By Albert Baldeo
Photos: YouTube Screenshots
ExxonMobil’s confirmation that the Stabroek consortium recovered approximately US$55 billion in accumulated investment costs—two years ahead of schedule—marks a decisive, and uplifting moment for Guyana.
Under the 2016 Petroleum Agreement, up to 75% of production could be used to recover approved costs, with the remaining profit oil divided equally between Guyana and the consortium. The contract has not acquired new terms; rather, the existing formula must now deliver substantially more to Guyana. President Irfaan Ali has announced that Guyana’s entitlement has increased from 12.5% to 39.8% of production. Announcement must be transformed into reality for the Guyanese nation.
Our leaders must now:
- Publish independently audited, project-by-project cost-recovery accounts.
- Disclose monthly production, cost-oil, profit-oil, royalty and revenue figures.
- Reject every inflated, unsupported or unauthorized expense.
- Prevent new project costs from unfairly eroding Guyana’s increased share.
- Use future project approvals to secure better royalties, taxation, ring-fencing, environmental protection and local participation.
- Invest the increased revenues transparently in electricity, healthcare, education, housing, jobs, infrastructure and underserved communities.
This windfall must not disappear through secrecy, deafening silence, waste, corruption or political favoritism. It belongs to every Guyanese, including future generations. Leadership now requires transparency, national unity and the courage to secure every dollar lawfully due to Guyana, and its people.
Hon. Albert Baldeo
Community Leader, Judicial Delegate
Little Guyana, Queens, NY, USA
