Chartered Accountant, Christopher Ram, is convinced that the Department of Energy is taking reckless decisions as these relate to the sale of Guyana’s oil.
Chartered Accountant, Chris Ram
His comments come on the heels of a Bloomberg report which states that Guyana is expected to receive bids for its oil from at least half a dozen traders, tomorrow. They hail from Houston, Geneva and London.
Bloomberg said that Guyana which has no experience in trading oil, sent letters to refiners around the globe inviting them to bid for three million barrels of light-sweet oil. But there is a catch.
Bloomberg found out from its sources the buyer must take the “unusual role” of handling “all operating and back office responsibilities” related to exporting the crude. It said that this was outlined in a document it perused.
On top of that, Bloomberg highlighted that the bids must be offered “face to face”. The news agency said that such a voyage is rare for traders, who do most of their business on instant-message platforms and by phone.
Considering the foregoing, Ram asserted that Guyana has officially embarked on a dangerous adventure while President, David Granger is asleep at the wheel.
The Chartered Accountant said, “I have never heard of a face-to-face bidding process. It certainly does not exist under the Procurement Act which I think ought to apply to the marketing of Guyana’s share of the oil that we obtained under the petroleum agreement.”
Ram said that the Bloomberg revelation raises questions about who is really advising the Energy Department on these matters. The Department which is housed in the Ministry of the Presidency is led by Dr. Mark Bynoe.
Ram said, “If he is allowed to take Guyana on such a dangerous limb, his management of ExxonMobil’s Stabroek Block petroleum agreement can be as disastrous and costly as (Minister of Natural Resources, Raphael) Trotman’s negotiations and signing of the agreement.”
In other words, instead of protecting the limited gains under the Stabroek Block Production Sharing Agreement (PSA), Ram opined that the Granger administration seems to be allowing Dr. Bynoe, someone with no experience or expertise in oil and gas, to take the country on a dangerous adventure.
“This needs to be stopped. It is grossly irresponsible and it is a path that even Bloomberg had to describe as unusual,” the concerned citizen concluded.