Opinions

The views expressed here are solely those of the author in their private capacity and do not represent the views of OilNOW.

Opinions

Avoid complex contracts – institutional reforms to facilitate Guyana’s growth

Bobby Gossai, Jr. -
A risk associated with complex contracts is that the true market value of the contract may be better understood by the oil companies than by the government. For instance, if oil prices are highly volatile, and there is no...
Opinions

Be patient: Oil does not disappear – Strengthen institutions for Guyana’s growth

Bobby Gossai, Jr. -
The privatisation in an economy can set in motion a vicious circle. Even without corruption, rapid privatisation means that governments receive less than fair market value for the companies they sell-off. While privatisation has highlighted the problem, conflicts over...
Opinions

Outlook for global energy with new suppliers such as Guyana

Bobby Gossai, Jr. -
Demand is weaker, but it is getting better. There are challenges for both demand and supply sides for all oil-producing economies. The Organization of Petroleum Exporting Countries (OPEC) members must stick to compliance. The focus of the peak oil...
Opinions

Issues of privatisation and institutional structures for Guyana’s economic growth

Bobby Gossai, Jr. -
There are further problems with the timing and manner of privatisation. The International Monetary Fund (IMF) once urged as rapid a privatisation as possible. They were worried that so long as resources remained under the control of the government,...
Opinions

Mechanisms for diversion in Guyana’s petroleum industry

Bobby Gossai, Jr. -
There are basically four (sometimes interrelated) mechanisms for “corrupt” privatisations, besides the obvious ones – just giving the resource to one’s cronies, or, having a first-come system in which those already in the field are in a better position...
Opinions

The role of the invisible hand and diversion in Guyana’s natural resources development

Bobby Gossai, Jr. -
The fact that privatisation did not solve the problem of resource diversion should not have come as a surprise: profit-maximizing private enterprises naturally seek to minimize what they give to the government for their rights to control the use...
Opinions

Privatisation’s role in maximising Guyana’s total benefits from the petroleum sector

OilNOW -
Too often countries do not get the full value of their resources. A government would genuinely be interested in using its good luck of an abundant resource endowment for the benefit of its people. However, first, it must somehow...
Opinions

Specific issues relevant to associated natural gas for Guyana

Bobby Gossai, Jr. -
The Association of International Petroleum Negotiators (AIPN) has a definition of crude oil which is wide enough to include condensates, natural gas liquids and other forms of liquid hydrocarbons. Increasingly, economic and political pressures require the parties to extract...
Opinions

Principles for natural gas agreement with the Government of Guyana

Bobby Gossai, Jr. -
The Guyanese government under the contract is likely to have its own share of profit hydrocarbons to lift, including natural gas. A state-owned oil and gas company (‘the government oil & gas company’) will be appointed to lift such...
Opinions

Commitment to joint sales for Guyana’s hydrocarbons

Bobby Gossai, Jr. -
The parties will commit to dedicating their natural gas entitlement to joint gas sales and will authorize the operator to conduct various activities on their behalf in a coordinated manner such as preparing a marketing strategy, designing and constructing...
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Exxon to relinquish 9% of Stabroek Block acreage

ExxonMobil will relinquish at least 9% of the vast Stabroek Block in Guyana as required by its petroleum agreement,...

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