Exxon pact should be rejigged to give 7% royalty –Goolsarran

Anand Goolsarran

Former Auditor General Anand Goolsarran says that the agreement between Guyana and ExxonMobil should be renegotiated to give this country a royalty of 7% on oil produced instead of the current 2% and he also said that there should be a switch from a profit-sharing arrangement to a revenue-sharing one.

In his Accountability column in today’s Stabroek News (see page 8), Goolsarran also said that the government had irreparably damaged its credibility over its handling of the secret ExxonMobil signing bonus and he said the US$18m which is now at the Bank of Guyana should be immediately transferred to the Consolidated Fund and if not a judicial review should follow.