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Exxon and partners profits soar to US$29B in 5 years while Guyana received US$5.4B in 50/50 partnership
…OGGN demands answers from Government
(Kaieteur News) – Between 2020 and 2024, ExxonMobil, Hess and CNOOC, the Stabroek Block partners recorded massive profits, amounting to US$29B while barely US$5.4B flowed into the Natural Resource Fund (NRF) the nation’s oil account during the same period.
Highlighting this was the Oil and Gas Governance Network (OGGN), a non-profit body registered in New York, comprising Guyanese scholars based locally and abroad.
In a statement shared with this newspaper, OGGN demonstrated a stark difference in the profits received by Guyana and the oil companies. Notably, the 2016 Production Sharing Agreement (PSA) clearly states that profits should be shared equally between Guyana and the contractor. In addition to profits however, Guyana receives 2% from gross production as royalty. This means that Guyana’s total share should exceed the contractor’s.
Chart showing Guyana’s profits compared to the earnings of the oil companies.
OGGN however pointed out that Guyana earned far less than the Stabroek partners between 2020 and 2024 according to financial statements publicly available, an alarming development which warrants an explanation from the Government of Guyana (GoG).
The NGO explained that some US$9.1B is missing from the country’s oil account, in accordance with the Petroleum Agreement and financials of the three companies.
It said, “The core issue presented is straightforward: Based on a 50/50 profit-sharing model and a total estimated profit oil of US$29 billion, Guyana was expected to receive profit oil of US$14.5 billion. However, inspecting Bank of Guyana audited financial statements, see https://bankofguyana.org.gy/bog/publications/natural-resource-fund/audited-financial-statements, the actual amount of profit oil Guyana received from 2020 to 2024was US$5.4 billion.”
This therefore means that instead of 50% profits, Guyana only saw 18.6% of profits generated over the period.
Table showing profits earned by the Stabroek Block partners between 2020 and 2024.
| Year | EMGL Pre-tax Profit | HESS Pre-tax Profit | CNOOC Pre-tax Profit | Total |
| US$ | US$ | US$ | US$ | |
| 2020 | -$31,336,735 | $32,985,491 | $44,604,557 | $46,253,313 |
| 2021 | $633,450,519 | $470,090,538 | $405,242,123 | $1,508,783,180 |
| 2022 | $3,055,777,338 | $2,063,578,334 | $1,623,891,054 | $6,743,246,726 |
| 2023 | $3,610,887,602 | $2,515,228,079 | $1,705,234,460 | $7,831,350,141 |
| 2024 | $6,022,000,000 | $4,193,372,099 | $2,656,645,683 | $12,872,017,782 |
| Total | $13,290,778,724 | $9,275,254,541 | $6,435,617,877 | $29,001,651,142 |
OGGN pointed out that the analysis is not merely about numbers but a call for accountability. In fact, the group demanded clarity on the mechanisms that led to the startling US$9.1 billion difference in Guyana’s profits.
“The public deserves to understand how this substantial shortfall occurred. We urge the Government of Guyana to provide a comprehensive, transparent account of the oil revenue management process. This must include a clear explanation of all deductions and costs that reduce Guyana’s share (and) a plan to strengthen independent oversight of the sector,” the Network added.
The group was keen to note that the future of Guyana is inextricably linked to the fair and transparent management of its oil resources.
About OGGN:
OGGN was founded in 2017 and is composed of Guyanese at home and abroad. It is registered as 501 (c) (3) non-profit in New York. The group’s mission is to advocate for the rule of law, environmental protection, and strict financial norms when it comes to oil exploration and production in Guyana.
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