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Guyanese outrage over 50% profit split
(Kaieteur News) – The call is for Guyanese outrage over the government’s silence on what should be the new 50:50 profit split between ExxonMobil and Guyana, as a result of the US$55B investment being recovered in full. Guyanese outrage would be a phenomenal development. There is no bigger issue before them than the change in the Guyana-ExxonMobil profit relationship.
The monies owed to the company have been repaid from Guyana’s oil revenues, which means that it is time that real money started flowing into the Natural Resource Fund. It would be inspiring to see some sustained outrage from citizens. After all, they are the ones who stand to benefit, or they are the ones who will continue to lose. The silence of the government at a time like this is surprising, some would say shocking. We at this paper stick to surprising for the time being.
When President Irfaan Ali starts talking, he is hard to stop. But he is not the chief spokesman, nor the first voice, for this 50% profit moment. That honor is the sole preserve of Vice President, Bharrat Jagdeo, the PPP/C Government’s chief policymaker for the oil and gas sector. He should have said something by now. Yet he has not said a word. If anything, he has been seemingly extremely careful to keep a safe distance from the ExxonMobil debt (investment) liquidation and the raft of interest in the mouthwatering 50:50 profit split that should now replace what was in existence before. Gone is half of 25%. Gone is 75% cost recovery. Knocking loudly on the door is the 50:50 profit split from Profit Oil.
Profit oil represents the billions remaining after operating expenses have been subtracted from gross oil revenues. The PPP/C Government should be most excited to be in charge at this time. From the sounds coming out of the government, it seems that there is a wake in progress. President Ali could have paused his travels, should have found a minute, to verbalise his delight at the 50:50 profit split that ushers in a new era for Guyana. The president seems to be the chief mourner, but over what we are still trying to determine. But we give President Ali some space, as he has his hands full. Recall also that he has delegated to another responsibility for the lucrative oil and gas sector.
Really and truly, this is the Bharrat Jagdeo hour. How can it be otherwise? Vice President Jagdeo has been the Guyanese spearhead in this brand-new business and sector. Vice President Jagdeo has been the lynchpin of this offshore natural resource that has been so rich. A natural resource that has Guyanese learning a new language, while absorbing and trying to understand the full might of billions of US dollars. Vice President Jagdeo is the General Manager and Managing Director of Guyana’s oil and gas sector. He should be the happiest man, the most energised political leader, in this country today.
We have two questions. Has anybody heard from Jagdeo? It would have been inspiring to hear a few words from him in the context of the 50:50 profit split. And second, has anybody seen Jagdeo? He cannot disappear now. He should not be sheltering behind a veil of silence. What is there to hide from? Could it be that he is fearful? We see nothing in this development involving a 50:50 profit split with ExxonMobil as something to induce fear. So, what could be at work? We recall how Vice President Jagdeo would be the first out of the blocks at the first whisper of any kind of news, whether it was the oil and gas portfolio or not. For development in the oil and gas sector, he has called more than one special press engagement (and overnight) to make his representations and ensure that his points reach far and wide. So, where is he?
We agree that Guyanese should be outraged. But we also think that they must have some understanding of what is out there. Is Jagdeo out there, as in battling for Guyanese? Or is his silence a cover for some surprise that is on its way. When Jagdeo is so silent, this does not bode well.
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