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Exxon no longer investing in Guyana’s oil projects – Glenn Lall
…country’s debt growing as production increases
(Kaieteur News) – Let me show you how ExxonMobil is no longer an investor in Guyana, but is instead using Guyana’s own oil to enrich itself, while the country is left waiting, and the politicians remain silent.
The oil contract Guyana signed clearly states that the country will receive 50% of the profits. But there is a condition: that share comes only after ExxonMobil recovers its investment.
Under that same agreement, Exxon is allowed to take up to 75% of the oil revenue each day to repay those costs. The remaining 25% is then split equally between Exxon and Guyana.
In simple terms, Guyana only receiving 12.5%, while ExxonMobil walks away with 87.5% of the value from every barrel both to recover its costs and as profit.
Let that sink in.
And the promise was this: only after Exxon fully recovers its investment will Guyana begin to receive its full 50% share of profits.
That is what is written in the contract.
Businessman, Glenn Lall
THE PATTERN THAT TELLS THE STORY
Let us now look at what has been happening.
Exxon began with Liza Phase One. The 75% cost recovery arrangement kicked in. As Guyana’s oil started paying off the cost of that project, expectations grew that the country would soon begin to receive its full 50% share.
But just as Liza 1 moved toward being paid off, Exxon announced Liza 2.
And just like that, the same arrangement continued. Guyana’s oil from Liza 1 began paying for Liza 2, keeping the country locked at that 12.5% share.
Then came Liza 3 and 4.
Now, oil from Liza 1 and 2 had to pay for those projects as well again delaying Guyana’s move to its full 50%.
Then came Liza 5 and 6.
What that means again, the oil from Liza 1,2,3 and 4 was being used to finance 5 and 6 while Guyana remained at 12.5%. after that was paif off they announced Project 7 which almost paid off too,
And now, even before Guyana can move to its full share, Projects 8 and 9 have been announced.
A SYSTEM THAT EXTENDS THE WAIT
So what is happening here?
Every time Guyana gets close to reaching its full 50% share—
a new project is introduced.
Every new project brings new costs.
Every new cost extends the recovery period.
And so the country remains stuck—year after year—at that same 12.5%.
WHO IS REALLY FINANCING THESE PROJECTS?
Here is the real question:
If Guyana’s oil is paying for Liza 2…
and Liza 3…
and Liza 4…
and Liza 5 and 6…
and even Project 7…
then who is really financing these developments?
Exxon’s initial investment may have started with Liza 1.
But every project after that is being funded by the oil produced from Guyana.
Yet, Exxon continues to take the majority 87.5% share, while Guyana remains at the bottom with 12.5%
THE COST TO THE COUNTRY
And while all of this is happening, the country continues to borrow. Year after year, Guyana is taking on new debt, paying interest, and handing citizens small cash grants that do little to ease their daily struggles.
THE NUMBERS THAT CANNOT BE IGNORED
When Guyana began producing oil in December 2019, the country’s debt stood at about US$2.6 billion.
From then to now 2026 over US$60 billion worth of oil has been produced.
And where does Guyana stand today?
With approximately US$10 billion in debt.
Think about that.
After years of production, after US billions in oil, instead of the debt going down, it has climbed.
A QUESTION THAT DEMANDS AN ANSWER
This is the reality facing Guyana:
Billions in oil wealth leaving the country…and increasing debt remaining behind.
So tell me, what kind of progress is that?
**When the wealth goes… and the debt comes, who is really benefiting?
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5 thoughts on “Exxon no longer investing in Guyana’s oil projects – Glenn Lall”
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This, in my mind, clearly is the biggest PONZI SCHEME perpetrated on
Guyana.
It.is really a bottomless project that Guyana has gotten itself into.
If every new discovery continues to dig the country further into a ditch then the entire project needs to be reviewed and re-evaluated.
Horrendous. Yea those politicians are getting their hands greased and betraying the nation for it. May them and their generations feel the loss of the Guyanese people 100x & May they never enjoy any of this wealth. I pray it always comes with problems for them (physical & spiritual).
Has the overall production volume increased. Then the 12.5 % gives the country an increased volume as their share
There is no good in oil,we are killing the earth by sucking out the oil.i hear Jamaica getting excited over the oil.the Sun has all the energy we need