'Guyanese must get bigger share of new oil projects' - Norton

(Kaieteur News) – Now that ExxonMobil has recovered all of its investments for the seven approved projects to date, Guyana’s profit share increased from 12.5% to 39.8%, a significant jump that could again slide if further projects are approved under existing conditions.

Cognizant of this, leader of the People’s National Congress Reform (PNC/R), Aubrey Norton said future projects should yield more fiscal benefits for the country as the Stabroek Block has been derisked.

During the party’s weekly press conference on Friday, Norton reasoned that the first agreement in 1999 was designed to attract investments and was successful in doing so. He noted that the existing 2016 contract with Exxon allows the contractor to produce hydrocarbons with the operator being allowed to recover costs up to 75% of oil each month, with a fiscal package for the country that includes 2% royalty and 50% profits share after expenses are deducted by the contractor.