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

Vuk’uzenzele: How to start a business in South Africa

first_imgYou have a great business idea, but how do you make it a reality? As part of our Vuk’uzenzele series, we will look at how ordinary South Africans can play their part and use their entrepreneurial skills to not only better their lives, but also the lives of people around them. In this infographic, we guide you through the process of starting your own business.Click to view larger imagelast_img

Tshepo10K: inspiring South African youth with skills

first_img11 November 2015The City of Tshwane, along with a number of stakeholders and partners including Absa, the National Youth Development Agency (NYDA) and the University of Pretoria, wants to continue to train, up skill and inspire more of the city’s young people to be willing and able enough to start up their own businesses in order to combat a sluggish local economy.The city’s Tshepo10K, launched in 2013 and aimed at providing skills training and employment opportunities to 10 000 of the city’s youth, has begun to bear fruit.Sam Makhura, @CityTshwane Supply Chain Performance Specialist shares his experiences working with #Tshepo10k pic.twitter.com/gymv9EggyI— City News Tshwane (@TshwaneHerald) November 6, 2015At a presentation on 6 November 2015, the first top performing Tshepo10K beneficiaries and their stories were highlighted to media, invited guests and the public.In his keynote address, Tshwane Executive Mayor Kgosientso Ramokgopa thanked the stakeholders involved in the project and congratulated the young people on their achievements. He assured them the city would support them as they went forward.Thanks to the following stakeholders for supporting #Tshepo10K initiative; @Tukkies, @Absa, @NYDARSA and GEP— City of Tshwane (@CityTshwane) November 6, 2015Today @MayorOfTshwane acknowledges, recognizes & pays special tribute #Tshepo10k, an initiative he launched in 2013 pic.twitter.com/KukKhG0XrG— Tinyiko L Mokgobi (@lolomokgobi) November 6, 2015Tembeka Mhlekwa, Tshwane’s head of economic development, who also spoke at the event, said she was happy with the progress of the project so far, and hoped that it would be a prime example for other municipalities on how to tackle youth unemployment.Head of Economic Development #TembekaMhlekwa thanks @lolomokgobi for supporting #Tshepo10k and developing its logo pic.twitter.com/ShlUs3XPjr— Subesh Pillay (@SubeshPillay) November 6, 2015The multimillion-rand project includes a collaboration with the University of Pretoria to train unemployed young people with a number of rigorous and intensive business management courses.These offer them the chance to learn practical and necessary skills and expertise to start businesses that grow and succeed. The training includes learning how to use that business to successfully tender for government procurement contracts.After training, the candidates then form business co-operatives and are placed in internships in the city’s various utility departments, such as electricity and energy, water and sanitation, roads and transport, housing and human settlements, and environmental management. More than 190 co-operatives have already been established through the project. These businesses operate across the Tshwane municipality and bring much-needed services to residents.Jointed five Co-operative from Hammanskraal at #Tshepo10K Top Achievers Event pic.twitter.com/c2GkT2ZW4d— City of Tshwane (@CityTshwane) November 6, 2015Lesedi T Ten K Co-operativeLebogang Maanga, one of the first through the programme, is the chairperson of the Lesedi T Ten K Co-operative, owned together with four partners.Maanga received a grant to set up the co-operative from the NYDA and used it to fund the office equipment for the business. “We named our co-operative Lesedi because we saw light at the end of the tunnel. The project has provided us with administrative skills such as how to quote for our services,” she said.The key milestones for their co-operative, Maanga explained at the event, included sending out letters of demand on behalf of the city, providing cleaning services at Rosslyn electricity depot, repairing street lights in Soshanguve, and erecting soccer pitches around the city.The journey wasn’t easy but each step was worth it – Tembeka Mhlekwa #Tshepo10K top 100 achievers ceremony pic.twitter.com/gBVEkArl37— Tinyiko L Mokgobi (@lolomokgobi) November 6, 2015“(The co-operative has) created 64 jobs,” said Maanga, but she acknowledged that the journey had not been easy. “At times we faced financial challenges but through hard work, determination, sleepless nights and continuous support from the city, we were able to get here.”The Lesedi team is now able to live fruitful and productive lives, while using their business acumen to improve the lives of others in their community.Speaking about Lesedi’s future and the success of Tshepo10K, Maanga said they were “determined to work harder, and not only focus on quantity but also ensure that the service and goods we provide is of high quality”. They plan to grow the business and involve more unemployed youth.Eco Factory Co-operativeEco Factory, in the Ga-Rankuwa industrial park, produces low-cost school desks, helping the Department of Basic Education to address the needs of schools and supply quality school desks to poor schools across the country.The desks are made in South Africa from the wood of invasive alien trees cleared by previously unemployed workers. Eco Factory’s David Makobe said Tshepo10K had helped him understand business and procurement processes, a skill he never had before.Hlabollo Primary Co-operativeAnother beneficiary, Lucky Malatji of Hlabollo Primary Co-operative, works in the housing sector. He said that thanks to skills learned with Tshepo10K, the co- operative was awarded a project for ready-mix concrete valued at R200 000 as well as a storm water maintenance project valued at R400 000. The group employed 30 previously unemployed youths.Funding, though, is one of main challenges to the survival of the co-operatives, and Tshepo10K urges more interaction with the private sector to help make these small initiatives work better.“There has been resistance from buyers to utilise Tshepo co-operatives. But recently they have started warming up to us,” said one co-operative member.MMC @SubeshPillay explains how Tshwane’s #Tshepo10k work. pic.twitter.com/ZMAbP8c3wk— Tendai Joe (@Tendaijoe) November 6, 2015Youth were a key element in Tshwane Vision 2055, said the member of the Tshwane mayoral committee for economic development, Subesh Pillay. “The city believes its young residents will be the flag bearers and reap the benefits of the city in the future.”Proceedings ended with a song for the Tshepo10K project, written and performed by one of its beneficiaries who hoped to inspire the next group of young people to take hold of their future.#Tshepo10k theme song. Beautiful pic.twitter.com/zlT1JvOd1D— City News Tshwane (@TshwaneHerald) November 6, 2015Source: South African Government News Websitelast_img read more

Punjab acted on early alert

first_imgThe Punjab Police issued the first of its alert on Dera Sacha Sauda chief Gurmeet Ram Rahim Singh’s supporters turning violent in case of an adverse verdict on August 13, indicating the build up and violence being planned by the Dera followers, a Punjab police official told The Hindu. Additional Director General, Punjab, Hardeep Singh Dhillon said the instructions to field units were sent on August 13 and they liaised with the Army well in advance.“As soon as the verdict was announced and violence was reported, we mobilised the Army in five mins, as we had already liaised with them. Curfew was imposed immediately at places where we expected trouble. We asked the Haryana administration several times to tell us the date of the verdict as we didn’t want to be caught napping,” Mr. Dhillon said. On August 22, three days before the verdict was announced at a special CBI court in Panchkula, the Punjab Police had issued an internal order that the Dera properties had “started storing petrol, diesel in drums at Naam Charcha Ghars in Faridkot; they have also stored sharp edged weapons and stones on the roof of the Charcha Ghars. On 25.8.2017, if the Hon’ble court would give verdict against Gurmeet Ram Rahim then devotees can use petrol and weapons to harm/destroy the government/public properties,” the communication said. The Centre has refused to hold the Haryana government responsible for its failure to avert Friday’s violence and arson in Panchkula and Sirsa where 32 people were killed, even though intelligence agencies said multiple alerts were issued a month in advance. No casualties were reported in neighbouring Punjab, which also has many Dera ashrams. Home Minister Rajnath Singh held a high level meeting at his residence on Saturday, which was attended by National Security Advisor Ajit Doval. Speaking to reporters after the meeting, Home Secretary Rajiv Mehrishi said, “DGP Haryana assured the situation is under control. In an ongoing situation, we cannot blame anyone (on Haryana government’s role).”Mr. Dhillon said it was difficult to identify and segregate the Dera followers on the streets. “They were moving around in normal clothes and in private cars, difficult to have stopped each vehicle to check their presence. This is why we enforced curfew in Punjab.” He added that 18,000 police personnel were mobilised and put on alert in the State.last_img read more

Falcons strengthen grip of 3rd spot, rout Bulldogs

first_imgQC cops nab robbery gang leader, cohort After trailing 72-48 heading into the fourth, the Bulldogs managed to cut the deficit to nine, 79-70, with J-Jay Alejandro capping off a 22-7 run with a three-pointer 2:57 left in the game.The Falcons, though, kept its composure and answered back to take a 13-point lead, 85-72, after Jerrick Ahanmisi drilled a long two-pointer with 1:52 left.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutAdamson head coach Franz Pumaren, though, wasn’t happy with the way his team handled the lead late into the game.“We’re not that good of a team to relax, we got that lead because we played the way we we’re supposed to do,” said Pumaren. Read Next FILE – Adamson guard Jerrick Ahanmisi. Photo by Tristan Tamayo/INQUIRER.netAdamson University tightened its hold of the third spot after scoring a commanding 90-77 win over National University in the UAAP Season 80 men’s basketball tournament Sunday at Mall of Asia Arena.The Soaring Falcons picked up their second straight win and improved to 8-4 while the Bulldogs are at solo sixth with a 4-7 record after missing a chance to tie Far Eastern University and University of the Philippines for the fourth spot.ADVERTISEMENT For the complete collegiate sports coverage including scores, schedules and stories, visit Inquirer Varsity. CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA Trending Articles PLAY LIST 00:50Trending Articles03:43Pagasa: LPA strengthens into Tropical Depression ‘Perla’02:28UAAP Season 80 Preview: NU Bulldogs01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding Japan ex-PM Nakasone who boosted ties with US dies at 101 MOST READ Stronger peso trims PH debt value to P7.9 trillion Brace for potentially devastating typhoon approaching PH – NDRRMC Don’t miss out on the latest news and information. Kammuri turning to super typhoon less likely but possible — Pagasa LATEST STORIES Typhoon Kammuri accelerates, gains strength en route to PH NU eyes share of UAAP Cheerdance history; UP back View comments “When we let our egos get involved, that [blown lead] could happen, we’re just lucky we were up 20-plus points at the start of the fourth.”Ahanmisi and Jonathan Espeleta led Adamson with 16 points apiece while Papi Sarr had a 14-point, 12-rebound double-double. Alejandro led the Bulldogs with 18 points and 10 rebounds while Rev Diputado added 14 points.ADVERTISEMENTlast_img read more

9 days agoLiverpool legend Kuyt: Klopp’s squad better than 2008/09

first_imgAbout the authorFreddie TaylorShare the loveHave your say Liverpool legend Kuyt: Klopp’s squad better than 2008/09by Freddie Taylor9 days agoSend to a friendShare the loveLiverpool legend Dirk Kuyt says the current team is better than the 2008-09 squad.Managed by Rafa Benitez, the Reds finished second behind Manchester United that year with a squad featuring Fernando Torres, Steven Gerrard and Javier Mascherano.And Kuyt thinks Jurgen Klopp’s side will go one better this season.”We were very close to success,” Kuyt told Liverpool’s official website of the 2008-09 squad, “we just missed a small detail to go one step further.”With the likes of Stevie [Gerrard] and Jamie Carragher, Mascherano, Torres and other very good players, we just missed a little something.”If you see the build-up of the team of Klopp, you see it progressing every time and it looks like it’s now coming to success also in the Premier League. We were a particular team like that, only we couldn’t go one step further at that time.”Hopefully this team will do it because, in my opinion, this team now on the pitch is even better than ours.” last_img read more

Video: Two Kentucky Fans Recorded “Big Blue Train,” A Bluegrass Ode To The Undefeated Wildcats

first_imgKentucky fans play bluegrass song about Wildcats.When you’re undefeated and dominating the competition like No. 1 Kentucky is, you’re bound to inspire passionate fans to drum up unique ways to express their love and appreciation. What better way for two fans to show their devotion to UK basketball than with a little Bluegrass tribute?That’s what the Jenkins twins decided to do. They recorded a musical ode to their beloved Wildcats, complete with shout outs of every key player, and jokes about Roy Williams, Rick Pitino and Bill Self drinking vodka. The chorus of the song features the line “We’re going to ‘Nap town on this Big Blue Train.” It’s a reference to Indianapolis, or ‘Nap Town, where the 2015 Final Four will be held.All in all, it’s entertaining in a quirky and hilarious way. [H/T : @KySportsRadio ]last_img read more

Aurora Cannabis to supply medical pot to Mexico through partnership

first_imgCompanies in this story: (TSX:ACB)The Canadian Press EDMONTON — Aurora Cannabis says it will supply medical cannabis to Mexico through a partnership with pharmaceutical manufacturer and distributor Farmacias Magistrales.Farmacias recently got the green light to import cannabis, which Aurora says is the first and only import license granted by federal Mexican authorities to date.Aurora’s chief executive Terry Booth says the exclusive partnership expands the cannabis grower’s early mover advantage in Latin America.The Edmonton-headquartered pot producer says Farmacias has a reach of roughly 80,000 retail points, and 500 pharmacies and hospitals across Mexico.It adds that Farmacias has also received licences from Mexico’s Federal Commission for Protection Against Health Risks to manufacture and distribute products with CBD and THC.Shares of Aurora rose as much as 10 per cent to hit $7.82 in intraday trading on the Toronto Stock Exchange.last_img read more

Progress being made on establishing a nursing school in Northeast BC

first_imgFORT ST. JOHN, B.C. – Officials with the Peace River Regional District and the provincial government say that progress is being made on getting a nursing school established in Fort St. John.The news comes on the tail of last Wednesday’s announcement that the provincial government had approved the concept plan for major upgrades to the Dawson Creek Hospital. During that announcement, Health Minister Adrian Dix acknowledged the hospital’s staff who “a great place, regardless of what the facilities are like.”“We owe it to them to ensure that they practice the passion of their lives – caring for people – in the best possible facilities,” said Dix. While the newly-renovated hospital might provide a less stressful facility for healthcare workers, B.C. Auditor General Carol Bellringer said earlier this year that new facilities alone won’t solve issues with recruitment and retention of healthcare workers in Northeast B.C.In February, Bellringer released a report which said that Northern Health was not doing enough to recruit and retain registered nurses, especially in the northeast part of the province. As part of her recommendations, Bellringer said that establishing a nursing school in Northeast B.C. would help to better recruit and retain nurses in this part of the province.Weeks before Bellringer released the report, Fort St. John mayor Lori Ackerman said that talks on getting a nursing school established in Fort St. John were progressing, saying she expected to hear back from the provincial government in the Spring.Peace River Regional District Chair Brad Sperling, who was also at last week’s announcement, said that the latest news from the provincial government came at the North Central Local Government Association annual general meeting in Fort Nelson in May.“The program was virtually together and ready to go,” said Sperling. “That was in the beginning of May and they were hoping to have that down there in June. They did ask me if I would be prepared to head down there on a moment’s notice and the Board did approve that. Right now we’re just waiting to hear, but hopefully it’s on its way to the Minister.”last_img read more

Morocco Alcohol consumption in decline

first_imgRabat- A recent study conducted by Euromonitor International revealed a decline in the consumption of Alcoholic drinks in Morocco.The London-based market intelligence firm said that “Morocco’s dire economic situation” continues to negatively impact the performance of alcoholic drinks and the decline of volume sales.“There was a consensus among Moroccan consumers that, in order to save money, it was necessary to reduce spending on all non-essential goods and leisure activities. As a result, there was a shift in alcoholic drinks consumption”, said the research’s executive summary about Morocco. The research suggested that the Moroccan government’s continuous increase in consumption taxes “had a strong influence on the activities of alcoholic drinks companies as volume sales recorded a significant decline terms in 2012. The tax increase, says the market intelligence firm, boosted unit prices in alcoholic drinks. Consequently, the consumption of alcoholic drinks declined during 2012 and the consumption of contraband and clandestinely produced products increased. Marjane’s decision to cease selling alcoholic beverages in its hypermarkets throughout Morocco was also a crucial factor in the declining performance of the industry.“The company embarked on this strategy in an effort to attract more families who refuse to shop in outlets which sell alcoholic drinks for religious reasons”, added the research.The report mentioned the leading position of Group des Brasseries du Maroc, a local player that dominates sales of Alcoholic drinks in Morocco due to the fact that beer is the alcoholic drink most preferred by Moroccans. The research hailed the Group’s excellent distribution network and strong brand name in maintaining its leading position in the industry.Euromonitor International is expecting a modest performance for the alcoholic drinks industry in Morocco in the near future “While there remains a great deal of uncertainty about the depth and duration of the current economic downturn, the future performance of alcoholic drinks in Morocco is expected to remain negative throughout the forecast period”.A previous Reuters report ranked Morocco as the number one exporter in the Arab world. The kingdom allocates 37 thousand acres of land for the cultivation of grapes and vines used in wine production.© Morocco World News. All Rights Reserved. This material may not be published, rewritten or redistributedlast_img read more