Latest update November 13th, 2024 1:00 AM
EMGL Royalty Payment, a 200 Million Shortage
Dear Editor,
Reference is made to the ExxonMobil Guyana Limited Annual Report 2023 (https://nextcloud.a193.ca/s/bGE7oFxpYmoe7xM). In that report (Page 36), it is recorded that royalty paid is G$21,922,725,604.00, representing 2 percent of total revenue of G$1,108,897, 727, 566.00 (Table1).
However, the royalty paid is not 2 percent of total revenue; instead, it is only 1.977%. The correct royalty at 2.0 percent is G$22,177,954,551.32; and therefore, there is a shortage of G$255, 228,947.32 which EMGL must pay. A word of caution to policymakers: When dealing with large numbers, especially dollar values in billions and trillions, rounding percentage figures could result in serious shortages in the millions. Please round to no less than three decimal places to avoid this unfortunate misrepresentation, and only accept after verification.
As the old Russian proverb made famous in the West by President Ronald Reagan (https://en.wikipedia.org/wiki/Trust,_but_verify ): ‘Trust, but verify’.
Time to collect the two hundred plus million dollars, Guyana.
Sincerely,
Dr. C. Kenrick Hunte
Professor and Former Ambassador
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