Your Eyewitness just noticed that, for the fifth FPSO that’ll be pumping oil from the Stabroek Block’s 13 billion boe (and counting) – the press reported that Exxon have moved away from the Dutch SBM that built the first four. They’ve now turned to a Japanese company, MODEC, that’ll pass on the job to a Chinese company just as SBM had a Singaporean company do the actual constructions. These are all billions of US dollars’ investments – all expensed to us, but of which we don’t even have – as far as your Eyewitness knows – their true costs! Exxon lease them for at least US$1.5 annually, and you know leases are expenses!! This illustrates the nature of the integrated global financial reality in which we now live.
But that report just reminded your Eyewitness of something that’s been nagging at the margins of his mind for years now. How come in Guyana the press always talk about Exxon – and sometimes Hess – two US companies “exploiting” us because of the “deal” Trotman signed off at the behest of the PNC back in 2016?? How come we almost NEVER hear about China National Offshore Oil Corp (CNOOC) – which owns 25% of the Stabroek Block – along with ExxonMobil clocking in with 45% and Hess with 35%?? After all, 25% of 13boe is not only a hell of a lot of oil, but if we’re being screwed, it’s a hell of a lot of screwing they’re also digging into us!!
Now, CNOOC’s a major player in the Chinese economy, which – like all modern economies – depends on energy. For the first half of this year alone, the offshore player’s profits exceeded US$6 billion – and a lot of that had to’ve come from our Stabroek Block!! That ain’t chicken feed!! So, here you have it, while the US is making all sorts of (angry) noises at China and its expansionist strategy for global hegemony, it’s quite comfortable with CNOOC pumping out our oil and shipping it to China!!
CNOOC also has considerable ownership of oil assets in the US of A!! But, last month, according to Reuters – it “sounded out potential buyers of its interests in U.S. oilfields – stepping up its retreat from Western nations amid sanctions’ concerns and calls for domestic investment…
“Earlier, it was reported that CNOOC was considering an exit from its operations in Britain, Canada, and the United States because of concerns in Beijing that those assets could become subject to Western sanctions – owing to China’s refusal to condemn Russia’s invasion of Ukraine.” CNOOC has already hired JP Morgan to check out the market for its assets.
So where does this leave us with CNOOC?? Your Eyewitness will bet his bottom dollar CNOOC wouldn’t let go of this Trotman-delivered gravy train!!
…on contracts awards?
Now, your Eyewitness has been around the block and then some when it comes to the relationship between business and Governments. Aren’t we witnessing – right now! – the unfolding scandal where a bunch of US kids just out of college could embezzle BILLIONS and billions by gaming the crypto currency market?? US Government regulators and the political elite looked away because their palms were being most heavily greased!! Plus it didn’t hurt that their Ivy League professors-parents were well connected!! Capitalism’s always synonymous with cronyism!!
Anyhow, some allegations have been made about there being anti-African racial bias in the award of contracts by the Government in its infrastructural and other development projects. The “proof” consisted of the Indian ethnicity of most awardees. But your Eyewitness has two observations. Firstly, the Tender Board has PNC members; are they being bribed?? Secondly, for a fair evaluation, shouldn’t there have been provided how many Africans submitted bids??
If the answer’s “not many”, then that’s a whole other story.
…of Black Stalin>
Calypsonian Black Stalin just transitioned at the age of eighty. Over the years, he’d copped five Calypso Monarch Titles, the TT Hummingbird Medal, and a UWI Honorary Doctorate!!
One title was for claiming the “Caribbean Man” was an “African Man”!!
