reaping more benefits for Guyana from the new oil industry. He said it joins other beneficial measures such as the introduction of new laws and new projects.
Meanwhile, it was noted that the incumbent administration is cognisant of the amendment made to the 2016 PSA by the former APNU+AFC government, dated April 26, 2019.
This amendment prevents ExxonMobil Guyana from recovering, through cost oil, the two per cent royalty to be paid to the nation. And the release noted that this modification has been implemented and enforced through the mechanisms on the payments for royalties and cost recovery conditions, and the monitoring features which set out for the governance of the cost bank regarding the projects subject to petroleum operations.
Though it has been advanced that this 2019 revision sets the precedent for the renegotiation of the entire contract between Guyana and ExxonMobil, the ministry reiterated that the contract will remain fiscally unchanged for the country and investors’ benefits.
