Guyana

IEEFA Research

IEEFA: Guyanese oil deal tax incentives raise income reporting concerns

IEEFA: Guyanese oil deal tax incentives raise income reporting concerns

Government pays annual income taxes for ExxonMobil, Hess and CNOOC

September 28, 2021 (IEEFA) — Guyana is giving tax breaks worth at least USD$1.7 billion over five years to three of the world’s largest oil companies, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA). Tax concessions granted to ExxonMobil, Hess and the China National Offshore Oil Company (CNOOC) by […]

and September 28, 2021 Read More →
IEEFA: ExxonMobil contract leaves Guyana out of oil gains

IEEFA: ExxonMobil contract leaves Guyana out of oil gains

A loophole allows ExxonMobil consortium to reduce profits to Guyana for oil discoveries that may never be developed

July 29, 2021 (IEEFA) – In a deal with ExxonMobil, Hess and China National Offshore Oil Company, Guyana was promised robust revenues from its recently discovered oil reserves in exchange for covering all development costs for the projects. However, the deal is one-sided, benefitting ExxonMobil and its partners and leaving Guyana and its people out […]

IEEFA update: Eleven facts ExxonMobil would like investors to forget

IEEFA update: Eleven facts ExxonMobil would like investors to forget

Company’s Q2 earnings report reveals current and future challenges

ExxonMobil’s second quarter earnings report contained more red flags than usual (IEEFA update: Exxon’s Q2 report marks another signpost on the long road downwards). Its market capitalization is declining even as the bull market thunders on and it now appears all but certain that the company will fall out of the S&P 500’s top ten, […]

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IEEFA: Guyanese oil deal tax incentives raise income reporting concerns
and

IEEFA: Guyanese oil deal tax incentives raise income reporting concerns

Government pays annual income taxes for ExxonMobil, Hess and CNOOC

September 28, 2021 (IEEFA) — Guyana is giving tax breaks worth at least USD$1.7 billion over five years to three of the world’s largest oil companies, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA). Tax concessions granted to ExxonMobil, Hess and the China National Offshore Oil Company (CNOOC) by […]

and September 28, 2021 Read More →

Houston technology conference “bellwether for entire fossil fuel industry”

Houston Chronicle: The energy transition is well underway at the Offshore Technology Conference in Houston, and everyone in the fossil fuel industry should pay attention. Following the cancellation of last year’s OTC due to the COVID-19 pandemic, the four-day conference of energy suppliers, producers and supporters will be much smaller. Fewer panels, fewer technical discussions […]

August 19, 2021 Read More →

Controversial ExxonMobil Guyana project faces potential safety disaster

The Guardian: ExxonMobil’s huge new Guyana project faces charges of a disregard for safety from experts who claim the company has failed to adequately prepare for possible disaster, the Guardian and Floodlight have found. Exxon has been extracting oil from Liza 1, an ultra-deepwater drilling operation, since 2019 – part of an expansive project spanning […]

August 18, 2021 Read More →

ExxonMobil begins selling off U.S. shale gas properties to raise money

Reuters: Exxon Mobil Corp (XOM.N) has begun marketing U.S. shale gas properties as it ramps up a long-stalled program that aims to raise billions of dollars to shed unwanted assets and reduce debt taken on last year. Three years ago, the top U.S. oil producer set a goal of raising $15 billion from sales by […]

August 11, 2021 Read More →
IEEFA: Months after tumultuous ExxonMobil annual meeting, no substantial change expected

IEEFA: Months after tumultuous ExxonMobil annual meeting, no substantial change expected

Despite pressure, old leadership and old habits haven’t changed at ExxonMobil

The ExxonMobil shareholder meeting this year will go down in the annals of business as either the start of a new era of progress on climate change or evidence of a tired, ineffectual system of shareholder rights that governs U.S. companies.  The jury is out on the long-term impact, but for the moment there has […]

August 6, 2021 Read More →
IEEFA: ExxonMobil contract leaves Guyana out of oil gains
and

IEEFA: ExxonMobil contract leaves Guyana out of oil gains

A loophole allows ExxonMobil consortium to reduce profits to Guyana for oil discoveries that may never be developed

July 29, 2021 (IEEFA) – In a deal with ExxonMobil, Hess and China National Offshore Oil Company, Guyana was promised robust revenues from its recently discovered oil reserves in exchange for covering all development costs for the projects. However, the deal is one-sided, benefitting ExxonMobil and its partners and leaving Guyana and its people out […]

Oil companies resisting boom-and-bust cycle as transition accelerates

Bloomberg ($): “This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be. For the first time in decades, oil companies aren’t rushing to increase production to […]

June 1, 2021 Read More →

Exxon expansion in Guyana challenged by constitutional lawsuit

Grist: Guyanese citizens have filed a constitutional case that pushes back on industry giant ExxonMobil’s plans to boost fossil fuel production off the country’s coast — charging that the expansion violates citizens’ constitutional rights to a healthy environment and the rights of future generations.  The case, filed by University of Guyana scientist Troy Thomas and […]

May 27, 2021 Read More →
IEEFA Guyana: Despite contract terms that heavily favor ExxonMobil, missteps continue to plague productivity and drag down returns

IEEFA Guyana: Despite contract terms that heavily favor ExxonMobil, missteps continue to plague productivity and drag down returns

ExxonMobil announces production cuts and improved financials – transparency needed

ExxonMobil Guyana ended the year with good news – local operations reached maximum capacity of 120,000 bpd by end of December. The progress was unsustainable; by April announcements came that production would be cut by 75%. On the heels of December’s good news, the Guyanese government posted the results from its fifth oil lift in […]

April 26, 2021 Read More →
IEEFA: Guyana’s oil future relies on ‘lower-than-average governmental take’

IEEFA: Guyana’s oil future relies on ‘lower-than-average governmental take’

Deal raises questions for ExxonMobil shareholders, Guyanese citizens

Last week, IHS Markit released an updated analysis of ExxonMobil’s progress in Guyana that projected significant oil and cash flow from the Yellowtail phase of development. The announcement is one of several upbeat reports about the progress of oil and gas development in Guyana. Buried in this optimistic assessment was an important insight: The company’s […]

March 10, 2021 Read More →