Govt to make contract with ExxonMobil public before year end

DPI, GUYANA, Thursday, November 30, 2017

The contract signed between the Government of Guyana and oil company, ExxonMobil will be made public in December on a date to be announced later.

Stena Carron drillship

State Minister, Joseph Harmon made the pronouncement today at a post-Cabinet press conference following a question from the media. Minister Harmon noted that the decision was taken at the cabinet level following consideration of all the ramifications, legal and otherwise.

“We recognise that there is a need expressed by our population for greater inclusiveness, for more information to be provided and we take those into consideration as well… We listen to the people and we are not deaf to the concerns that have been expressed,” the State Minister said.

Minister of Natural Resources, Raphael Trotman, had previously indicated that full disclosure was not within the national interest at that time, following calls by individuals and organisations for the Government to fully release the 1999 contract signed between itself and Exxon.

Aspects of the production sharing agreement between Exxon and Government have been released over time. Guyana will receive a royalty of two percent on gross earnings and benefit from 50 percent of the profits from the sale of petroleum once production commences in 2020.

 

By: Stacy Carmichael

 

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