Peaking at the right time

first_imgIan Sangalang scored 16 points, Mark Barroca added 14 and Rome dela Rosa and Aldrech Ramos combined for another 22 with only two men failing to score for the Hotshots.The loss was the sixth in 10 games for the Dyip, whose aspirations for a franchise-first playoff appearance took a huge hit.Magnolia, last season’s Governors’ Cup champion, erected double-digit leads early and was 17 points up after the first two minutes of the second quarter as the Hotshots never looked back even with their shock troopers playing a huge chunk of the fourth quarter.Rashawn McCarthy led the Dyip with 19 points and rookie CJ Perez backed him up with 14. Jackson Corpuz scored 12 and completed a double-double with a night-high 11 rebounds.In Wednesday’s nightcap, NLEX survived the ejection of coach Yeng Guiao and kept its own playoff bid afloat with a 91-70 rout of Alaska.ADVERTISEMENT View comments Don’t miss out on the latest news and information. Tom Brady most dominant player in AFC championship history Photo by Tristan Tamayo/INQUIRER.netMagnolia coach Chito Victolero made use of all of his 15 men, shuffled them at a frenetic pace and didn’t play anyone longer than 26 minutes in an authoritative 109-83 dismantling of hapless Columbian Dyip for the Hotshots’ first winning streak in the PBA Philippine Cup.Not that he didn’t see Columbian as a foe that could beat them on Wednesday night at Smart Araneta Coliseum, but Victolero was already preparing his Hotshots for a truly tough grind in the coming week that will more or less spell where they will end up in the playoffs.ADVERTISEMENT Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award LATEST STORIES Rogue cops marked as Gamboa’s targets in his appointment as PNP chief Gretchen Barretto’s daughter Dominique graduates magna cum laude from California college Sports Related Videospowered by AdSparcRead Next MOST READ Ginebra beats Meralco again to capture PBA Governors’ Cup title Ginebra beats Meralco again to capture PBA Governors’ Cup title Eugenie Bouchard’s bid for Australian Open spot ends in qualifying Will you be the first P16 Billion Powerball jackpot winner from the Philippines? Japeth Aguilar wins 1st PBA Finals MVP award for Ginebra Ateneo tightens grip on top spot; National U stuns UP “I’ll start thinking of [Barangay] Ginebra now,” Victolero said after his team rose to 3-4. “It will be a tough stretch for us as we play three games in [the next] week. Our next games will be very important.”Magnolia clashes with Ginebra on Sunday before playing NorthPort on Wednesday and Blackwater two days after.FEATURED STORIESSPORTSGolden State Warriors sign Lee to multiyear contract, bring back ChrissSPORTSCoronation night?SPORTSThirdy Ravena gets‍‍‍ offers from Asia, Australian ball clubs“It is after that stretch where we will see where we will end up [in the rankings for the playoffs],” he added as he expressed satisfaction at the way his charges are peaking.“We’re getting there,” Victolero replied when asked if he feels that his Hotshots’ game could be considered at par with the way Ginebra, which is at 4-3, is playing. “Our run to the playoffs is getting better, we are getting our rhythm.” Nadine Lustre’s phone stolen in Brazillast_img read more

Ratio contract outlines 50% profit oil, 1% royalty for Guyana

first_imgNew oil contract releasedA contract signed between an international oil firm and the Guyana Government has been released, which shows that Guyana has accepted royalty payment of one per cent and a 50/50 profit-sharing arrangement.The contract which was released on Wednesday is that of Israeli-based oil exploratory firm, Ratio Guyana Limited and Government that was signed on the April 28, 2015.Ratio Guyana commenced negotiations with the previous Government for a petroleum licence within the ultra-deep water Guyana Basin area in mid-2012. AtRatio Guyana Limited operates in the Kaieteur Blockthe time, that area was known as “Annex B”.Negotiations were nearly completed when the October 2013 Anadarko/Venezuelan incident occurred. It took until the first quarter of 2015 before negotiations resumed.On April 28, 2015, according to the Natural Resources Ministry, the production sharing agreement was signed by both the then Government of Guyana and Ratio’s principals. The concession was then renamed the “Kaieteur Block”, and totals approximately 13,535 square miles.Ratio Guyana is in a joint venture partnership with Esso Exploration and Production Guyana Limited (EEPGL), a subsidiary of US oil exploration giant ExxonMobil, in the Kaieteur Block, offshore Guyana.Ratio Guyana Limited has a 25 per cent stake in the Kaieteur Block. Ratio Energy Limited has another 25 per cent of the Kaieteur Block while EEPGL has a stake of 50 per cent.The Kaieteur Block is located to the North and adjacent to the Stabroek and Canje blocks, approximately 250 kilometres offshore in ultra-deep water, where a 3-D seismic survey is underway. The Ministry said the release of this contract is in keeping with its commitment to release major contracts between the Government of Guyana and companies in the extractive industries.Close to two weeks ago, the Government also released a contract signed on February 12, 2013 with Canadian-based company CGX Resources Inc (CGX Energy).The agreement with CGX energy stipulated a 53 per cent: 47 per cent profit sharing. Under the ‘Cost Recovery and Production Sharing’ heading of the contract, it was found that the Government will receive a 53 per cent profit after recoverable contract costs have been satisfied for either crude oil and natural gas. CGX currently holds an interest in three petroleum agreements – the Corentyne, Berbice and Demerara Blocks – covering approximately 3.3 million gross acres offshore and onshore Guyana. The petroleum agreements between the Government and ESSO Exploration and Production Guyana Limited, CNOOC NEXEN Petroleum Guyana Limited, Hess Guyana Exploration Limited, were also released. These agreements also provides for a 50 per cent profit sharing and a two per cent royalty.The first oil contract to be released was that between ExxonMobil in late December 2017. However, this contract was only released following heightened public pressure from the general public.When it was released, it was revealed that it contains clauses for the company to put aside millions for local content, and makes provisions for them to be granted sweeping tax concessions. The contract was signed in June 2017 between the coalition Government, ExxonMobil and its partners in the Stabroek Block. In Article 15 of the contract, Exxon is exempted from paying Corporation, Excise or Value Added Tax (VAT) on its earnings from petroleum.Article 15.4 also provides for the Government itself to pay the company’s Income Tax. To facilitate this, the oil company has to submit tax returns to the Government. Article 32 also stipulates that Government cannot modify the contract or increase any fiscal obligation the company has.In addition to that, information was leaked to the media that Government secretly received US$18 million as a signing bonus from ExxonMobil which was kept in a private account at Central Bank. Since the revelation of this secret signing bonus, the emerging sector has been mired in controversy. Government had failed to disclose this transaction to the nation, despite several officials, including Natural Resources Minister Raphael Trotman, being questioned about it by the media.last_img read more