Latest update August 3rd, 2026 11:39 AM
Latest News
- APNU walks out on Edghill at PAC meeting
- Barima COI empowered to recommend criminal, disciplinary action
- 13 Canadian firms now have full grip on Guyana’s gold sector
- ‘MV Barima salvage too urgent for lengthy tender process’ – Mahipaul urges Govt. to invoke emergency procurement powers
- Iran says negotiations with Oman over Strait of Hormuz in final stages
Who will benefit from out oil?
Mongolia’s Production Sharing Agreements require oil companies to pay signature and production bonuses which include:
1) The sum of US$ 500,000 as a Production Bonus if the average daily crude oil production is any month is equal or less than 5,000 barrels;
2) The sum of US$600,000 as a Production Bonus if average daily crude oil production for any month equals to or exceeds 5001 barrels but is less than 10,000 barrels.
3) The sum of US$700,000 as a Production Bonus if the average daily crude oil production for any month equals to or exceeds 10,001 barrels but is less than 15,000 barrels.
4) The sum of US$800,000 as a Production Bonus if average daily quantity of Contract Crude Oil for any Calendar Month equals to or exceeds 15,001 barrels but is less than 20,000 barrels.
5) The sum of US$1M as a Production Bonus if the average daily quantity of crude oil for any Month exceeds 20,001 Barrels.
Guyana’s contract with Exxon speaks nothing of a production bonus, much less one that is subjected to a sliding scale.
With such unfair provisions
We must ask ourselves: who really stands to benefit from Guyana’s oil wealth?
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