Guyana must now claim its full oil dividends

THE EDITOR, Madam:

ExxonMobil’s confirmation that the Stabroek consortium has recovered approximately US$55 billion in accumulated investment costs, two years ahead of schedule, marks a significant moment for Guyana.

Under the 2016 Petroleum Agreement, up to 75 per cent of production could be used to recover approved costs, with the remaining profit oil split equally between Guyana and the consortium. The contract has not changed; however, the existing formula should now deliver greater benefits to Guyana. President Irfaan Ali has announced that Guyana’s share of production has increased from 12.5 per cent to 39.8 per cent. This announcement must now be translated into tangible gains for the nation.

Our leaders must:

• Publish independently audited, project-by-project cost recovery accounts.

• Disclose monthly production, cost oil, profit oil, royalty and revenue figures.

• Reject inflated, unsupported or unauthorized expenses.

• Prevent new project costs from reducing Guyana’s increased share.

• Use future project approvals to secure improved royalties, taxation, ring-fencing, environmental safeguards and local participation.

• Invest increased revenues transparently in electricity, healthcare, education, housing, jobs, infrastructure and underserved communities.

Hon Albert Baldeo

Community Leader, Judicial

Delegate