(Kaieteur News) – ExxonMobil and its partners in the Stabroek Block recorded a staggering US$12.5B in profits last year while Guyana barely received US$2.5B, a reflection of not only government’s failure to renegotiate the lopsided 2016 agreement, but the administration’s inability to better manage the contract as promised.

This is according to chartered accountant and attorney, Christopher Ram. The advocate in an invited comment shared his opinion on the explanation provided by Minister of Natural Resources, Vickram Bharrat on the reason Guyana’s shares paled in comparison to the oil companies.

Bharrat told Kaieteur News that the Stabroek Block partners use a different accounting mechanism which includes depreciation, financing structures and taxes, whereas Guyana’s earnings are calculated using only profit oil and royalty payments.