The survey entitled “Signed Away” reports that Guyana could lose up to $1.3 billion per year. | Photo: Reuters
Telesur
The group urged the Guyanese government to renegotiate the deal as they found that the rushed deal left the country with a lower profit share from Exxon’s Stabroek oil license than countries generally get from such negotiations.
Guyana loses $55 billion with its current oil license deal with Exxon shows an analysis of the international human rights and anti-corruption group Global Witness.
The group urged the Guyanese government to renegotiate the deal as they found that the rushed deal left the country with a lower profit share from Exxon’s Stabroek oil license than countries generally get from such negotiations.
The investigation bases on a study by financial analysis firm OpenOil comparing Guyana’s contract with Exxon to deals between governments and oil companies around the world. The survey entitled “Signed Away” reports that Guyana could lose up to $1.3 billion per year.
“It is shocking that Exxon would seek such an exploitative deal in one of the Western Hemisphere’s poorest countries,” Jonathan Gant, senior campaigner at Global Witness said. Gant also explained the nation’s urgent development needs, such as building new hospitals and schools and protecting itself from rising sea levels, that put 90% of the population at risk […]
The Most Revolutionary Act 
Yes, I’ve been following the news. I’m beginning to have doubts about all the billions the Guyana government believes that they’ll receive.
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Does anyone ever expect Exxon to play fair? Even if Guyana wanted to re-negotiate, what can they do to stop Exxon, or even to slow it down?
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Grassroots organizing helps. Various foreign petroleum countries have been exploiting New Zealand years. Many have decided to go elsewhere because they have gotten sick of us blockading their operations and taking them to Environment Court. The low cost of oil really hurts their profits to begin with – with the additional cost of protestor disruption they decide it’s no longer worthwhile doing business here.
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