In last week’s article, we mentioned some of the key findings contained in the IMF report entitled “Guyana: A reform Agenda for Petroleum Taxation and Revenue Management”, dated November 2017. Those findings were gleaned from the various media reports. With the benefit of sight of a copy of the report, we now highlight, without comment, key aspects of the report which readers may find of interest as they reflect on the petroleum agreement between the Government of Guyana and ExxonMobil’s subsidiaries (Esso Exploration and Production Guyana Ltd., CNOOC Nexen Petroleum Guyana Ltd. and Hess Guyana Exploration Ltd.).
The report contains an Executive Summary and five chapters, namely: (i) Introduction (ii) Fiscal regimes for extractive industries; (iii) Extractive industries revenue management; (iv) A roadmap for petroleum sector reforms; and (v) Possible technical assistance and capacity building.
Executive Summary
The key findings are as follows: