ExxonMobil should correct misleading billboards - Jagdeo

ExxonMobil should correct misleading billboards – Jagdeo

Mar 16, 2024 ExxonMobil, News, Oil & Gas

Vice President, Dr. Bharrat Jagdeo

Kaieteur News – ExxonMobil Guyana should correct all misleading billboards it has erected across Guyana that suggest Guyana is getting 52% of its oil profit since they are misleading, Vice President Bharrat Jagdeo said on Thursday.

“I do believe that they should correct that misleading impression,” Jagdeo said.

At a press conference held at the Office of the President, the Vice President was asked by Kaieteur News whether he had “ordered the billboards removed” since he noted their inaccuracies a week prior.

“I don’t agree with those billboards they create the impression that they are financing everything in our country when they are not. So it conveys the impression that they take care of everything, schools and hospitals everything…that they are financing everything. That is the misleading (thing)…so…what they said is not inaccurate but it creates a misleading impression. I conveyed that already but we can’t (order removal) if people pay for their billboard space,” Jagdeo said noting that the billboards should be corrected.

The Vice President explained that the billboards suggest that “we are getting 52% of all the profits now, and that’s not so.”

“In fact it will always be more than 52% of the profits. It will be more than 52% because, if you get 50% of the profits and then 2% of the gross in royalty then it will be more than 52% of the profits.”

Jagdeo continued: “But what is not conveyed is that 75% of the revenue goes to now repay the cost of their investment. So it’s accurate the PSA says 52% or 50% of the profits but it conveys a misleading impression and it’s not just that one bill board. It’s several… that almost like they’re financing everything in this country. Oil and gas revenue now if we spend all that we collected in 2023 will finance less than 30% of our budget.”

Last week, the Vice President admitted that, “Exxon’s billboards are misleading.” While addressing matters related to the oil and gas sector, he said, “One thing I can agree with Vincent Adams on, is that these billboards that Exxon (is) putting up all around the place, is misleading in many ways… Exxon’s billboards are misleading. So they said Guyana receives 52% of all profits from Stabroek Block, 50% profit share plus 2%, they don’t speak about the 75% here going to cost recovery.”

The VP said that this ‘touting’ by the oil company makes, “people think it’s now”.

“In the future we will get a significant amount. (The billboard also states) more than $280B for Guyana since 2019. So these billboards can be misleading,” he said adding, “You believe they run the country when you look at these billboards. Very misleading sometimes, so I can agree with that.”

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