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

Mouser: vision and sensor fusion processor delivers 64-bit processing for ADAS applications

first_imgMouser Electronics now offers the S32V234 vision and sensor fusion processor from NXP Semiconductors. The S32V234 is designed to support safe computation-intensive applications in vision and sensor fusion applications, including Advanced Driver Assistance Systems (ADAS), front camera systems, pedestrian and object recognition, surround view, and machine learning.The NXP S32V234 processor combines a robust, heterogeneous mix of CPU, GPU and image processors to deliver high-performance processing, vision acceleration, and security features. The processor integrates four Arm Cortex-A53 cores running at up to 1 GHz with a NEON coprocessor and an Arm Cortex-M4 CPU. The Cortex-M4 allows automotive operating systems to interface with external devices separate from the Cortex-A53 CPU. The S32V234 processor offers 4 MBytes of on-chip system RAM and two 32-bit DRAM controllers with support for LPDDR2/DDR3/DDR3L, all with ECC memory. For image processing and vision capabilities, the device includes dual APEX-2 vision accelerators, a GC3000 3D GPU with surround-view support, MIPI CSI2 and parallel image sensor interfaces, and an embedded image signal processor. The S32V234 also offers an impressive array of connectivity features, including Gigabit Ethernet, Zipwire serial interface, dual CAN-FD interfaces, dual-channel FlexRay communication, and a PCI Express lane.The S32V234 provides a wealth of security capabilities, including an on-the-fly AES decryption engine and a Cryptographic Service Engine that meets Secure Hardware Extension protocol specifications. The device also features automotive safety compliance capabilities developed through NXP’s SafeAssure program, which helps manufacturers achieve system compliance with ISO 26262 and IEC 61508 functional safety standards.The S32V234 processor is supported the SBC-S32V234 Vision Prototype Kit, which offers options for Linux (Yocto) and AutoSAR operating systems. The SBC-S32V234 kit is supported by a complete series of enablement tools and the S32 Design Studio integrated development environment.Share this:TwitterFacebookLinkedInMoreRedditTumblrPinterestWhatsAppSkypePocketTelegram Tags: Chips & Components Continue Reading Previous Avnet Silica opens registration for European MiniZed SpeedWay design workshop seriesNext Rigol: real-time spectrum analyzers, electronic loads and decode options for oscilloscopeslast_img read more

State govt mulls alternative agriculture methods to tackle rain deficit

first_imgKolkata: Concerned over the dearth of rainfall in the districts of South Bengal, the state Agriculture department is working on alternative agricultural methods to ensure that the farmers can carry out cultivation without much difficulty.The preparation for sowing of Kharif crops kick off during June and by the middle of August, the process gets over. But the monsoon has been very feeble till date and as a result, the preparation of sowing could not be started yet. Also Read – Bengal family worships Muslim girl as Goddess Durga in Kumari Puja”Chief Minister Mamata Banerjee is concerned about the abnormal weather conditions and has given us necessary directions to ensure that the farmers are not inconvenienced in pursuing agriculture. She had instructed the department to adopt alternative agriculture methods, so that crops can be sown even if there is scanty rainfall. We are pinning hopes that the rain gods will smile at least in the last few days of this month. If there is reasonable amount of rain even during this period, we will be able to start preparations for Kharif sowing and by August it can be done,” said Asish Banerjee, state Agriculture minister. Also Read – Bengal civic volunteer dies in road mishap on national highwayThe average deficiency of rainfall in the state till date is 27 percent, courtesy of heavy rainfall in most of the districts of North Bengal. But in South Bengal, the percentage is as high as 60. As per figures of the department, the deficiency in rainfall is 62 percent in East and West Burdwan, 58 percent in North 24-Parganas, 55 percent in Nadia and 50 percent in East Midnapore. In districts like Birbhum, Bankura, Murshidabad, Purulia, South 24-Parganas and Howrah, the scarcity of rainfall is over 40 percent. The low amount of rainfall has led to minimum storage of water in the dams, which is also an area of concern for the state government. The minister said that the department is working on procedures of river lift irrigation and usage of submersible pumps at a number of places to facilitate sowing of Kharif crops. “We have already introduced the Bangla Krishi Sech Yojana to extend support to farmers in setting up micro-irrigation facilities that will ensure cultivation using less amounts of water. The technological intervention ensures that cultivation of crops, mainly fruits and vegetables, can be done with minimum water. We are also planning to extend this scheme to the maximum extent,” an official in the state Agriculture department said. The department has started campaigning among the farmers to create awareness on conservation of water and at the same time, urging them not to extract groundwater in an indiscriminate manner. The move comes in the wake of Chief Minister Mamata Banejee laying special emphasis on the ‘Jal Dharo Jal Bharo’ project for conservation of water.last_img read more