Guyana’s Petroleum Agreement with ExxonMobil grants the oil giant a multitude of tax concessions including the right to import duty-free, in excess of 300 pieces of “equipment and supplies required for Petroleum Operations”, these same concessions had been given the Canadian oil explorer, CGX under the updated agreement signed in 2013.
The 2013 agreement also provides for the reimbursement of the pre-contract cost, a sum of US$1 million which is far smaller than the more than US$46 million referenced in the ExxonMobil PSA. However, ExxonMobil’s acreage and extent of operations is far larger than CGX’s.
Article 21 of both agreements allows the contractors and sub-contractors to “import free of duty, VAT or all or any other duties, taxes, levies or imposts, all equipment and supplies required for petroleum Operations.”
The Article goes on
