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Guyana to Demand Tougher Terms on Oil Deals The country’s vice president said that Guyana’s new oil production sharing contract would have a “greater take” for the government than the deal agreed to with Exxon Mobil Corp.Vice President Bharrat Jagdeo said the new terms would apply to the 14 exploration blocks being sold to international oil companies later this year. He said they would balance more revenue for the Guyanese people with the stability needed for companies to make long-term investments.
NGOs and Guyana’s politicians had criticized the deal with Exxon, signed before it discovered oil in 2015, for being too generous to the Texas oil major.In the auction, any one company will only be allowed a maximum of three blocks to allow “multiple” companies to explore simultaneously, Jagdeo said. Guyana wants to develop its resources quickly if oil demand wanes over the coming decades.
Guyana to Demand Tougher Terms on Oil Deals
New oil production sharing contract will have a “greater take” for the government than the deal agreed to with Exxon Mobil Corp
