Kaieteur News- In 2024, Guyana received a hefty bill of US$120M for exploration costs racked up by ExxonMobil and its Co-Venturers, Hess and CNOOC. This was revealed in the 2024 Annual Report for American oil company, Hess Corporation. According to financial information contained in the document, exploration expenses, including dry holes and lease impairment for...

…renames document and claims “final report” available Kaieteur News- The Ministry of Natural Resources on Friday responded to an article by Kaieteur News, questioning the delayed publication of the final report on ExxonMobil’s US$7.3B audit. That audit was conducted by a local consortium, VHE Consulting, for the period 2018 to 2020. In its May 16,...

Kaieteur News- Vice President Bharrat Jagdeo does not agree with President of ExxonMobil Guyana Limited, Alistair Routledge that taxes are the same as royalty and profit sharing. He made his position clear on Thursday during a Freedom House press conference in response to a question posed by Kaieteur News. This newspaper had pointedly asked the...

By Stabroek News February 16, 2025 Dear Editor, The U.S. Foreign Tax Credit (FTC) is designed to prevent double taxation by allowing individuals and corporations to offset taxes paid to foreign governments against their U.S. tax obligations. However, there is compelling evidence that ExxonMobil and its affiliates obtain tax certificates issued by the Guyana Revenue...

Kaieteur News- As the Government of Guyana (GoG) continues to refuse to provide a detailed breakdown on the use of resources from the oil and gas sector, the Opposition has called out the administration for what it believes is lawless and disrespectful. Shadow Minister of Natural Resources, Shurwayne Holder, on Day Two of the ongoing...

Kaieteur News- ExxonMobil is confident it will capture all remaining opportunities in the Stabroek Block offshore Guyana before its exploration license expires in October 2027. This is according to Liam Mallon, President of ExxonMobil Upstream Company. There are over 30 significant discoveries made by Exxon in the Stabroek Block since 2015. Currently, oil is being...

It was hardly surprising that the fifth year of oil production evoked barely disguised triumphalist declarations by ExxonMobil Guyana. After all, the US oil major is laughing all the way to the bank and envisages decades more of this great carrying away of the national patrimony while the PPP/C government watches on disinterestedly and in...

Kaieteur News- Although Guyana is paying for the assets being used in the offshore production of oil in the Stabroek Block through the cost recovery mechanism, this does not make the country a part owner of the assets. This therefore means that in the event of an oil spill occurs as a result of the...

Kaieteur News – ExxonMobil Guyana Limited (EMGL), the operator of the oil-rich Stabroek Block and its Co-Venturers, Hess Guyana Exploration Ltd and CNOOC Petroleum Guyana Limited have deducted just over $60B to date for decommissioning activities. The monies have been set aside in a fund which is controlled by the partners according to President and...

…says any change would undermine basis for company’s investment The parliamentary Opposition have been campaigning that they would review the Stabroek Block contract, but the United States-based ExxonMobil company has poured cold water on any possibility of renegotiating the fiscal terms of the contract. In a press conference held on Wednesday, ExxonMobil Guyana President Alistair...