-questions remain
More than a year after a new petroleum agreement was signed with ExxonMobil for works in the offshore Stabroek Block and a US$18M signature bonus received in secret, government yesterday released the contract in a blaze of publicity with both partners saying it was the best in the circumstances.
For Guyana, the 33 articles and clauses therein of the 72-page document means that revenue not previously catered for was added but analysts have pointed to a number of concessions which could be injurious to the country (see Christopher Ram column).
For ExxonMobil, a ten-year agreement which was scheduled to be up in 2018 was extended and the tax regime remains the same as in 1999 where it would not pay VAT, excise tax or duties on its operations.
