With optimism high about oil and gas production in Guyana being inevitable and much talk about the tremendous economic benefit this can bring to Guyana, many may be disappointed to learn that, according to sources, the country will receive less than 12 per cent of oil revenue when production starts within the next few years.According to sources, Guyana’s chunk of any oil revenue was pegged at less than 12 per cent. ExxonMobil anticipates it will begin pumping oil by 2020 – about 100,000 barrels per day in the initial stages.The Government was expected to renegotiate the exploration contract with ExxonMobil, but what is not known is if this 12 per cent is what was agreed to initially when this contact was inked 17 years ago or what was derived from the renegotiation process.When contacted, Natural Resources Minister Raphael Trotman said he was travelling in an emailed response and did not respond to Guyana Times’ follow-up email for a comment on the issue.In July, Finance Minister Winston Jordan had insisted that he requested a review of the contract with ExxonMobil, since this was Government’s way of ensuring that Guyana got the best possible deal from the extraction of oil when production began.“At the end of the day… you have to say whether we are doing what is best for the interest of the national population and I can tell you we are indeed doing that. A 2009 agreement or 2006 agreement or whenever the agreement was originally made was at a time when there was no discovery of anything, now there is oil,” Minister Jordan had said.While there has been much talk from the Government about the potential of oil revenues to transform Guyana, there has been very little information on what exactly is the Government’s share of the earnings.Already Guyanese were told not to expect too many jobs in the oil and gas industry here, as most of the jobs will be for foreigners with the requisite expertise.On May 20, 2015, ExxonMobil announced a significant oil discovery in the Stabroek Block with its Liza 1 well hitting more than 295 feet of high-quality oil-bearing sandstone reservoirs. Then, there was a second announcement in June 2016 that the drilling results from the Liza 2 well, the second exploration well in the Stabroek Block, located some 120 miles offshore Guyana, confirmed a “world-class discovery” of oil with a recoverable resource of between 800 million and 1.4 billion oil-equivalent barrels. Exxon’s Liza 3 well was spud last month and that result is expected in coming weeks.ExxonMobil Corp was recently fined a whopping US$74 billion for underpaying royalties in the central African nation of Chad where the company has been drilling for 15 years.According to international reports on the mega fine by Chad courts, the amount is about five times more than that country’s Gross Domestic Product, which the World Bank estimates at US$13 billion. The High Court in the capital, N’Djamena, announced its ruling on October 5 in response to a complaint from the Chad Finance Ministry that a consortium led by ExxonMobil had not met its tax obligations. The court also demanded the Texas-based oil giant pay US$819 million in overdue royalties.
Aguero’s penalty opened the scoring at and the Argentine forward netted again before Leroy Sane, who also contributed three assists, struck against his former club.Raheem Sterling, Bernardo Silva, Phil Foden and Gabriel Jesus all scored after the interval to complete City’s biggest home win in the Champions League.Pep Guardiola’s side, who lifted the League Cup in February, remain on course for an unprecedented quadruple, sitting one point ahead of Liverpool at the top of the Premier League before this weekend’s FA Cup quarter-final at Swansea.Sergio Aguero scored twice in Manchester City’s 7-0 thrashing of SchalkeThis emphatic victory was the joint-biggest ever Champions League knockout stage win but won’t linger long in the memory given Schalke’s total lack of resistence. However it could be a good omen as City beat Schalke en route to winning their only European trophy in the 1970 Cup Winners’ Cup.Twice a Champions League winner as Barcelona boss, Guardiola claimed this week that City are “teenagers” in the competition compared to the more established European powers.They have never won the Champions League, with their best performance a semi-final appearance in 2016 under Guardiola’s predecessor Manuel Pellegrini.But City are one of the favourites to claim the trophy after Real Madrid and Paris Saint Germain crashed out and, on this evidence, Guardiola’s players are up for the challenge of showing they are more mature than he believes.It seems only winning Europe’s elite club prize can make City fans fall in the love with the tournament.Once again they loudly jeered the Champions League anthem, this time in frustration at UEFA’s recent investigation into the club over allegations of financial misconduct.Guardiola had claimed it would be a “dangerous situation” to underestimate Schalke, but the struggling Bundesliga team were never a realistic candidate to spring a surprise.– Floodgates opened –Sergio Aguero was in predatory form in Manchester City’s demolition of SchalkeSprinting onto Kyle Walker’s pass, Sterling crossed for Aguero to shoot against a post in the opening moments.Guardiola’s men monopolised possession and their territorial dominance finally paid off in the 35th minute.Ilkay Gundogan clipped a pass into the Schalke penalty area and Jeffrey Bruma bundled over Bernardo, with the spot-kick awarded after being checked by VAR.Aguero stepped up to nonchalantly chip the penalty down the middle as Ralf Fahrmann dived the wrong way.Aguero has now scored in four successive Champions League games for the first time.That opened the floodgates as Aguero quickly put the result beyond doubt three minutes later.Sterling was the provider as he raced onto Gundogan’s pass and pulled the ball back to Aguero, who squeezed his shot past Fahrmann from a tight angle for his 27th goal of the season.An interminable VAR delay of several minutes while Sterling was confirmed as onside drew more boos from City fans.Leroy Sane shone against his former side SchalkeBut they were celebrating again in the 42nd minute.This time it was Sane who ripped open the shambolic Schalke defence, the German winger sent clear on goal by Oleksandr Zinchenko before driving a clinical strike into the far corner.City were streets ahead of Schalke in every phase of the game and Sterling maintained his sublime form with a cool finish from Sane’s majestic pass in the 56th minute.Bernardo made it five in the 71st minute, netting with a first-time shot from Sane’s pass.There was still time for Foden to bag his first Champions League goal as the young midfielder took Sane’s pass and slotted home in the 78th minute.Jesus beat Fahrmann’s weak attempted save with six minutes left to complete City’s perfect evening.0Shares0000(Visited 1 times, 1 visits today) 0Shares0000Manchester City players celebrate one of their seven goals against Schalke during a Champions League tie at the Etihad Stadium on March 13, 2019MANCHESTER, United Kingdom, Mar 13 – Manchester City thrashed Schalke 7-0 at the Etihad Stadium on Tuesday to romp into the Champions League quarter-finals and keep their quadruple bid alive.City had snatched two late goals to win the first leg 3-2 and they made the most of that fightback with a ruthless demolition job at the Etihad Stadium to clinch a 10-2 aggregate victory.