On Monday, June sixteenth, throughout an interview of Christopher Ram on a distinguished Guyanese social media platform, outrageous claims have been made by one of many co-hosts, a columnist for the Guyana Chronicle. The Chronicle columnist claimed that Guyana has obtained US$13 billion in oil revenue and that Guyana had obtained greater than the oil consortium (the subsidiaries of ExxonMobil, Hess, and CNOOC which can be registered in Guyana) thus far. These claims appeared to have been pulled out of skinny air, so we checked the Financial institution of Guyana Pure Useful resource Fund (NRF) statements and the oil corporations’ financials. The graph under exhibits the year-by-year particulars of Guyana’s oil revenue versus the three named oil corporations’ declared earnings; an interactive model of this chart will be discovered here.
The oil corporations’ earnings persistently exceed Guyana’s revenue by an element of 3-5x since 2021. Guyana’s cumulative revenue quantities to US$6.28 billion—half of what was claimed by the Chronicle columnist. The oil corporations’ complete earnings quantity to US$29 billion, a determine that’s greater than 4 instances the quantity Guyana has obtained thus far.
The Stabroek Oil Contract states that the revenue share between Guyana and the oil corporations must be 50/50. The whole oil earnings Guyana has obtained thus far is US$5.5 billion, whereas the oil earnings reported by the oil corporations are US$29 billion. How is that this a 50/50 revenue share?
It is extremely disturbing that claims are being made which appear to be skewed towards fooling the Guyanese individuals into believing that they’re receiving a good deal even with the contract as written.
EDITOR’S NOTE: EDITOR’S NOTE: Darshanand Khusial is an government OGGN Different government members embody Alfred Bhulai, Andre Brandli, Janette Bulkan and Joe Persaud.
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