Guyana seeks better deal for its oil
Vice-president says country will seek better royalties and terms for future contracts.
The vice-president of Guyana says his country will seek better remuneration for its oil reserves in the future.
Around 9bn barrels of oil were discovered off the small South American country by an ExxonMobil-led group, which includes Hess Corp and the Chinese oil company CNOOC.
An investigation by the Guardian quotes industry analysts IHS Markit as saying that the Guyanese government is receiving a below-average return on ExxonMobil’s projects.
ExxonMobil had told the Guardian: “The terms of the contracts are competitive with other agreements signed in countries at a similar resource development phase.
“Our work and the support of the government of Guyana are the basis of a long-term mutually-beneficial relationship that has already created significant value for the people of Guyana.”
