Opinions

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

Opinions

Exchange rate policy for Guyana’s emerging petroleum economy

OilNOW -
In the "normal" case that the real exchange rate tends to appreciate following an increase of oil earnings, government policymakers can "engineer" that appreciation in two ways. In the first case, the central bank maintains a floating exchange rate....
Opinions

The fear of Dutch Disease from Guyana’s petroleum development

Bobby Gossai, Jr. -
One of the possible harms of an oil export boom is that the rise in oil earnings leads to increased public and private spending, which in turn leads to a sharp appreciation of the real exchange rate, and then...
Opinions

Oil & public investments for Guyana’s overall development – not direct “citizen share”

Bobby Gossai, Jr. -
Oil earnings for an emerging economy such as Guyana should be turned into public investments rather than into increased private consumption. Most poor countries are severely constrained in their development by the under-provision of public goods. Economic development, though undoubtedly...
Opinions

Oil funds and managing the macroeconomic effects for Guyana

Bobby Gossai, Jr. -
Successive Guyanese governments will have to consider the concept of a separate oil fund. A separate fund could entail providing for a fixed sum to be spent in areas additional to the government’s main spending programmes. However, it may...
Opinions

Investment, depletion and consumption of Guyana’s oil revenues

Bobby Gossai, Jr. -
Full national considerations are also relevant to a depletion policy of a country’s petroleum resources. Security of oil supplies must be a consideration in Guyana. Possession of crude oil reserves can obviously make a contribution to the solution of...
Opinions

Depletion policy and licencing arrangements for Guyana’s oil reserves

Bobby Gossai, Jr. -
The rate at which Guyana’s Offshore Basin oil reserves will be depleted will clearly be influenced by the licencing arrangements. The basic decisions regarding the frequency and size of licence rounds, the location of blocks on offer, and the...
Opinions

Opportunities for State participation in Guyana’s oil development

Bobby Gossai, Jr. -
The establishment of state oil companies is very common in oil-producing countries. Most petroleum producing countries have incorporated state participation in their licensing regulations and/or legislation. The establishment of a national oil company can be justified on several grounds. ...
Opinions

Attractiveness and productivity to serve the Guyana offshore basin

Bobby Gossai, Jr. -
The pressure to source supplies from Guyana can lead to increased exploration, development and operating costs. Guyana’s offshore oil activity levels will be very sensitive to movements in oil prices and costs. At any one time in a province...
Opinions

Realisable economic rents and local risks for the Guyanese offshore licencing option

Bobby Gossai, Jr. -
The introduction of a contingent system of taxation is not the only possible response to the existence of exploration risk. The state could reduce the perceived risks by financing a programme of geological research. The fruits of this research...
Opinions

Policy considerations for the licencing arrangements of Guyana offshore blocks

Bobby Gossai, Jr. -
To maximize the potential national benefits appropriate licensing, taxation, depletion and pricing policies are required. Given the high degree of geological uncertainty in the early years, some use of the discretionary licensing system to award acreage was appropriate, but...
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