Latest update May 28th, 2026 12:35 AM
Latest News
- Two-year delay of Wales gas project costing Guyana $884M more
- Guyana, Trinidad refuse to sign CARICOM statement against US military action in Cuba
- Nurse hands over ‘weed’ snacks meant for Mazaruni Prison to police
- U.S. military strikes Iran facility after Trump says Iran is ‘negotiating on fumes’
- Exxon plans to reduce oily discharge in Guyanese waters – 9th project summary
I call on other politicians to follow the lead of Ramjattan
Dear Editor,
Kaieteur News on August 14th reported Mr. Ramjattan has gone on record to call for renegotiation of the oil contract. He has reversed his previous position of defending the contract. He had been a “fierce defender”.
Mr. Ramjattan, as leader of the AFC is the highest-level politician in Guyana to call for Renegotiation. Guyanese Activists for Renegotiation appreciate the wisdom and courage of Mr. Ramjattan–and hope other politicians including members of the ruling PPP and Opposition PNC would do likewise.
We note VP Jagdeo has said recently he would negotiate new fiscal terms for all future contracts. We disagree profoundly with that position. Most of the oil blocks have already been signed up – some ten oil blocks – only one Block, Block C, has not been signed up.
See this link for which oil blocks already have signed contracts: https://www.oggn.org/infographics/guyana-oil-blocks.html
The Stabroek Block with proven reserves of 11 billion barrels and with a royalty rate of 2% must be renegotiated. This 2% royalty rate is scandalously low. It is unconscionable for Exxon to insist on keeping this rate in place for the next 30-years. Exxon must be persuaded to raise the rate to at least what Suriname got, 6.25%. Compared to Suriname’s royalty rate (6.25% – 2%), at Av price $90 a barrel, Guyana stands to lose/forego $42 billion. (11 BB times 4.25% times $90 = $42 billion)
Too much money to lose. Stabroek Block must be renegotiated.
Regards,
Mike Persaud
Share this:
Discover more from Kaieteur News
Subscribe to get the latest posts sent to your email.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Sir. Ronald Sanders
The GHK Lall Column
Weekend Cartoon
