Dear Editor,
The recent spectacle at the Guyana Energy Conference, where Wood Mackenzie Chairman Simon Flowers described our nation’s resources as a “blessing” to the global oil industry, was a masterclass in corporate gaslighting. To the unsuspecting ear, it sounded like a tribute to Guyana’s burgeoning importance; to anyone paying attention, it was the sound of a predator purring over a defenseless feast. When these analysts dress their data in flowered language, we must be bold enough to strip away the makeup and see the “pig in lipstick” for exactly what it is.
The most jarring revelation in Mr. Flowers’ analysis was the casual admission that Guyana’s oil is being extracted at a break-even cost of just $26 per barrel. In a world where the global average ranges between $40 and $70, Guyana is providing the industry with the highest possible margins on the lowest possible overhead. This isn’t a “blessing” for the Guyanese people; it is a super-profit bonanza for ExxonMobil, CNOOC, and Chevron. If our oil is the cheapest to lift and the highest quality to sell, why is the owner of the resource—the Guyanese citizen—left with the bitter dregs of a lopsided contract while the corporations hoard the “advantage” for themselves?
Furthermore, the narrative that Guyana is “there for the corporations” to meet a global demand of 104 million barrels through 2050 should send a chill down every patriot’s spine. It confirms that we are being viewed as a strategic pantry to be raided, not a partner to be empowered. The industry’s desperate rush to develop 20 million new barrels by 2035 isn’t about our development; it is a frantic race to drain our reservoirs before the global energy transition renders these assets stranded. They are sprinting to empty our cupboards while the world is still buying, leaving us to face the eventual “Green Transition” with empty holes in the ground and a legacy of environmental risk.
We are told to marvel at the “massive” $10 billion annual investment flowing into our offshore blocks, but this is a financial mirage. Under the current “cost recovery” rules, we are effectively the ones paying for the equipment that extracts our own wealth. We are funding the very machinery used to underpay us. To call this an investment is a mockery; it is a revolving door of capital that ensures the lion’s share of revenue never touches a Guyanese bank account.
It is time we stop nodding politely while “experts” fly in to tell us how lucky we are to be exploited. We must see through the fog of “data” and recognize that a “blessing” for a corporation is often a curse for a sovereign nation if there is no equity in the deal. We are the ones providing the “advantage barrels,” yet we remain shackled to a deal that treats us like a footnote in a corporate ledger. The time for quiet gratitude is over; the time for agitation and a demand for a fair share of our own “blessing” is now.
Respectfully
Hemdutt Kumar
