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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_imgSAN FRANCISCO–As their second straight losing season comes to a close, the Giants don’t have any plans to perform an autopsy.The ownership group has already mourned the end of the franchise’s golden era. The Giants plan to embrace the next generation, and in doing so, they’ll leave behind general manager Bobby Evans, a key pillar of their glory days.Giants CEO Larry Baer announced Evans was dismissed from his role Monday as part of a wide-reaching organizational shakeup expected to continue …last_img read more

first_imgThis promises to be a weekend full of shooting stars.Appropriately perched on the eve of Earth Day, which falls on Monday, one of the best meteor showers of the spring will send as many as 20 shiny objects flying through space every single hour, starting as early as Friday night but peaking Sunday night and early Monday.Related Articles California considers building new CSU campus W …center_img PG&E monthly bills set to rise in early 2020 last_img

first_img1 February 2013 The Biodiversity Management Plan for South Africa’s black rhinoceros aims to ensure the survival and sustainable growth of the country’s rhino population in the face of a changing environment and the ongoing threat posed by poaching. Gazetted last week by Water and Environmental Affairs Minister Edna Molewa, the plan envisages the continued existence of the global black rhino population through the continuation of viable populations of the two indigenous black rhino subspecies in natural habitats throughout South Africa. The short-term, 10-year goal is to achieve an average South African meta-population growth rate for the two subspecies of at least 5% per annum, so as to achieve meta-population sizes for the two subspecies of 3 060. The plan states that effective law enforcement, improved relations between neighbouring countries, effective criminal investigations and prosecutions, and the securing and monitoring of rhino horn stockpiles, remain key to minimising losses from poaching. Human resources should also be developed so that there are sufficient skills available to protect and manage black rhinos, while sustainable political and social support for rhino conservation efforts should be encouraged. Strict hunting guidelines are included in the plan to ensure proper control over the removal of animals from breeding populations, and to combat illegal hunting. The plan “will contribute significantly to the management and conservation of black rhino, presently under threat from poachers,” the Department of Environmental Affairs said in a statement on Tuesday. The Conservation Plan for the Black Rhino, which forms the basis of the Biodiversity Management Plan for the black rhino, was jointly developed by South African members of the Southern African Development Community (SADC) Rhino Management Group. The South African Rhino Management Group, which functions under the auspices of the International Union for the Conservation of Nature’s Rhino Specialist Group, is to manage the implementation of the plan, including the legally required approval of management plans submitted by rhino conservation bodies for adoption by the government. Source: SANews.gov.zalast_img read more

first_imgSale leaders underestimate just how much impact their sales force can have on the execution of their strategy.If you do not intend to lead with price, competing on price is a change of strategy. “But we are not competing on price,” you say, “We are competing on value.” This may or may not be true, but every time you match a competitor’s price, you have decided to compete on price. More still, every time you beat a competitor’s price to win new business, you are absolutely competing on price—and by doing so, changing your overall strategy.If your product or service isn’t undeniably the best in the category to the point that it defines that category completely, you cannot compete on product or service. “Our product really is better than our competitor’s,” you say. If you insist. Look, you know far more than I do. That said, almost everyone has a good product or service. If you lead with product, you are selling features and benefits. This means you are selling at too low a level to be compelling, differentiated, or a trusted advisor.When your salespeople compete on product without that actually being your strategy, they lose because they have decided to change your strategy.I know, you want your team to compete on value creation. You want them to be consultative, and you want them to be considered trusted advisors, peers of your clients. But when your sales force isn’t equipped to sell value, that’s the same as not having a disruptive, insight-based strategy.Some portion of your sales force will try to make selling easy by competing on price, when it is not to your advantage to do so, and by expecting the product to sell itself. It is likely that this isn’t  possible in an economy that is commoditizing everything it can.If you don’t want your sales force to change your strategy, then you cannot be responsible for changing the strategy either. This means you can’t allow your sales force to compete in ways that aren’t aligned with your strategy. Essential Reading! Get my 3rd book: Eat Their Lunch “The first ever playbook for B2B salespeople on how to win clients and customers who are already being serviced by your competition.” Buy Nowlast_img read more

first_imgPune – Ending weeks of speculation, Sanjay Kakade, the Bharatiya Janata Party’s (BJP) Rajya Sabha MP on Sunday finally announced that he would soon be joining Congress.Mr. Kakade, a prominent Pune-based realtor, had openly expressed his desire to contest from the Pune Lok Sabha constituency on several occasions in the recent past.“Given the changed circumstances in the country, I have decided to join the Congress. If the top leadership gives me a ticket, I will fight the election to the best of my ability. If not, I will abide by Congress President Rahul Gandhi’s decision and am willing to wholeheartedly perform whatever task is entrusted to me,” said Mr. Kakade.However, sources within the Congress said that while the BJP leader was welcome to join the party, there was no guarantee that he would be given a ticket. Mr. Kakade’s decision to join the Congress party comes in the face of stout opposition within the BJP to give him a ticket for contesting the Pune seat.However, the BJP MP’s entry is not likely to be taken too kindly by Congress loyalists in Pune, most of whom are opposed to Mr. Kakade’s induction in the party.The MP was earlier with Sharad Pawar’s Nationalist Congress Party (NCP) before being elected as an independent candidate to the Upper House and later joining the BJP. A known wheeler-dealer, Mr. Kakade is believed to have played a vital role in engineering BJP’s victory in the Pune civic polls in February 2017. “The Congress is accommodative of all religions and communities and has a rich heritage. Hence, I have decided to enter the Congress fold,” Mr. Kakade said, adding that the move would not affect his cordial relationship with Mahasrashtra Chief Minister Devendra Fadnavis. His disenchantment with the BJP stemmed from the allegedly ‘shoddy’ treatment meted out to him by Pune Guardian Minister Girish Bapat and BJP State president Raosaheb Danve.“It will be good to take on Girish Bapat. I am confident of polling 50,000 votes in Bapat’s Assembly constituency itself,” claimed Mr. Kakade. In 2017, Mr. Bapat had publicly censured Mr. Kakade’s induction of alleged criminals within the party before the civic polls.In the same year in December, Mr. Kakade had created a flutter after he predicted a dismal showing by the BJP in the results to the Gujarat election. He was later forced to eat his words after the party emerged victorious in the Gujarat Assembly poll. “I had not taken into account the impact of Prime Minister Narendra Modi’s personal ‘charisma’,” Mr. Kakade had said at the time.While one strand of opinion views Mr. Kakade’s exit as a possible setback to the BJP, the rebel MP’s exit is viewed with a sigh of relief by present Pune MP Anil Shirole and Minister Girish Bapat, who along with Mr. Kakade, were frontrunners for the candidacy of the Pune seat.Speculation about Mr. Kakade’s imminent exit from the BJP gathered momentum after the MP met with Nationalist Congress Party (NCP) chief Sharad Pawar in December last year just after the BJP’s poll debacle in five states. Likewise, he also held parleys with senior NCP leader Ajit Pawar last month in yet another indication of his growing disaffection with the BJP.last_img read more