‘Sorry for those expecting scandal bombshells’ – Fmr Natural Resources Minister

Must Read

We did not discuss Exxon; Guyana President says of meetings with Secretary Pompeo

During his meeting with U.S. Secretary of State, Michael R. Pompeo, Guyana’s President, Dr. Mohamed Irfaan Ali, said that...

Yellowtail could add another 220,000 bpd to Guyana output, 7 floaters on the cards – Hess

Though the Hammerhead area was targeted for the fourth development project in the Stabroek block offshore Guyana,...

Pompeo discusses leveraging Guyana’s wealth of natural resources with President Ali

Shortly after arriving in Guyana on Thursday, U.S. Secretary of State Michael R. Pompeo met with President Irfaan Ali, during...
OilNOW
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.

Following the much anticipated public disclosure of the petroleum agreement between Guyana and ExxonMobil, a former government minister who headed the natural resources ministry in the lead-up to the world-class Liza discovery said the agreement with the US oil major reflects ‘give and take’ since there is no such thing as a ‘perfect deal’.

Robert Persaud, a former Minister of Natural Resources and the Environment in the previous administration said the public disclosure of the contract cannot be ‘spun’ away, particularly by those who were expecting ‘scandal bombshells’ with its release.

Robert Persaud, former Minister of Natural Resources and the Environment

The former minister demitted office in 2015 after the multi-party coalition APNU+AFC defeated the PPP/C at the May 11 elections held that year. ExxonMobil’s announcement of the Liza 1 oil find came just days later on May 20 after the new government took up office.

Calls for the public release of the petroleum agreement with ExxonMobil had intensified in recent months with some sections of the Guyanese society questioning whether or not there was a sinister motive behind the non-disclosure.

Leader of the Opposition and former President Bharrat Jagdeo in a statement on Thursday evening claimed that the delay in releasing the contract was tied to “a sinister plan to squirrel-way” an US$18M signature bonus the new administration received when the amended agreement was sealed. Mr. Jagdeo did not elaborate on the ‘plan’ or provide supporting details.

The signature bonus is currently being held in a special account at the Bank of Guyana.

Other individuals have posited that the non-disclosure of the contract was meant to conceal major shortcomings in the terms that place Guyana at a disadvantage.

“Sorry for those who were expecting the ‘scandal bombshells’. In business as well as in politics, timing is critical. The timing was propitious, and, as conscientious Guyanese, we must not allow the ‘newly-minted oil pundits’ to manipulate or politically spin the reality of the country winning a decent ExxonMobil PSA,” Mr. Persaud said in a comment on his Facebook page on Thursday.

Turning his attention to the petroleum agreement originally signed in 1999 and modified in 2016, he said, “There is no prefect ‘deal’. There are only workable agreements which are the products of give and take”.

Guyana’s current Minister of Natural Resources, Raphael Trotman, said on Thursday at the unveiling of the contract that a number of factors and prevailing circumstances – some external – played a role in the agreement that was arrived at and he is of the view that the country will earn significant sums when oil production begins in 2020.

- Advertisement -

Latest News

We did not discuss Exxon; Guyana President says of meetings with Secretary Pompeo

During his meeting with U.S. Secretary of State, Michael R. Pompeo, Guyana’s President, Dr. Mohamed Irfaan Ali, said that...

2020 expected to be a ‘one and done’ recession as oil demand bounces back – API

The enormous challenges triggered by the COVID-19 pandemic this year have caused major disruptions to the global oil and gas industry resulting...

Yellowtail could add another 220,000 bpd to Guyana output, 7 floaters on the cards – Hess

Though the Hammerhead area was targeted for the fourth development project in the Stabroek block offshore Guyana, the high quality oil discovered...

Pompeo discusses leveraging Guyana’s wealth of natural resources with President Ali

Shortly after arriving in Guyana on Thursday, U.S. Secretary of State Michael R. Pompeo met with President Irfaan Ali, during which the two leaders discussed...

Department of Energy remains operational, actively involved in Payara negotiations – Vickram Bharrat

Guyana’s Minister of Natural Resources, Vickram Bharrat, told Members of Parliament on Tuesday that the Department of Energy (DE) remains operational and...

More Articles Like This