New oil reserve, cut the bull and bilge

Mar 17, 2024 Features / Columnists, The GHK Lall Column

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H@rd Truths by GHK Lall

Kaieteur News – Times change and people change with the times.  In Guyana, it is more the norm for people to change the timing of developments to suit their own objectives.

“…Guyana was a frontier basin years ago and everyone was excited about the discoveries…how big the basin might be and how many reservoirs have we penetrated. “But that focus has shifted to, of that discovered resource, can we monetize it and move it forward into economic development…”

Guyanese who are so inclined can curtsy to the speaker, ExxonMobil’s Guyana Country Head, Mr. Alistair Routledge.  England’s Queen Victoria was Empress of India, Exxon’s Country Head qualifies for Emperor of Guyana.  Look at how Jagdeo and Ali fall over themselves to get out of his way.  Mr. Routledge continued, “but the focus has shifted to…can we monetize it, and move forward into economic development…”

I think a translation is needed.  This is what Mr. Routledge was saying: when Guyana was in its infancy re oil discoveries, there was breaking to door to learn how much oil was found.  But now that Guyana can be counted as a seasoned oil power, news about how much new oil has been discovered is boring stuff, ho-hum,and humdrum.  Guyanese have better things to interest them, and so does Exxon.  The focus is making as much out of the discovered oil (“monetize) as fast as possible.  Of course, Routledge would not be Routledge if he didn’t throw in “we” and “economic development” into his sales pitch.  Guyanese do well to remember his billboards.

I have two questions for this remarkable oil baron from America.  It should be noticed that I omitted the ‘r’ word before baron, which was so popular in 20th century America.  Now for the questions: First, who is this “we” that he slides into the conversation and, second, this “economic development” which he pushes is for whom, besides Exxon’s shareholders, workers, and other stakeholders.  He may want us to believe that Guyanese have a place in his constructions, but only fools would fall for what I think is a sweetly camouflaged con (“we”).

Indeed, monetizing discoveries is happening at accelerating levels.  But where is the real money for Guyanese owners of this wealth plundered under the auspices of a piece of paper spawned in trickiness, and now blanketing Guyanese with darkness?  Please cut this bilge about “we.”  Simply reveal to the Guyanese people what is known about new discoveries.

Interestingly, Alistair Routledge is now such a proven salesman, one of those old-fashioned Yankee peddlers, that he has Guyana’s dearest son, Bharrat Jagdeo, repeating “monetizing” after him like some mechanical parrot.  All Guyana should appreciate why Exxon yanked back Rod Henson and replaced him with this resourceful enforcer on horseback answering to the name of Routledge.  He has really done a number on poor natives.

However, the man from Exxon was just warming up. “We are talking about developments and can we move the resource we found to date forward, what additional work needs to be done to reduce risks associated with that resource, do we need to find more in a particular area so we have sufficient energy density to make an economic project. So, we are not going to talk about that number going (forward). We are more focused on the projects.”

If that sounds like what Columbus and Cortez impressed upon the captive Indians, while pillaging their riches, it is.  This is the kind of poppycock and goldilocks tales that Generals Terry and one George Armstrong Custer shared with the Native Americans, while they laid waste to their land, and savagely wrested their wealth from their control.  That aside, when Mr. Routledge speaks about “monetizing” and “move the resource” and “additional work” and “reduce risks” he is full of that usual stuff.  Exxon is such a sprawling, multifaceted, and sophisticated oil powerhouse that it can afford to have all those activities occurring in tandem, and not with one waiting on the other.  To put this differently, Mr. Routledge is well aware that monetizing can go forward full blast, while developing, appraising (any additional drilling and modeling), and other aspects of oil operations can occur simultaneously.

Exxon is an old hand in this oil business, so this bull that he dumps on Guyanese about a “shift in focus” is just that: total bull, with the PPP Government-meaning Jagdeo-going along in total subservience.  Perhaps, the good and worldly-wise Mr. Routledge can explain this to Guyanese: how was it that once a discovery was announced in the past, the estimate of reserves followed in short order.  What has changed?  What is so difficult now?  Regarding why a leader like Jagdeo goes along with something like should be apparent to most expectant citizens.

First, more barrels found means more attention on Exxon.  Second, more attention on Exxon means more pressure building on both the company and the PPP Government to come clean on the new numbers.  Third, new numbers would mean intensified calls (from everywhere) for renegotiation of the roach-infested 2016 Exxon contract.  Hence, this is why Alistair Routledge dons his Chevy Chase hat and performs his routines.  Then, he gets Bharrat Jagdeo to pretend he is Eddie Murphy where new discoveries are concerned.  These guys have played so many games and tricks with this oil that Guyanese see through them.  Worst still, all those PPP propagandists selling Exxon only makes the company lose almost all credibility.

(The views expressed in this article are those of the author and do not necessarily reflect the opinions and beliefs of this newspaper and its affiliates.)

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• bilge, Change, Economic, GHK Lall, H@rd Truths

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