Giving an overview of the Wales Gas to Shore Project, the government yesterday emphasised profitability while announcing that $400 million has been set aside for land compensation and that ExxonMobil will be repaid US$55 million per annum for 20 years from cost oil, for its US$1.1 billion infrastructure input.
“The Government of Guyana’s payment to Exxon coventurers for its US$1 billion investment in the pipeline will be US$55 million per annum over a 20-year period. This payment is fixed over the 20-year period and will have no adjustment. It is calculated to allow Exxon COV’s (coventurers) to recover their investment of US$1 billion over the 20 years,” head of the Gas-to-Energy Taskforce, Winston Brassington yesterday revealed during a PowerPoint presentation on the project, as the Guyana Energy Conference entered day two .
