As he called on government yesterday to update the nation on the status of oil recovery at the Liza 1 Project, Opposition Member of Parliament, David Patterson said that ExxonMobil had in 2018 given the APNU+AFC government assurances that four years after production and with only 120,000 barrels of oil equivalent (boe) per day, there would have been a 50/50 profit share.
“Exxon has since increased production on Liza 1, by 20,000 per day to 140,000 barrels, a 16 per cent increase. Additionally, oil companies have been making a windfall based on high oil prices for the last two years – it is expected that these two factors combined would have resulted in Exxon fully recovering their production investment, and on the Liza 1 project, the country would now be enjoying 50/50 share of profit oil,” Patterson highlighted as he held up documents from the projects provided by ExxonMobil in 2018 as his evidence in the National Assembly.
