Historic oil contract released – Government and ExxonMobil host briefing for key stakeholders
DPI, Guyana, Thursday, December 28, 2017
The Government of Guyana today released the historic contract with ExxonMobil, CNOOC Nexen, and Hess under which several billion barrels of oil will be produced.
During a high-level presentation on the contract at the Ministry of the Presidency, it was disclosed that Guyana stands to gain some US$7Billion over a twenty-year period from the LIZA Phase One well only.
His Excellency President David Granger, Prime Minister Moses Nagamootoo and ministers of government attended the briefing.
The Opposition Leader and parliamentary opposition along with representatives from labour unions, civil society, academia, the business community, the media, the religious community and other stakeholders were invited.
The full contract was presented to all those in attendance and is available online at www.dpi.gov.gy/contracts
Minister of State Joseph Harmon hosted the briefing on behalf of government while presentations were made by Minister of Natural Resources Raphael Trotman and Exxon Country Manager Rod Henson. Minister Trotman gave a background and overview of the contract while Henson made a detailed presentation on the terms of the contract, focusing on those aspects which were renegotiated.
While all other stakeholder representatives attended, noticeably absent were the Opposition Leader and opposition members of parliament.