Foreign companies boasting of Guyana’s wealth while Guyanese struggle to feed their families

Despite the abundance of natural resources discovered in Guyana, especially with the onset of oil production activities in the Stabroek Block, Guyanese across thecountryhavebeenstrugglingto providefortheirfamilies.

More recently, the foreign multinationalcompanieshavebeen boasting of the value of Guyana’s resources and its potential to drive theirgrowth.Ontheotherhand,the quality of lives for Guyanese remain stagnant, while some fear thismayevenchangefortheworse in the coming days with Guyana now being ranked a high-income nation.

Publisher of Kaieteur News, Mr.GlennLallbelievesthetimeis ripe for citizens to take a stand against what he describes as the “reap, rape and robbery” of the country’s resources, with foreigners bagging the lion’s share of the profits from Guyana, while thecountryanditscitizensremains impoverished, turning to lending institutionsforassistance.

Lallina recentpublicmessage explained,“Inoneday,threewhite people boasting about Guyana’s wealthandwhatitmeansforthem.

ThespokeswomanforExxonMobil the largest oil company on earth, boasting to the world, that Guyana is the future for that company Whereisourfuture?Whoboasting for the Guyanese people, the ownersofthatoil?”

Hewentontopointoutthaton thatsameday,itwasreportedthata Canadian gold company, that just enteredGuyana,toldtheirinvestors that the country has favourable mining laws, backed by a supportive government The businessman pointedly noted that this means the companies are allowed to do as they please on Guyana’smineral-richlandsasthe government is supportive of that. To this end, he asked, “Who is supporting you with your grocery bills?”

A third foreign company, as publishedinKaieteurNewsonJuly 27, 2023 said it was grateful to Guyana for contributing to its significant profits in 2023, despite the drop in oil prices. It was Hess Corporation, a 30 percent stakeholderintheoilrichStabroek B l o c k t h a t m a d e t h e pronouncement.

Lall responded, “Who is boasting about Guyana share of profits in 2023?” He said the Oppositionpartiesandgovernment are boasting about paying US$150 million in 2022 to service the country’s US$3 billion debt. The newspaper Publisher was keen to note that of the US$150 million paid last year, a whopping US$44 million alone was interest payments.

In this regard, he reasoned, “Our wealth is disappearing in the US billions, your gold, your diamond going out, your timber, yourmanganese,yourbauxite,and now your oil by the shiploads and plane loads weekly.” At the same time, he highlighted that “three quarter of our citizens can’t buy a pound of chicken to eat, or a tin of milktofeedtheirbaby.”

Lall, a stern advocate for good governance and transparency in Guyana urged that Guyanese stay awayfromworktoday,Monday Continued on page 3

ExxonMobil is gearing uptoexplorekeywellsinthe Fangtooth area of the Stabroek Block, before the endofthisyear,accordingto Greg Hill, Chief Operating Officer and President of Hess Corporation The American company is ExxonMobil’s partner, alongsideCNOOC.

Hill disclosed the company’s plans to drill the Basher-1 well, a deep prospect approximately seven miles west of Fangtooth-1,theLancetfish1 well situated around two miles southwest of Fangtooth-1, and the Lancetfish-2 appraisal well inthesamearea.

ExxonMobil’s local subsidiary,EssoExploration