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‘No new oil projects until Guyana gets full 50% profits’ – APNU tells Govt.
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Kaieteur News
‘No new oil projects until Guyana gets full 50% profits’ – APNU tells Govt.
The remaining 25% is then split with Guyana as profits, meaning the country collects 12.5% of profits.
After Exxon recovers its investment, the country will be entitled to 50% of the oil produced, after the operator takes out operating expenses.
To date, seven oil projects have been approved while only four are currently producing oil.
Efforts made by this newspaper to clarify with government whether Guyana is currently receiving its 50% profits were unsuccessful.