The Government of Guyana on Thursday released the full ExxonMobil petroleum agreement, keeping a promise it made a few weeks ago.

At a Ministry of the Presidency briefing session with Government officials, stakeholders and the media, the contract was presented and released simultaneously on the Department of Public Information’s website.

Opposition members were invited to the event, but opted to stay away.

Minister of Natural Resources, Raphael Trotman told those gathered that he hopes the release of the contract, which he described as extraordinary, would lead to a more informed discussion on the issues related to the oil industry in Guyana and its development.

Under the agreement, Guyana will get 50% of the profits from the oil production and 2% of the royalties.

Minister Trotman explained that while some persons have said that Guyana should have pushed for more than 2%, one needs to be remember that there are different types of contracts when it comes to the oil industry. He said while some countries get either the royalties or a portion of the profits, Guyana is set to agree the best of both worlds.

Trotman indicated that it should be remembered that the agreement was signed since 1999, but it now has a few minor changes that the current government has put in place.

He said Guyana looks to earn over US$300 million annually from the agreement and that is significant since it is money that is not coming from taxes or loans or grants.

Under the agreement too, Exxon will provide funding for the development of local content initiatives and training.

The Exxon company has since indicated that close to 70% of its current workforce are Guyanese and there will continue to be the hiring and development of Guyanese nationals for the industry.

SEE FULL CONTRACT by clicking on link Below:

Petroleum Agreement – Oct 7 2016 (1)