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More FDPs mean more tombstones in economic graveyard
Jan 29, 2021 Front Page Comment, News
Kaieteur News – The costs associated with each new Field Development Plan (FDP) keep increasing steeply by billions of dollars. Liza-1, Liza-2, and Payara-3 have saddled Guyana with a US$18B in costs.
However, as we reported yesterday, Exxon is not satisfied with what it has already squeezed from us. It now wants to submit a fourth FDP for approval by December 2021. The costs associated with that fourth FDP are estimated to be another US$6-9B. When added to the costs of the previous Liza fields, Guyana would be indebted to the tune of almost US$30B, and that does not include interest.
Our feeble political leaders have placed us in this jeopardy. They now stubbornly refuse to renegotiate the oil agreements so that we can get a fair deal and reduce our future indebtedness.
Liza-1, Liza-2, and Payara-3 stand as the first tombstones in Guyana’s economic graveyard. And now with this proposed fourth oil project, our oil hopes will now be consigned to the burial ground of dreams. Based on our leaders’ shabby record of negotiation, Exxon should face little resistance in securing an expeditious approval of its fourth FDP.
Our leaders have betrayed us. Instead of riches, they are burdening us with multibillion-dollar bills. Guyanese, understand what is involved, and where YOU stand!
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