The Guyanese government has hit back at critics who say the country will not receive equitable benefits from its oil production agreement with ExxonMobil.
The country, which is expected to begin oil production month in partnership with United States company, ExxonMobil within a, will receive 59 per cent of the proceeds from the operations.
Natural Resources Minister, Raphael Trotman, said this figure is within the expected percentage range for such agreements.
“One hundred and twenty billion dollars, that’s the Guyana government take, and by Guyana government, the people of Guyana.”– Guyana’s Natural Resources Minister, Raphael Trotman
“So, if the maximum is 70 and the minimum is 45 and Guyana finds itself taking in 59 per cent how is it that I could be accused or the government could be accused of giving away the wealth for less” Trotman said on a local radio show.
“Even at a low price of oil, GUY$10,000 (One Guyana dollar equals US$0.004 cents) per barrel, Guyana will still earn approximately US$51 billion,” Trotman said.
The projection was made based on estimates by RYSTAD, an independent research company. However, it did not factor in possible earnings from additional discoveries by ExxonMobil.
Trotman later said updated figures by RYSTAD put projected earnings at GUY$120 billion.
“One hundred and twenty billion dollars, that’s the Guyana government take, and by Guyana government, the people of Guyana.”