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first_imgBy Charles S RamsonAttorney at LawOil and Gas ConsultantPresident Granger, as leader of the Government of Guyana, is ultimately responsible for re-negotiating the contract with ExxonMobil – a contract which will see Guyana missing out on earning well in excess of US$10 billion more, or over $2 trillion Guyana dollars more in revenue. This article is the first in a series of articles which would seek to identify how Guyana lost out in the re-negotiated contract with ExxonMobil, and in so doing, argues that this is the consequence of the APNU-AFC government’s determination to “go it alone” by excluding the political Opposition from assisting in the development of the oil and gas sector atCharles S Ramsonthis stage of its infancy.The contract with Exxon will trap Guyana for decades to come, even after the APNU-AFC loses power a la the situation with GT&T’s 40-year monopoly of Guyana’s international voice and data traffic awarded by the PNC in 1991, which has severely restricted the liberalisation of the telecommunication sector in Guyana for decades, causing Guyana to have some of the highest telecommunication rates in the region.In fact, Article 32 of the contract with ExxonMobil, which the APNU-AFC government has signed, has already trapped Guyana, since it states that there can be no re-negotiation of the contract unless ExxonMobil agrees. This, it goes without saying more, is flaw number 1, and will see not only the lost revenue amounting to billions of US dollars from the unfavourable fiscal terms of the contract, but the loss of an opportunity for another Government to correct the flaws in the now extant contract.It is important for readers to understand that ExxonMobil is a company and not a charity, and the governing principle for any company is to maximise shareholder value. Any deviation from that principle by any officer of a company is a serious dereliction of duty, likely to result in termination. This means that ExxonMobil is obligated to seek to obtain the best deal possible for its shareholders all around the world. It is also the job of any officer of ExxonMobil to seek to persuade the people of a nation they contract with that the deal was a “fair deal”. Exxon has essentially acted exactly the way it should act, and its shareholders should congratulate their negotiating team because they were able to obtain a pretty good deal on their behalf.On the other hand, it is the job of Government, as agents of the people of a country, to get the best deal possible on their behalf. Comparative facts on bargaining position evince definitively the Government’s profound asymmetry of expertise, information, and financial resources when compared with ExxonMobil. Before Exxon and Mobil merged, it was originally Standard Oil, founded by John D. Rockefeller in 1870 (the source of wealth of one of the wealthiest families in human history – Rockefellers) while this is Guyana’s first experience with commercial quantities of oil. ExxonMobil’s revenue for 2016 was almost US$220 billion, while the entire wealth of Guyana for 2016 was US$3.5 billion, making ExxonMobil’s revenue about 65 times larger than Guyana’s entire GDP. This naturally creates what in law and economics is referred to as an “inequality of bargaining power,” and will almost never result in Guyana getting a “fair deal”, judged from the perspective of the Guyanese people, unless oil and gas is treated as an apolitical issue.The political Opposition, the PPP/C, through its leader Bharrat Jagdeo, has wisely affirmed the position that the nascent oil and gas sector needs to be treated as apolitical, but the APNU-AFC Government has paid lip service to this notion of “working together,” and the re-negotiation of the contract with Exxon was a perfect perennial example of how the APNU-AFC Government’s words do not match its action. If the APNU-AFC Government was serious about treating oil and gas as an apolitical issue, then it would have engaged the PPP/C, as the political opposition, and involved them in the process of re-negotiating the contract with ExxonMobil.Flaw 2: Long exploration period and minimal relinquishment requirementThe Stabroek Block is one of the largest in the world at 6.6 million acres (26,800 square kilometres), yet the contract requires ExxonMobil to relinquish only 20% after the first renewal period (which adds up to 7 years), with a long exploration period (10 years) and a light work commitment (1 well in year 1 to 4, and one additional well in each of the subsequent three-year extension options).When one considers the size of the Stabroek block, the propitious geology of the Stabroek block, combined with the less favourable geology coming from some of the drilling logs from the other blocks, the current value of the quantity already found (around US$220 billion) with the likelihood of becoming bigger, the fact that Guyana is the second most prospective oil and gas basin in the world, the possibility of the serious de-emphasised use of oil in the next 30-40 years, Guyana will end up losing billions of US dollars in exploration and production investment, auctioning rounds, signature bonuses, and the high possibility of discovered oil which will never get an opportunity to see the light of day when it becomes uneconomical to produce.Part 2 will seek to highlight further flaws of the contract with ExxonMobil, which could have been avoided had the Granger government not been so myopic in its approach to re-negotiation. There is an old African saying: if you want to go fast go alone, but if you want to go far go together.last_img read more

first_imgThe BC government has announced a new centre in Fort St. John, to support immigrants looking to enter the oil and gas industry.Minister of Energy Mines and Petrolium Resources, and local MLA, Richard Neufeld is quoted as saying the Northern BC Newcomers Integration Services Centre, or NISC, will offer employment support, settlement support, and job matching, while helping to address the labour needs in the industry.The government also has the aim of encouraging immigrants to settle in Northern BC. It says 80 per cent of immigrants to BC currently settle in the Vancouver area, and hopes more information of the availablity of jobs would help these persuade immigrants to consider northern options. – Advertisement -However, in a weird twist, when we called the province today, we were told the centre actually opened about a month ago. Ministry of Energy, Mines, and Petrolium spokesperson Jake Jacobs says the announcement today was just to make the opening more official, and he expects a local grande opening sometime in January or February. The centre is located in suite 114, at 9907 99th Avenue. With a budget of roughly $336,000 dollars a year, the centre will be operated government funding, with a $100,000 dollar contribution from industry.Advertisementlast_img read more

first_imgOH, that hurt. That was a sock to the nose, eyes left too blurry to be exactly sure what was happening. Yep, that was some Pacific-10 Conference tournament for our local teams, if your tastes run to mortification and disbelief. Hey, a great practice has suddenly become all the rage with USC and UCLA. Now both teams are licking their wounds, trying to enter the NCAA tournament reconfiguring their suddenly unsteady psyches. UCLA will still be given either a first or second seed today and likely remain out West, but how USC is seeded or where it ends up is a complete unknown. The Trojans are 23-11, finished in a three-way tie for third in the Pac-10 and made it to the conference tournament final. All very impressive. Floyd said he hoped the NCAA committee would seed USC the same as any other conference third-place team, though he admitted, “If they watched today, it might be 16.” Anyone watching must have thought Dick Enberg had lost his senses when he told viewers the Trojans had actually won their first two games against the Ducks. No, come on, tell us what really happened. There is no question the Ducks are suddenly the biggest thing to hit the Northwest since the Oregon Trail. After losing six of eight, the Ducks have won seven consecutive games, each victory more impressive than the last. “Sometimes you can sense when a team gets on a special ride,” Oregon coach Ernie Kent said. “We’re on one now.” The Ducks blew out Arizona, Cal and now USC to sweep to a tournament title that was supposed to be earmarked for regular-season champion UCLA. But these Ducks looked a lot like the Bruins who swept to the conference tournament title last year and kept rolling all the way to the NCAA title game, a team peaking at exactly the right moment. They played unexpectedly strong defense, had a terrific inside-out game, ran the floor, hit the boards and shot the ball like they were dropping it into Crater Lake. Bryce Taylor threatened to outscore the Trojans by himself. The Oregon forward was what you might consider hot, as in center of the Earth run by guys with tails and pitchforks. Taylor hit every shot he took. Every 3-pointer, every field goal, every free throw. He finished with 32 points. He was perfect as a dream. Venus de Milo with arms. “That was one of the most phenomenal performances I’ve seen in college basketball,” Kent said. USC had absolutely no answer, for him or anything else in Oregon green. “It was embarrassing,” USC guard Nick Young said. “They came out playing with more intensity, came out fired up. They just played better tonight.” stephen.dilbeck@dailynews.com (818) 713-3607 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! The Trojans, who had played so well in winning their opening two tournament games, were left shell shocked. They weren’t angry, but numb. Not irate, but embarrassed. That sort of happens when you play in a conference title game on national television and find yourself trailing by, oh, a mere 39 points. The USC scrubs had to go on an 18-3 run at the end Saturday to make it only an 81-57 pummeling. You weren’t sure whether to offer the Trojans sympathy or condolences. “We’re going to treat it as an aberration,” USC coach Tim Floyd said. “I have a lot of belief in these young men. I think they’re going to come out and really have a great week of practice.” center_img Like it wasn’t bad enough that No. 4 UCLA made for the quick exit against a middling Cal team, USC had to one-up the Bruins by being completely dismantled in the tournament final by Oregon, apparently the greatest seven-loss team in the history of college basketball. The final offered more carnage than “300.” It wasn’t a game, it was Mount Vesuvius vs. Pompeii, baby seal vs. club. last_img read more

first_img Outsider: Lodrick Stewart came to USC from Seattle thinking as Washington as his rival more than UCLA. However, after three years as a Trojan, he said he is getting into the crosstown rivalry. “It’s kind of growing on me now,” Stewart said. “It wasn’t that big of a deal to me when I first got here. But everyone makes it such a big deal that I have to take it seriously.” Stewart remains bothered by the ankle he sprained Jan. 5 against Arizona State. He said it was really sore after Thursday’s Washington game, and that he has trouble pushing off for his jump shot. Stewart, who averages 12.6 points per game, scored just four Saturday against Washington State. Bad memories: USC’s returning players are still haunted by the UCLA games from last year. The Trojans blew an 18-point halftime lead at the Sports Arena to lose 72-69, then were blown out 90-69 in Pauley Pavilion. “Any time UCLA comes up, I always think of what happened last year,” Pruitt said. “We had that game at home and gave it away. I try to watch tape and figure out what we did wrong so we don’t do it again.” Matthew Kredell, (818)713-3607 matthew.kredell@dailynews.com 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGift Box shows no rust in San Antonio Stakes win at Santa Anita “I think Ryan’s going to try to play,” Floyd said. “I wouldn’t be surprised if he doesn’t play, but I don’t want to tell you he’s not going to play. I think he will try to play, and how effective he can be I don’t know.” Francis, who made a key steal at the end of the game against Washington State on Saturday, already has made his place as one of the best defenders in the Pacific 10 Conference. He is fourth in the conference with 33 steals. The Trojans need Francis’ defensive energy to disrupt UCLA point guard Jordan Farmar, a Taft High of Woodland Hills product. If Francis cannot go, Floyd said senior Dwayne Shackleford would start at point guard and Gabe Pruitt would handle more of the ball-handling duties. Francis received treatment and worked out on a bike during practice Tuesday. He will get further treatment from trainer Mark Pocinich today before determining his availability for the game. “It’s a pain thing,” Pocinich said. “He can move well but it’s just sore, so that tends to limit the muscle a little bit. We’ll give him another day to heal, work him out before the game and see what happens.” Ryan Francis did not practice Tuesday and will be a game-time decision against UCLA today because of a bruised knee, though the USC coaching staff and trainer sounded optimistic that the point guard would be able to go. X-rays on the knee came back negative. center_img “It’s just still tender and I can’t really bend it, so that’s really bothering me,” Francis said. “I just hope that we can get it better by icing it up and getting a little heat on it.” Francis bruised the knee in practice Monday while trying to take a charge from fellow freshman guard Sead Odzic. last_img read more

first_imgIn his new regular column, THE ROAD TO ESTIONA, Mick Coleman logs the run-in to the European Press Bench Championships later this year….“As I get ready for the european bench press championships a good friend of mine Ricky Mullan, a world champion powerlifter, invited me to train with him in a gym called the rockpit in lisburn a hardcore blood and guts gym as it’s known.There are two parts to the gym the weights side and a womens only gym next door but as many women use the weights side as the men they say they do it for a more intense workout something we encourage the female members of Energie Letterkenny to do. “On the bench press front it was a good weights wise with me doing 152.5kg with a bench shirt on since then i have do 155kg raw and 157.5kg with the shirt on. My bench shirt is only a cheap one that really not helping me at all i will buy a top of the range one and it could give me an extra 15 to 20 kilo’s on my bench. In the coming weeks i will be showing how the bench press uses every muscle in the body and not just the chest and arms.BUILT IN ENERGIE LETTERKENNY / POWERED BY NATIONAL IRISH BANK / FOLLOW ME ON DONEGALDAILY.COMTHE ROAD TO ESTONIA BY MICK COLEMAN was last modified: June 11th, 2011 by gregShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Ballybofeyletterkennymick colemanlast_img read more

first_imgTerrell Owens’ final practice with the Philadelphia Eagles was a perfect metaphor for the whole strange series of events that led up to it. T.O. was on one practice field, running routes by himself. Andy Reid, Donovan McNabb and the rest of the Eagles were practicing together on another field. Team here, T.O. over there. A few hours later, Owens was at home in Moorestown, N.J., cast out by Reid after a meeting turned nasty. Officially, Owens is suspended, but this had to be the end, his final act as a member of the Eagles organization. We’re well beyond the point where Uncle Andy can give young Terrell a timeout and hope his attitude changes. One to drop: Any owner who was counting on Philadelphia third baseman David Bell for major production is hurting anyway, but there’s really no reason to retain Bell at this point. This week, Bell’s average against right-handed pitchers fell to .197 and Phillies manager Charlie Manuel apparently is considering benching him. The bell is about to toll for his fantasy value. One to watch: What to do with Kerry Wood? When healthy and in the Cubs’ starting rotation, he’s one of the most valuable players in all of baseball. But it seems the Cubs are prepared to keep him in the bullpen for the rest of the season in order to save his tender arm. Wood is of little use to fantasy owners as a reliever, so watch his situation carefully in the coming days.— Rich Hammond FROM THE LIP “Why can’t I have a chance? I see players and what (teams) need, and you’re saying I don’t have none of that? That shocks me. Then I’m not a Hall of Famer … Sometimes I get to thinking about it and think I should have never played the game. I should have played football.” — Future Hall of Fame outfielder Rickey Henderson, 46, playing for the independent Golden League’s San Diego Surf Dawgs, wondering why no major league team wants his services. The last big-league team he played for was the Dodgers in 2003. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!center_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREThe top 10 theme park moments of 2019 If Owens is back on the practice field next week, he wins. Reid and the Eagles lose. And that doesn’t mean Owens wins what he really wants – a new contract. But it’s a victory for him to be allowed to impose his immature will on this team, to continue to disrupt and distract and disturb. If Reid has the grip on his team that he used to have, and that he must have to return to the Super Bowl, then Owens has to go. Trade him, release him, place him on a reserved list. Whatever the means, the end has to be the end. — Phil Sheridan, the Philadelphia Inquirer HOT . . . LUKE WARM . . . COLD FISH WAYNE GRETZKY It’s a great time for The Great One to bail the NHL out again, feeding himself to the Coyotes as a sacrificial coach and making himself visible and quotable. Then again, he does have an investment in the team to protect. A.J. FOYT The 70-year-old ex-Indy 500 champ ran over a nest of bees at his ranch in Texas was stung about a dozen times on his face, ears, neck, throat … and he refused to go to the hospital. That’s quite an impressive Foyt. FRANCISCO RODRIGUEZ See the ball, catch the ball. Will K-Rod’s mind cramp in Oakland end up costing the Angels the AL West? Maybe. At least that one play made us forget for a moment just how lousy Dodgers (former) closer Yhency Brazoban has been. FANTASY ISLAND MAYBE SCHMOLL IS NO AVERAGE SCHMOE A look at the week ahead for fantasy baseball owners: One to add: In need of saves? It might not be a bad idea to take a flier on new Dodgers co-closer Steve Schmoll, who replaces Yhency Brazoban, who replaced Eric Gagne. Nobody had heard of the guy before spring training this year, but he has decent stuff and the low-key attitude that might make him thrive as a closer. Duaner Sanchez will take some opportunities away from Schmoll but Sanchez is better served as a setup man. last_img read more

first_img “(The coaches) brought it up, that it’s important for us not to get caught up in that,” UCLA fullback Michael Pitre said. “They said it’s not an individual battle between quarterbacks. It’s not an individual battle between anybody. It’s a battle between UCLA and Oregon State.” For many of the Bruins who played with Moore, this will be the first time they see him since he abruptly left the program after a 47-22 loss to USC. Trying to downplay any game-week hype about the return of Matt Moore, several players said Bruins coach Karl Dorrell and his staff warned against the pitfalls of letting the quarterback’s return be a distraction during Sunday’s team meeting. Moore, who played at UCLA in 2002 and 2003, leads Oregon State into the Rose Bowl on Saturday. Moore, who sat out of football for a year and contemplated playing professional baseball before transferring to Oregon State, did not remain with UCLA during preparation for its bowl game. “When he was here, between me and him, we had no problems at all,” UCLA linebacker Spencer Havner said. “I don’t think he had a problem with anybody. It was like, one day he was gone. I really don’t take that personally. I don’t really know what his plan was. I think if I would have left, I probably would have had a plan, but it doesn’t bother me.” Moore transferred after he was replaced by current starter Drew Olson late in the 2003 season. But Dorrell said he couldn’t recall why he chose Olson late in that season. “I can’t remember and it’s not even important at this point in time,” Dorrell said. “We’re two years later and our team is playing very, very well, and we want to continue to move forward with all the positive things we’ve done.” Olson, who roomed with Moore as freshmen and battled for the starting job as sophomores, said he has no ill feelings. center_img “I got along with Matt my whole time here,” Olson said. “It’s just another football game, another team coming into the Rose Bowl. I look forward to playing them.” Odds and ends: Offensive guard Chris Joseph will have surgery to repair meniscus in his injured left knee this week. Because it is the same knee Joseph had reconstructive surgery on last year, the recovery time could be longer than anticipated and he may be out the rest of the regular season. … Kickoff for the Oct. 29 game at Stanford is 3:30 p.m. The game will be televised on Fox Sports Net. Brian Dohn, (818) 713-3607 brian.dohn@dailynews.com 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

first_imgHigh JumpT8. Forest Moses, 6-5.5 (1.97m) The women’s day on the track also saw Meghan Kearney advance to the finals of the 800 meters with a personal best of 2:14.03. For the men, Xavier Lechleitner earned the final spot in the 800-meter final at 1:54.20. Saturday Results Two men’ also advanced in the 400-meter hurdles as freshman Angelo Romagna had the day’s fifth-fastest time in 55.83 while Simon Perrotin secured the final spot in the final in 57.32. Victoria Coombe also claimed a spot in the women’s 400-meter hurdles final with the third-best time of the day at 1:03.66. 400-Meter Hurdles5. Angelo Romagna, 55.838. Simon Perrotin, 57.32 Long Jump3. Cloud Masibhera, 23-8.75 (7.23m) Those performances included school record, points in four events and nine more student-athletes advancing to Sunday’s finals. 3,000-Meter Steeplechase5. Olivia Rogers, 10:52.75 Later in the field events, senior Lexie Chapman scored in the shot put with a school record throw of 48-8 (14.83m) to finish eighth. Forest Moses ended the day by finishing in a tie for eighth in the high jump with a big personal best jump of 6-5.5 (1.97m) Olivia Rogers also scored for the Bulldogs with a fifth-place finish in the 3,000-meter steeplechase in 10:52.75, a 28-second personal best for the junior. Shot Put8. Lexie Chapman, 48-8 (14.83m) Aaron Chier followed with the fourth-fastest time at 10.68 while Victor Peka was sixth at 10.75. Friday, Maguranyang, Malau and Peka also qualified for the finals of the 200 meters. Live Results 400-Meter Hurdles (Prelims)3. Victoria Coombe, 1:03.66 TERRE HAUTE, Ind. – The second day of the Missouri Valley Conference Outdoor Track & Field Championship featured more standout performances for the Drake University men’s and women’s track and field teams Saturday, May 11. 800 Meters (Prelims)9. Xavier Lechleitner, 1:54.20 Sunday Heat Sheets Drake Individual Women’s Results100 Meters (Prelims)14. Keaton Kester, 12.2715. Sophia Jackson, 12.31 2019 MVC Outdoor ChampionshipSaturday, May 11Drake Individual Men’s Results100 Meters (Prelims)1. Kundai Maguranyanga, 10.522. Aobakwe Malau, 10.58 4. Aaron Chier, 10.686. Victor Peka, 10.75 ESPN+ Cloud Masibhera was the Bulldogs’ top scorer as he finished third in the long jump with a leap of 23-8.75 (7.23m). He hit that mark on his first jump of the afternoon and it held up through six rounds of competition to put him on the podium. Action on the track was highlighted by the Bulldogs setting up an opportunity for big points in the 100 meters as four men advanced to Sunday’s final in the event. Kundai Maguranyang had the fastest qualifying time of the day with a personal best of 10.52 to lead the way followed by Aobakwe Malau at 10.58. Malau’s time was the second-fastest of the day and also a personal best. Story Links Print Friendly Version 800 Meters (Prelims)6. Meghan Kearney, 2:14.0321. Lindsey Rowatt, 2:26.7824. Ellie Mendlik, 2:40.74last_img read more

first_imgGareth Harkin has re-signed for Finn Harps.Ollie Horgan has secured the signature of influential Finn Harps midfielder Gareth Harkin for the forthcoming League of Ireland Division One campaign.Harkin was outstanding in the second part of last season and was a firm favourite amongst the Finn Harps faithful.Harkin didn’t feature much in the earlier part of last season, but once he established himself in the side he became a key player. He was outstanding in their FAI cup victories over Avondale and Wexford Youths.Despite receiving a red card late on against St Patrick’s Athletic in the semi-final, Harkin was Harps best performer on the day.Harkin has been touted by a number of Irish League clubs during the off season.The former Coleraine midfielder was linked with a move to Institute, but he has decided to commit his future to Finn Harps. The signature will be warmly welcomed by the club’s supporters as Horgan continues to build his squad for next season.Horgan will be delighted he has secured the services of Harkin as he attempts to build a team that can challenge for promotion.Sean McCarron is also on the radar of Irish League clubs, McCarron has been linked heavily with a move to Institute.With Institute striker Stephen O’Flynn set to make the move to Linfield, Paul Kee is poised to make a move for McCarron.One player who looks very unlikely to return to Finn Park is Josh Mailey. Mailey has been linked with a move to Dungannon Swifts and is rumoured to moving to Stangmore Park in January.HUGE BOOST FOR HARPS AS HORGAN RE-SIGNS GARETH HARKIN was last modified: November 27th, 2014 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:finn harpsGareth HarkinHome-page SportnewsOllie Horganlast_img read more

first_img(CLICK HERE, if you are unable to view this video on your mobile device.)There’s a sense of normalcy surrounding the Warriors again, and, believe it or nit, it’s all thanks to Draymond Green.Golden State’s injured All-Star forward is finally set to return to the court and his return just may coincide with a patented winning streak.Green, who has missed 13 of the team’s last 15 games with a sprained right toe, has been cleared to play Monday night when the Warriors host the Minnesota …last_img read more