GGMC received licence fee paid under Article 10 of oil agreement

Dear Editors,

With regard to the column, ‘The road to first oil’ appearing in yesterday’s (December 29) edition of Stabroek News in which the writer states, “[h]owever, there is a sum of one million United States Dollars which the Government has been receiving under a revised Article 10 on the anniversary date, which not surprisingly, has not been defined. According to new Article 10, this amount is paid not to the GGMC but into a bank account held and controlled by the Government of Guyana! Not sure what Trotman means, but the Agreement requires the Contractor to verify the bank accounts. So there is another US$2 million in some bank account.”, kindly receive the attached document which verifies that the relevant information provided for the payment of the licence fee in question was that of the GGMC bank account and no other. Until the Petroleum Commission is in place, GGMC will receive the licence fees from all companies and act as the regulatory agency and will transfer monies to the new entity once established.

Yours faithfully,

Imran Khan

Director of Public Information

Department of Public


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