As interest in exploring unallocated petroleum blocks off Guyana’s shores increases, Government is seeking to revise the existing template of the Production Sharing Agreement (PSA) so as to “safeguard the rights of our nation to a fair share of resource wealth.”
This is according to Minister of Finance Winston Jordan who told the National Assembly, during the presentation of Budget 2018, that the new PSA template will be more accommodating to changing commodity prices while maintaining a level of progressivity that is responsive to profitability.
This development comes on the heels of three additional oil discoveries in the Stabroek block during 2017. These discoveries are Payara, Snoek, and Turbot. While the quantity and quality of the latter two discoveries are still being assessed, the gross recoverable resources for the Stabroek bloc is now estimated to be between 2.25 – 2.75 billion oil-equivalent barrels, making it one of the most significant global finds in recent years.
