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Page added on February 5, 2020
Global Witness Accuses Exxon of ‘Exploitative’ Contract That Robs People of Guyana of $55 Billion in Lost Oil Revenue
International human rights and anti-corruption group Global Witness is calling on the Guyanese government to renegotiate a oil license deal with fossil fuel giant Exxon after the group’s analysis showed that Guyana stands to lose $55 billion while the oil giant takes control of one of the largest oil reserves found in years.
Global Witness found that the rushed deal left Guyana with a lower profit share from Exxon’s Stabroek oil license than countries generally get from such negotiations. The group based its findings on a study by financial analysis firm OpenOil comparing Guyana’s contract with Exxon to deals between governments and oil companies around the world.
Under the deal, Guyana could lose up to $1.3 billion per year—money which could be used for schools, hospitals, infrastructure, and to repair crumbling sea walls in a country where “90% of the population [is] at risk from rising sea level,” Global Witness said in its report, entitled “Signed Away.”
LATEST: Exxon’s oil deal in #Guyana has caused the country to lose out on up to US$55 billion, according to a new analysis. Guyana’s annual budget is US$1.4 billion.
What’s wrong with the picture here? Guyana must demand a new deal. https://t.co/Ec0Pa63gN1 pic.twitter.com/Qt5nLwc3V6
— Global Witness (@Global_Witness) February 4, 2020
Global Witness interviewed Guyanese citizens last summer about the country’s high unemployment rate, sugar farms which have been forced to close, and the revenues needed to protect the country from sea level rise—a phenomenon largely driven by the climate crisis and extractive activities like oil drilling.
“In Mahaicony, Guyana’s breadbasket on the coast, we were shown wide swathes of farm fields flooded with salt water,” the report reads. “The sea wall had collapsed, crops were ruined, livestock was getting sick, and it would be years before the land recovered. Money was desperately needed to rebuild coastal defenses.”
Patrick Galey, environment correspondent for Agence France Presse, tweeted that Guyana’s resources have been “plundered by oil barons.”
“Guyana’s loss. Humanity’s loss,” Galey wrote.
$55bn. That money could be spent on upgrading infrastructure, health service, schools, parks, quality of life.
Instead it will be plundered by oil barons. Guyana’s loss. Humanity’s loss https://t.co/nnrpBupSVd
— Patrick Galey (@patrickgaley) February 3, 2020
Global Witness blamed Exxon’s “exploitative” deal-making process for the unfair agreement. The company had a license for the Stabroek oil reserve off the Guyanese coast in 1999, and rushed to renew the license quickly after finding oil there in 2016.
“Guyana’s urgent development needs—such as building new hospitals and schools, and protecting itself from rising sea levels that put 90% of the population at risk—will not be met by Exxon walking away with an extra $55 billion in its back pocket.”
—Jonathan Gant, Global WitnessThe group says Exxon violated its own policies when it paid for Guyanese Natural Resources Minister Raphael Trotman to take a lavish trip to the company’s Texas headquarters, complete with a first-class flight, a stay at an expensive hotel, and a meal at an exclusive restaurant. Exxon’s internal policy prohibits gifts that may “improperly influence pending business decisions.”
“It is shocking that Exxon would seek such an exploitative deal in one of the Western Hemisphere’s poorest countries,” said Jonathan Gant, senior campaigner at Global Witness. “Guyana’s urgent development needs—such as building new hospitals and schools, and protecting itself from rising sea levels that put 90% of the population at risk—will not be met by Exxon walking away with an extra $55 billion in its back pocket.”
Global Witness also believes Trotman may have had a conflict of interest during the deal because his political ally, Nigel Hughes, was a lawyer for Exxon. His firm has represented the company since 2009, but Hughes denies he worked on the Stabroek oil reserve deal.
Still, the group called on Guyanese officials “to investigate the Exxon deal and the ministers involved, and to demand a new, fair license.”
Global Witness also said U.S. authorities, including the State Department, should support renegotiation.
Renegotiating the contract could boost the country’s budget, the report reads.
“With an average extra $1.3 billion per year from Stabroek, Guyana could address the concerns of its people,” said Global Witness. “The government’s total 2019 annual budget is $1.4 billion. With additional money from Stabroek, Guyana could double its annual $172 million health budget, $251 million education budget, $185 million infrastructure budget and still have $700 million left each year.”
The report also details two oil license deals—called Kaieteur and Canje—which were originally awarded to two smaller companies which then gave drilling rights to Exxon before extracting oil.
“Exxon’s Kaieteur and Canje licenses raise corruption red flags and should be investigated,” said Gant. “Given these problems and the threats to Guyana posed by the global climate emergency, Guyana should renegotiate the Stabroek license and then ban all new drilling in the country.”
128 Comments on "Global Witness Accuses Exxon of ‘Exploitative’ Contract That Robs People of Guyana of $55 Billion in Lost Oil Revenue"
JuanP on Fri, 7th Feb 2020 5:41 pm
I find I am washing my hands every hour. Do any of you think that is a sign of a problem?
JuanP on Fri, 7th Feb 2020 5:42 pm
Mak, don’t you read comments? Maybe that is why you make so many gaffs. You are getting sloppy in your old age.
makati1 on Fri, 7th Feb 2020 5:45 pm
D.Davy, you are getting more ignorant in your old age, if that is possible.
no, I do not read your bullshit, but it is obvious to all here who is spouting goat shit most of the day. Using other’s names doesn’t cover up the arrogant, deluded posts typical of yourself.
JuanP on Fri, 7th Feb 2020 5:47 pm
Mak, to be fair to Davy, what have you said today? LOL.
JuanP on Fri, 7th Feb 2020 5:49 pm
TRUMP 2020!
2020 Democrats Running Low On Cash As Trump Builds Up War Chest
President Donald Trump has more campaign cash on hand than the entire Democratic field combined, building on his money advantage as 2020 Democrats burn through their reserves to woo voters in early primary states. Trump’s campaign has nearly $103 million in the bank, compared to less than $85 million combined for the Democratic hopefuls. The president grew his bank by 24 percent from October to December while most of the remaining Democrats burned through their reserves.
Davy on Fri, 7th Feb 2020 5:55 pm
Oops, sorry y’all. We forgot the link again.
https://www.zerohedge.com/political/2020-democrats-running-low-cash-trump-builds-war-chest
makati1 on Fri, 7th Feb 2020 5:57 pm
I comment when I want, and to whom I want. That is called freedom of speech, not much of which is left in Police State Amerika. Every bully deserves to be kicked when he is down. If a few ribs break, well, that is the breaks! Well deserved. LOL
JuanP on Fri, 7th Feb 2020 6:01 pm
Kunstler: The Democratic Party “Has Entered The Slapstick Phase Of Its Self-Destruction”
With Adam Schiff and Jerrold Nadler cast as Laurel and Hardy, the Democratic Party entered the slapstick phase of its self-destruction,
Considering they are now the official party of chaos, all of this colorful comic disorder may have a purpose behind it: to demonstrate that the United States is now too incompetent to hold an election, and therefore whatever happens on November 3 will have to be disputed.
Cue Lawfare, the Dem’s designated sedition generator. They’ll step in and gum up the system with so much litigation that the ghost of Samuel J. Tilden will be heard screaming for mercy somewhere high above the capitol’s grand dome.
Meanwhile, in case you have forgotten, scores of public officials from the Obama administration stand to be indicted as we enter the heart of the spring primary season. On top of three failed seditious attempts to overthrow Mr. Trump since 2016, a cavalcade of perp walks for all that may finally force the recognition among the battered true believers in the Holy Church of Maddow that a genuine coup d’état has been running for three solid years, whether or not you like Donald Trump. They came close to turning the USA into a banana republic.
makati1 on Fri, 7th Feb 2020 6:04 pm
GO TRUMP! GO XI! GO PUTIN! 2020, the year when everything changes and the US fractures and goes down hard, I hope. At least, the slide down the slippery slope to the 3rd world will speed up.
Scanning the election circus in the US and watching the clowns perform is entertaining. Not one competent, intelligent leader among the herd. But then, they don’t have to think. Their corporate bosses do that for them. Lies, lies, and more lies. That is campaigning in Amerika. And the dumbed down tax slaves suck them up like candy. Never has a country been so deserving of its fate. Pass the popcorn…
More Lunatic Davy ID Fraud on Fri, 7th Feb 2020 6:05 pm
Cloggie on Fri, 7th Feb 2020 10:10 am
ansley REAPER on Fri, 7th Feb 2020 10:12 am
JuanP on Fri, 7th Feb 2020 11:54 am
JuanP on Fri, 7th Feb 2020 5:41 pm
JuanP on Fri, 7th Feb 2020 5:42 pm
JuanP on Fri, 7th Feb 2020 5:47 pm
JuanP on Fri, 7th Feb 2020 5:49 pm
JuanP on Fri, 7th Feb 2020 6:01 pm
Davy on Fri, 7th Feb 2020 6:07 pm
Oops, sorry y’all. We forgots the link again
https://www.zerohedge.com/political/kunstler-democratic-party-has-entered-slapstick-phase-its-self-destruction
More Lunatic makati1 ID Fraud on Fri, 7th Feb 2020 6:08 pm
Cloggie on Fri, 7th Feb 2020 10:10 am
ansley REAPER on Fri, 7th Feb 2020 10:12 am
JuanP on Fri, 7th Feb 2020 11:54 am
JuanP on Fri, 7th Feb 2020 5:41 pm
JuanP on Fri, 7th Feb 2020 5:42 pm
JuanP on Fri, 7th Feb 2020 5:47 pm
JuanP on Fri, 7th Feb 2020 5:49 pm
JuanP on Fri, 7th Feb 2020 6:01 pm
JuanP on Fri, 7th Feb 2020 6:09 pm
Oops, sorry y’all. I have AIDS
supremacist muzzie lover all the way on Fri, 7th Feb 2020 6:10 pm
supertard juan you should not have taken muzzie cock intimately.
Duncan Idaho on Fri, 7th Feb 2020 6:18 pm
The Fat Boy speaks:
” I love getting even when I get screwed by someone. … Always get even. When you are in business you need to get even with people who screw you. You need to screw them back 15 times harder. You do it not only to get the person who messed with you but also to show the others who are watching what will happen to them if they mess with you. If someone attacks you, do not hesitate. Go for the jugular.”
Duncan Idaho on Fri, 7th Feb 2020 6:35 pm
“I watched Mitt Romney do the right thing when he so courageously and so genuinely told about how he was going to vote to convict Trump in accordance with his sworn oath to defend the Constitution. I had expected Romney to cave at the last minute, to pull a Jeff Flake, a Susan Collins, a Lisa Murkowski, or a Lamar Alexander, to show himself as just another Janus–faced Republican hypocrite. That little sham dance these weasels do is all it takes to be called a “moderate” in that most immoderate and radically destructive political party, and people like the cuntish Susan Collins are willing to do that little dance over and over in exchange for having some gullible people think they have just a bit of spine, or character, or integrity, or independent judgment.
But they don’t.”
Hint:
“you know it’s a shithole and that even one meaningless gesture by an irrelevant senator from a heavily Nazi party state can leave you feeling “pleased”.”
Davy on Fri, 7th Feb 2020 8:35 pm
Davy on Fri, 7th Feb 2020 5:47 pm
To be fair, what have I said today?
Well, I am glad you asked. I would direct you all to my endless, immature and infantile ID thefts, insane chatter, socking, stalking and pricking. At a guess, I’d say about 100% of my posts today would qualify as pure missouri goat shit.
Unlike the stupid couple of posts he made from his stupid 3rd world shithole country that is deep in stupid overshoot. Why are they in overshoot you never asked. Because they have too many filthy runny-nosed kids. And also because they let in stupid Anti-Americans that are old and dumb.
supremacist muzzies lover all the way on Fri, 7th Feb 2020 9:20 pm
abov supertar obv
Abraham van Helsing on Sat, 8th Feb 2020 12:18 am
“Duterte Moves to Cancel U.S. Military Pact, Inquirer Reports“
https://www.bloomberg.com/news/articles/2020-02-08/duterte-moves-to-cancel-u-s-military-pact-inquirer-reports
The Ps knows that it’s only chance to avoid a Chinese 1942-style invasion in the upcoming conflict US-China in the SCS is to expel the US military completely. The Ps are going to be a Chinese client state anyway.
Richard Guenette on Sun, 9th Feb 2020 12:28 pm
China should make more local products for its own people (the basic essentials of life).
Richard Guenette on Sun, 9th Feb 2020 12:28 pm
Boycott all American products.
Richard Guunette on Sun, 9th Feb 2020 12:31 pm
I hope juanPee leaves this forum. He is not smart
Richard Guenette on Sun, 9th Feb 2020 2:20 pm
I hope supremacist muzzies fag leaves this forum. He is not smart.
Gaia on Sun, 9th Feb 2020 2:43 pm
I am a fag
Gaia on Sun, 9th Feb 2020 3:08 pm
I hate makati1 because he is not green
Richard Guenette on Sun, 9th Feb 2020 3:09 pm
I hate Gaia because she is a hypocrite
JuanP on Sun, 9th Feb 2020 3:10 pm
I hate myself because I am chronically depressed
world supremacist muzzies lovers united on Sun, 9th Feb 2020 3:31 pm
supertards
please fight one another hard, kinetic fight also. previously i said cease fight so nixon (that’s me) can go to china and i did. but that’s wrong.
“fighting is prescribed for you even though you don’t like it”
this increases risk on me but that’s cool. i just want to get rid of muzzies.
world supremacist muzzies bag day feb12021
world grater nedertardland day 54 days away