Guyana still to receive full 50% profits promised by VP Jagdeo

This brings Guyana’s full 50% profits into sharp focus, as was promised by Vice President and Chief Policymaker for the oil and gas sector, Dr. Bharrat Jagdeo. Concerns have already been raised about whether the Liza field will be drained by the oil giant before the country realises its full 50% profits as outlined in the 2016 Production Sharing Agreement (PSA). Currently, Exxon can take 75% of Guyana’s oil towards cost. The businessman pointed out that politicians gave Exxon the chunk of Guyana’s resources and collected 12.5% but is planning to welcome 50% profits in the future when production drastically declines. Guyana may never see full 50%More recently, former Finance Minister, Winston Jordan raised concerns that the country may never receive its full 50% profits from Exxon, as the government continues to ramp up oil production and approve more projects without ring-fencing.