted from the appointment by President Granger of former Justice James Patterson as Chairman of the Elections Commission. Claiming that the third set of names contained no one who was fit and proper as required by the Constitution, […]

THE PETROLEUM COMMISSION

Very little debate has taken place on the Petroleum Commission of Guyana Bill. It is to the credit of the Georgetown Chamber of Commerce to have initiated a public discourse on the legislation around the country, albeit late in the day. The lead speaker has been former Energy Minister of Trinidad and Tobago, Kevin Ramnarine, […]

OIL AND SOME OF ITS CONSEQUENCES

Three of the four dailies on Friday headlined the second oil find by ExxonMobil at a well called Payara-1. Past predictions about the presence of petroleum deposits in off-shore Guyana were confirmed when ExxonMobil’s announced its world class discovery, the largest for 2016, at its Liza well. If the Payara-1 turns out to be large, […]