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2023 oil earnings by Guyana: $30 billion GYD 2023 oil company (Exxon, Chevron, China National) profits from Guyana: $1.3 trillion GYD https://www.kaieteurnew
by walterbell 2y ago
2023 oil earnings by Guyana: $30 billion GYD
2023 oil company (Exxon, Chevron, China National) profits from Guyana: $1.3 trillion GYD
https://www.kaieteurnewsonline.com/2024/10/15/exxon-says-dont-compare-guyanas-contract-terms-with-those-of-suriname/ https://www.kaieteurnewsonline.com/2024/10/15/exxon-says-don...
> Exxon is the operator of the Stabroek Block, with 45% interest, Hess Guyana Exploration Ltd. holds 30% interest and China National Offshore Oil Corporation (CNOOC) Petroleum Guyana Limited holds 25% interest. Last year, the three companies earned $1.3 trillion in profits – entirely tax-free in Guyana.. the Stabroek Block partners are allowed to recover 75% of the oil produced to recover their investment costs, the remaining 25% is considered profit, which is split between Guyana and the Stabroek Block consortium, giving each 12.5%.
> However, the consortium pays a 2% royalty from its share to Guyana. From its 14.5% Guyana then has to pay taxes for the oil companies... for 2023, the Government of Guyana (GoG) had to pay the combined sum of $306 billion in income taxes for ExxonMobil Guyana Limited and its Stabroek Block partners, Hess and CNOOC according to the companies’ audited financial statements, while for the same period Guyana earned $336 billion from its oil.
- profsummergig 2y agoUnsustainable. Things will probably change after enough Guyanese find out.
- onlyrealcuzzo 2y agoChange how? Like they changed in Venezuela? Venezuela nationalized oil production in 71, it collapsed 50% within a few years, briefly rebounded, and is currently down almost 90%. That didn't work out for Venezuela.
- PittleyDunkin 2y agoWell they're no longer beholden to american corporations. That's a massive win; the market will 100% swing back in their favor eventually.
- onlyrealcuzzo 2y agoYou consider it a "massive win" going from - per capita - the 4th richest country in the world [1] to one so poor you have an ~82% food insecurity rate and ~53% in extreme poverty [2]? [1] https://en.wikipedia.org/wiki/Economy_of_Venezuela https://en.wikipedia.org/wiki/Economy_of_Venezuela [2] https://www.ohchr.org/en/press-releases/2024/02/venezuela-un-expert-calls-human-rights-not-charity-end-hunger-and https://www.ohchr.org/en/press-releases/2024/02/venezuela-un... That would be worse than Qatar turning into Venezuela. Venezuela was richer than Qatar - by quite a bit. I think people fail to grasp how good things were in Venezuela before 71.
- blackhawkC17 2y agoFor those wondering, these figures are quoted in the Guyanese dollar, not the U.S. dollar. 1 Guyanese dollar equals 0.0048 USD.