October 28, 2020 Read More →

ExxonMobil deal raises concerns about future Guyana revenue sources

Kaieteur News:

There is the famous passage in the Bible, in the Book of Ecclesiastes, Chapter 3, Verses 1-8, which begins, “To everything there is a season, and a time to every purpose under the heaven…” This paper’s recent investigations into and reporting on the feeding frenzy on the Kaieteur and Canje oil blocks have been met with praise, with skepticism, with silence and with cynicism. The logical answer, that we are only now been presented with information that should have been available long ago, does not of course suffice for the illogical.

In as deeply divided a society as Guyana is, uncomfortable questions posed at either one of the political camps earns you the enmity of that camp and its followers, and we have been – admittedly viciously – been asking extremely hard questions of both camps. What this newspaper has been engaged in is the critical public service of interrogating economic deals done supposedly in the country’s best interest but with all indications pointing in fact to the contrary.

A recently released reported by the Institute for Energy Economics and Financial Analysis (IEEFA) expands upon what we already have known about how terrible the Exxon deal has been and will be for Guyanese. Written by IEEFA’s Director of Finance, Tom Sanzillo, the report’s lengthy title should be message enough: “Guyana’s Oil Deal: Promise of Quick Cash Will Leave Country Shortchanged – Long-term Costs Far Outweigh Benefits as Oil Industry Declines.” 

[Staff Report]

More: A time for public questioning

Posted in: IEEFA In the News

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