Major social unrests as Venezuela will aid and encourage the tribal people living in Essequibo to demand autonomy which would become a pretext for intervention. 

Less than 12%, perhaps meaning about 2%.

"According to sources, Guyana’s chunk of any oil revenue was pegged at less than 12 per cent. ExxonMobil anticipates it will begin pumping oil by 2020 – about 100,000 barrels per day in the initial stages.

The Government was expected to renegotiate the exploration contract with ExxonMobil, but what is not known is if this 12 per cent is what was agreed to initially when this contact was inked 17 years ago or what was derived from the renegotiation process.

12% revenue was agreed on by the PPP,so what's the big fuss,I am sure this gov't will renegotiate.

Price of oil now is extremely far below the high rate 17 years ago.

Demerara_Guy posted:

Price of oil now is extremely far below the high rate 17 years ago.

No Clown!

1999 oil prices are way below what they are today.

https://www.eia.gov/dnav/pet/h...s=f000000__3&f=m

Cost of oil Feb-2016 == about $ 25/barrel.

Cost of oil Feb-2000 == about $ 26/barrel.

Now factor in inflation to make the 1999 value equivalent to 2016.

Value for 2016 == less than value for 2000.

Demerara_Guy posted:

Cost of oil Feb-2016 == about $ 25/barrel.

Cost of oil Feb-2000 == about $ 26/barrel.

Now factor in inflation to make the 1999 value equivalent to 2016.

Value for 2016 == less than value for 2000.

Now, you're coming up with a bullshit excuse after you've been exposed for lying. You said "price of oil now". Now is not Feb 2016. The price of oil now is around $51.00 per barrel. The price of oil 17 years ago in October was $19.71. Also there was no mention of inflation so stop trying to be disingenuous.

In any case, the PPP government should have factored in the risk of prices changing when signing the contract so trying to use the fluctuation in price as an excuse is just ludicrous.  

Now another view, take the costs for July which is available ...

One can take any month or the average for the year, it will be seen that the cost in 2016 is less than for 2000.

Demerara_Guy posted:

Now another view, take the costs for July which is available ...

Cost of oil July-2016 == about $ 40/barrel.

Cost of oil July-2000 == about $ 27/barrel.

Now factor in inflation to make the 1999 value equivalent to 2016.

Also in this situation ...

Value for 2016 == less than value for 2000.

One can take any month or the average for the year, it will be seen that the cost in 2016 is less than for 2000.

Now is October 2016, not July 2016. 17 years ago is October 1999. 

Price of oil in October 2016 is approx $51.00 per barrel.

Price of oil in October 1999 is $19.71. You did not mention anything about inflation but even if we take 1999 dollars and factor in inflation it cannot reach $51.00. $20.00 in 1999 dollars would be $28.86 in 2016 dollars according to the inflation calculator.

http://www.dollartimes.com/inf...unt=20&year=1999

You've been exposed for lying once again ole man.

By the way, 2016 - 17 = 1999, not 2000. Like you didn't learn anything much on the back bench at Central.

Also $27.00 in 2000 is only $37.95 in 2016 dollars so even if we use your bogus lies you are still wrong.

Expectation of huge revenues from oil will not only motivate the PNC to rig elections to stay power.  It would make them kill with impunity to stay in control Guyana.  Hard times are ahead of us. Be careful what you wish for.

Mars posted:

Demerara_Guy posted:

Now another view, take the costs for July which is available ...

Cost of oil July-2016 == about $ 40/barrel.

Cost of oil July-2000 == about $ 27/barrel.

Now factor in inflation to make the 1999 value equivalent to 2016.

Also in this situation ...

Value for 2016 == less than value for 2000.

One can take any month or the average for the year, it will be seen that the cost in 2016 is less than for 2000.

Now is October 2016, not July 2016. 17 years ago is October 1999. 

Price of oil in October 2016 is approx $51.00 per barrel.

Price of oil in October 1999 is $19.71. You did not mention anything about inflation but even if we take 1999 dollars and factor in inflation it cannot reach $51.00. $20.00 in 1999 dollars would be $28.86 in 2016 dollars according to the inflation calculator.

http://www.dollartimes.com/inf...unt=20&year=1999

You've been exposed for lying once again ole man.

By the way, 2016 - 17 = 1999, not 2000. Like you didn't learn anything much on the back bench at Central.

Also $27.00 in 2000 is only $37.95 in 2016 dollars so even if we use your bogus lies you are still wrong.

2000 to 2016 = 17 years.

Your choice to juggle issues to sate your personal desires.

Demerara_Guy posted:

Mars posted:

Demerara_Guy posted:

Now another view, take the costs for July which is available ...

Cost of oil July-2016 == about $ 40/barrel.

Cost of oil July-2000 == about $ 27/barrel.

Now factor in inflation to make the 1999 value equivalent to 2016.

Also in this situation ...

Value for 2016 == less than value for 2000.

One can take any month or the average for the year, it will be seen that the cost in 2016 is less than for 2000.

Now is October 2016, not July 2016. 17 years ago is October 1999. 

Price of oil in October 2016 is approx $51.00 per barrel.

Price of oil in October 1999 is $19.71. You did not mention anything about inflation but even if we take 1999 dollars and factor in inflation it cannot reach $51.00. $20.00 in 1999 dollars would be $28.86 in 2016 dollars according to the inflation calculator.

http://www.dollartimes.com/inf...unt=20&year=1999

You've been exposed for lying once again ole man.

By the way, 2016 - 17 = 1999, not 2000. Like you didn't learn anything much on the back bench at Central.

Also $27.00 in 2000 is only $37.95 in 2016 dollars so even if we use your bogus lies you are still wrong.

2000 to 2016 = 17 years.

Your choice to juggle issues to sate your personal desires.

You said "price of oil now". Now is October 2016. October 1999 to October 2016 = 17 years. Where did you learn to count?

October 1999 to October 2000 = 1 year, October 1999 to October 2001 = 2 years. Use your fingers and toes until you reach 2016 and you will see that it is 17 years from October 1999 to October 2016.

2000, 2001, 2002 .... 2016 == 17 years.

Demerara_Guy posted:

2000, 2001, 2002 .... 2016 == 17 years.

Nice try. Who counts years like that? A child born in 2000 would be sixteen years old in 2016. 

You said "now" which happens to be October 2016. October 1999 to October 2016 is 17 years. October 2000 to October 2016 is 16 years, Dummy.

One year is October 2000 to October 2001. Don't you know how to calculate your age yet?

This company it seems does not like to pay.

Demerara_Guy posted:

2000, 2001, 2002 .... 2016 == 17 years.

Wrong

Check calculation of years in AD

Django posted:

"According to sources, Guyana’s chunk of any oil revenue was pegged at less than 12 per cent. ExxonMobil anticipates it will begin pumping oil by 2020 – about 100,000 barrels per day in the initial stages.

The Government was expected to renegotiate the exploration contract with ExxonMobil, but what is not known is if this 12 per cent is what was agreed to initially when this contact was inked 17 years ago or what was derived from the renegotiation process.

---

 

12% revenue was agreed on by the PPP,so what's the big fuss,I am sure this gov't will renegotiate.

 

I doubt Guyana Govt can renegotiate.  12% is probably not the end but with the initial costs and 100k BPD, Exxon is not making much money either. Guyana cannot do much until production and prices goes up.

A contract is a contract. There will be no renegotiation anytime soon.

They are lucky to have 12% of the revenue.    

ba$eman posted:

Django posted:

"According to sources, Guyana’s chunk of any oil revenue was pegged at less than 12 per cent. ExxonMobil anticipates it will begin pumping oil by 2020 – about 100,000 barrels per day in the initial stages.

The Government was expected to renegotiate the exploration contract with ExxonMobil, but what is not known is if this 12 per cent is what was agreed to initially when this contact was inked 17 years ago or what was derived from the renegotiation process.

---

 

12% revenue was agreed on by the PPP,so what's the big fuss,I am sure this gov't will renegotiate.

 

I doubt Guyana Govt can renegotiate.  12% is probably not the end but with the initial costs and 100k BPD, Exxon is not making much money either. Guyana cannot do much until production and prices goes up.

We discussed this at length a few years back. That is what the PPP said 12 cents per dollar earned. We will be lucky to get 3 cents. Note this value is on crude not end product. For every gallon of crude there is about 1.3 gallon of product. Refining increases volume of as various products from gasoline, engine oil petroleum jelly, jet fuel etc...all of lesser density are produced. The gasoline produced alone covers the value of the barrel of crude. Jet fuel, and other by products are gravy. Refining the oil makes a lot more money than selling the crude.

Alyuh rass nah pump one drop and alyuh done arguing fuh mo money.  Alyuh juss like rawan rass.

It may be 17 years ago but it still holds.  You cannot make an agreement for someone to risk capital and then when you strike gold, want to renegotiate.  The risk to Exxon is they could have sunk $100's of millions and came up empty, as they did for so many years.  You people are jokers.  What the Govt could do is add some addendum with regard to volumes and market prices so Guyanese could benefit from these in the future.

What do you think the gov't should do with the royalties from oil??

Billy Ram Balgobin posted:

What do you think the gov't should do with the royalties from oil??

Developed Infrastructure,open up the Interior of the country.

Me thinks that's Granger plans.

Django posted:

Billy Ram Balgobin posted:

What do you think the gov't should do with the royalties from oil??

Developed Infrastructure,open up the Interior of the country.

Me thinks that's Granger plans.

I got a bridge to sell you in NY.

I could remember that when Home Oil was in Guyana prospecting for oil, and they did find oil in commercial quantities and of very high quality. They were forced to concrete their well head, and pack their traps and move out.

Some says that LFS told them clearly. 51 percent to 49 percent or nothing. Guyana keeps 51% and they get 49 percent.

asj posted:

I could remember that when Home Oil was in Guyana prospecting for oil, and they did find oil in commercial quantities and of very high quality. They were forced to concrete their well head, and pack their traps and move out.

Some says that LFS told them clearly. 51 percent to 49 percent or nothing. Guyana keeps 51% and they get 49 percent.

Well, what's new, Burnham was a jackass.  He want to risk nothing but get his big share.   This is what he did with local Indians, he instituted a wealth transfer program to his constituency.  Sooner or later you lose corn and husk!

Home Oil found small amounts of oil in the Takutu Basin but not in commercial quantities. Other companies also tried in the same area but no commercial quantities have been found.

Django posted:

Billy Ram Balgobin posted:

What do you think the gov't should do with the royalties from oil??

Developed Infrastructure,open up the Interior of the country.

Me thinks that's Granger plans.

I think one of the first things they should do is double or triple the size of the police to battle crime. Make the GPF an effective crime fighting force. Our people, especially business people should not have to live in fear 24/7. 

Billy Ram Balgobin posted:

Django posted:

Billy Ram Balgobin posted:

What do you think the gov't should do with the royalties from oil??

Developed Infrastructure,open up the Interior of the country.

Me thinks that's Granger plans.

I think one of the first things they should do is double or triple the size of the police to battle crime. Make the GPF an effective crime fighting force. Our people, especially business people should not have to live in fear 24/7. 

Good thought,with employment created by Infrastructure Development criminal activities [Robbery] will be wiped out.

Django posted:

Billy Ram Balgobin posted:

Django posted:

Billy Ram Balgobin posted:

What do you think the gov't should do with the royalties from oil??

Developed Infrastructure,open up the Interior of the country.

Me thinks that's Granger plans.

I think one of the first things they should do is double or triple the size of the police to battle crime. Make the GPF an effective crime fighting force. Our people, especially business people should not have to live in fear 24/7. 

Good thought,with employment created by Infrastructure Development criminal activities [Robbery] will be wiped out.

With effective policing the issue of profiling is inevitable and that would certainly lead to political action. 

ba$eman posted:

 

Well, what's new, Burnham was a jackass.  He want to risk nothing but get his big share.   This is what he did with local Indians, he instituted a wealth transfer program to his constituency.  Sooner or later you lose corn and husk!

Really?  And what did all of those half starved cane cutters and rice farmers have that any one wanted?  In the early 70s most Indians were worse off than most blacks, and higher levels of under weight Indo kids was evidence of that.

The small Indo business people didn't even know what income tax was, much less pay it. 

So cease with your racist braying.

Billy Ram Balgobin posted:

 

 Make the GPF an effective crime fighting force. Our people, especially business people should not have to live in fear 24/7. 

Now why didn't the PPP think of that when they benefitted from gold royalties a few years ago?

caribny posted:

Billy Ram Balgobin posted:

 

 Make the GPF an effective crime fighting force. Our people, especially business people should not have to live in fear 24/7. 

Now why didn't the PPP think of that when they benefitted from gold royalties a few years ago?

They tried hard to build a disciplined force but did not have sufficient resources to what I think they can do with royalties from oil.  Oil should produce hundreds of times more royalties that Gold.