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Is this an agreement that the old PSA is deficient?
Dear Editor,
Kaieteur News – The PPP/C Government of Guyana wisely listened to its citizens concerns and created a new PSA (Profit Sharing Agreement) for the oil sector.
With this new PSA, the Royalty has been upped from 2% to 10%, the cost recovery ceiling by the oil companies has been lowered to 65% from 75%, and there is now a 10% corporation taxation upped from 0%.
Did the PPP/C Government recognise that the old PSA (the ExxonMobil/Guyana Oil Contract) was DEFICIENT hence the need for the new PSA template?
By the creation of the new PSA the PPP/C Government of Guyana is acknowledging that that old PSA is deficient and not in the best interest of Guyanese.
Hence, the ExxonMobil/Guyana Oil Contract should be renegotiated.
Sincerely,
Sean Ori
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