Guyana Government releases ExxonMobil contract

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OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

The Production Sharing Agreement (PSA) between the Government of Guyana and ExxonMobil affiliate Esso Exploration and Production Guyana Limited was released today at a special meeting held at the Ministry of the Presidency in Georgetown, Guyana. The agreement has attracted much attention in the media recently with several sections of society calling for its release.

It was also announced at the meeting by Minister of Natural Resources, Raphael Trotman that the recent Turbot discovery has pushed the total recoverable reserves so far to 3.2 billion barrels of oil.

ExxonMobil’s figures currently stand at 2.25 billion to 2.75 billion barrels total recoverable reserves in the Stabroek Block.

‘Unreasonable to compare Guyana’s PSA to those of more mature countries’ – Exxon Country Manager

Kimberly Brasington, ExxonMobil’s Senior Director, Public and Government Affairs told OilNOW in a previous interview that Exxon has always been “prepared to follow the law” regarding contract disclosures.

British High Commissioner to Guyana, Greg Quinn also in a recent interview said that the decision to release the contract was a welcomed one but should apply to all companies equally.

The contract is available for download below;

 

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