Guyana was ‘conned’ out of billions by failure to ring-fence Exxon’s projects - Glenn Lall

(Kaieteur News) – Businessman and Kaieteur News Publisher, Glenn Lall has accused successive governments of failing to protect Guyana’s oil wealth by refusing to ring-fence individual petroleum projects in the Stabroek Block, arguing that the decision has cost the country billions of US dollars in foregone revenues.

Lall made the claims while examining President Irfaan Ali’s recent announcement that his Government will seek expert advice as Guyana moves ahead with additional oil developments. According to Lall, the decision to seek expert advice now comes after years of warnings from international experts about the need for stronger safeguards around Guyana’s petroleum resources.

He said one of the most important recommendations made to Guyana was that each oil development should be ring-fenced, beginning with Liza One. “Ring-fence each oil project, starting with Liza One,” Lall said, describing the recommendation as one that both the former Coalition Government and the PPP administration failed to implement.