A very important event occurred at the end of last week that validated everything the PPP government’s been saying about our budding oil industry – that we better take what we can get – as quick as we can get it – while the going’s good!! And it came in the dry pages of the financial news which announced that Chevron – the US oil giant second to Exxon – was buying out the Hess Corp – which owns 35% of our Stabroek Block!!
Now what does this mean?? Exactly what your Eyewitness been telling you since 2015 – that oil’s gonna be with us longer than the woke crowd’s been telling us. And the turmoil in the international order’s making it more valuable than ever while it lasts!! OK…OK… we know that energy generating renewables are getting cheaper and they’re being installed all over the place. But what about the facilities in place?? That which is driving production for 8 billion people?? It’s all oil, gas and coal baby – and they’re not gonna be decommissioned for quite a while – if ever!! Remember when nuclear power was gonna take care of lof all our energy needs??And our Stabroek block got two out of three energy supplies that the world craves!!
And that’s why Chevron’s plunking US$53 billion to Hess to take it over. Well actually it’s plunking down the equivalent worth of it’s stocks – meaning that Hess will now be a part owner of Chevron. These oil companies got hundreds of experts working around the clock to project where the energy inductry’s going. And they’re saying that oil won’t spoil!! Just to put things in perspective, Hess’ annual revenues are around US$11Billion annually compared to US$235 billion for Chevron!! And the big enchilada Exxon rakes in US$376Billion annually and will obviously still retain its number 1 American rating!! For what it’s worth – the Chinese CNOOC owning 25% of Stabroek, generates annual revenues of US$62 billion. It’s no slouch!!
For Hess this buyout makes sense since as a smaller player that was started in the 1930’s by a 19-year-old fella named Hess from New Jersey, buying a single truck to distribute oil – there’s safety under a larger umbrella!! Especially when that umbrella’s held by a company which was just given a renewed license to drill for and ship oil from Venezuela that had been embargoed up to now. While Chevron wants in on the bird in the hand presented by Hess in Stabroek, the latter will still get its share of that – while it looks on to see how far the bird in the (Venezuelan) bush will take it!!
For us, the move might a bit of insurance since Maduro’s gonna think twice about ruffling Chevron’s feathers – again!!
…who the Venezies are
There’s a healthy debate going on about who’re all these Venezies pouring across our Essequibo border. PNC’s Gary Bess – ex-GDF head who should appreciate these matters after all his training we paid for! – raised the matter a while back. He pointed out that these refugees may harbour fifth columnists or Manchurian candidates planted by the Maduro and company for that day when they’ll make a move on us.
That’s a very valid concern and we’re happy that the PPP government and the Opposition are taking the matter seriously. From where your Eyewitness sits – he KNOWS from experience that all Venezuelans have imbibed the notion that Essequibo is theirs. And if they’re shown they’ll become number one if Essequibo’s annexed, then most of them will support Maduro’s gambit. Right now, they’re accepting every and all low-paying jobs because they can’t do better – but…!
The only ones we might trust are those of Guyanese parentage. They were number two there – and now are number 1 here!!
…Exxon’s “expenses”
Imagine the Exxon HQ, their campus, SUV’s, US$4000 tickets to Houston, housing – including that complete floor at the Marriott! – and furnishings for their employees etc, etc. are all expensed from their Stabroek revenues!! Isn’t that rubbing it in??
