• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 4 hours Which producers will shut in first?
  • 6 hours The Most Annoying Person You Have Encountered During Lockdown
  • 3 hours Its going to be an oil bloodbath
  • 22 hours We are witnesses to the end of the petroleum age
  • 3 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 5 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 1 day Breaking News - Strategic Strikes on Chinese Troll Farms
  • 1 hour How to Create a Pandemic
  • 37 mins KSA taking Missiles from ?
  • 1 day >>The falling of the Persian Gulf oil empires is near <<
  • 5 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 1 day A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
Editorial Dept

Editorial Dept

More Info

Premium Content

Is Guyana’s Oil Boom Under Threat?

Exxon in Guyana: Politics is on Oil’s Side

No one is going to rock Exxon’s boat seriously in Guyana. Not with 16 discoveries and stellar first production that went online way ahead of schedule - a feat almost unheard of in the deep offshore waters and their tricky geology. 

Still, investors will be concerned, and we know because hedge funds are asking us whether they should be or not. 

It’s always best to be cautious; but in this case, it’s important to understand the political dynamic in Guyana. Yes, Exxon got a wonderful deal for Guyana’s first oil. That’s how these deals usually work out for country’s that haven’t produced any real oil before. Good deals bring in the biggest E&P companies to get things off the ground. 

On the eve of critical elections in Guyana, and as first production has launched, a report by Global Witness accuses the government of cheating the public out of $55 billion in the 2016 deal with Exxon. The timing of the report will play into the hands of a polarized society that will choose between two parties whose chief ambition is to control the use of those brand new oil revenues, making this election the most critical in Guyana’s modern history. Guyana’s two-party system is entirely based on ethnicity, with the current ruling party being the Afro-Guyanese ANPU-AFC and the opposition People’s Progressive Party being Indo-Guyanese. The 2016 deal…






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News