Latest update February 2nd, 2026 12:59 AM
Janki dismisses Jagdeo’s claim that Chevron ‘will look out for Guyana’
…says Govt. should exit Lala-land and start acting in the national interest
International lawyer, Melinda Janki
Kaieteur News – International lawyer Melinda Janki has dismissed comments made by Vice President Bharrat Jagdeo that American oil giant Chevron, who recently gained access to Guyana’s Stabroek Block and is now a 30 per cent shareholder, could better serve Guyana’s interest.
In a statement on Monday, Janki responded to recent comments made by the Vice President during his press conference. Jagdeo was asked about the implications of Chevron’s entry into the Stabroek Block following its arbitration win against ExxonMobil, the block’s operator.
Jagdeo said there are no immediate implications, but suggested that Chevron’s presence as a rival to ExxonMobil, could serve Guyana’s interest. “…that tension between the two could serve our country better,” he told reporters. He used an example suggesting that if Kaieteur News fears cost inflation by Exxon, Chevron might share that concern as a shareholder, since inflated costs would affect its own profits.
However, Janki rejected that logic. She said, “No, it won’t. Chevron will look out for its shareholders and since Chevron’s Chairman Mike Wirth is a seriously intelligent man who just walloped Exxon, the Guyana government should exit Lala-land and start acting in the national interest.”
Vice President Bharrat Jagdeo
Janki further reminded that in December 2018, while serving as Opposition Leader, Jagdeo told the National Assembly that the Exxon deal was “a contract that would harm us for decades into the future” and accused the A Partnership for National Unity + Alliance for Change (APNU+AFC) Coalition government of selling out the country’s patrimony. “Mr Jagdeo’s assessment has stood the test of time. But, the PPP/C has not kept their 2020 election promises and has not ensured that ExxonMobil Guyana Ltd. complies strictly with its legal obligations as a foreign corporation,” Janki added. She pointed to ongoing litigation filed by citizens seeking to hold oil companies accountable and protect the country from financial harm, and accused the government and the Environmental Protection Agency (EPA) of siding with Exxon.
Chevron Corporation Michael Wirth
On July 19, this publication reported that Chevron Corporation is now a 30 per cent shareholder in Guyana’s Stabroek Block after completing the US$53 billion acquisition of Hess Corporation, following a favourable arbitration outcome regarding Hess’ Guyana asset. Exxon and CNOOC, the other partners in the Stabroek Block, had filed for arbitration to examine their preemption rights over Hess’ share. Had the outcome been different, Chevron had indicated it was prepared to walk away from the deal entirely.
Chevron, now a Stabroek Block partner, will not pay income taxes in Guyana directly. The 2016 Production Sharing Agreement (PSA) stipulates that the Minister responsible for petroleum must pay the equivalent of the companies’ income tax to the Guyana Revenue Authority (GRA) on their behalf. Under the agreement, up to 75 per cent of oil production is used to recover costs, the remaining 25 per cent is considered profit and is split equally between Guyana and the consortium, giving each 12.5 per cent. However, the consortium pays a 2 per cent royalty from its share to Guyana. From Guyana’s 14.5 per cent total take, the government must pay the oil companies’ taxes.
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