Introduction
Last week’s column welcomed the coming release of Guyana’s petroleum contracts. It also identified that, based on the standard industry classification, there are four principal types of such contracts. Brief pro forma descriptions of three of these were provided, namely, concessionary, service, and joint ventures. Today’s column begins with a brief pro forma description of the fourth, which as indicated is the production sharing agreement (PSA). This happens to be the contract type with which ExxonMobil and its partners are operating in Guyana. That petroleum agreement was signed as far back as 1999. And it has been amended since. Regrettably, neither the amendments, nor the original 1999 contract, has been released, I therefore do not have enough official information at the time of writing today’s column.
However, on Friday, December 1, a report headlined in the local press stated: ‘At long last; Exxon contract to be made public within days’ (Kaieteur News). After this release takes place, I shall, in subsequent columns, accommodate my presentation on this topic, for any additional official information that is forthcoming. For present purposes, I confine today’s column to a brief summary pro forma description of the fourth type of petroleum contract (PSA).
