A new network of financial experts and economists is claiming that the Government of Guyana has sold the country’s oil at a price well below market value.
According to a press statement from the Oil and Gas Network, ExxonMobil has been enjoying an average 16% return on capital over the last 10 years. A similar rate of return, they argue, would’ve netted the company US$63 billion from the 3.2 billion barrels of oil in Guyana’s fields in the Stabroek block but according to the Petroleum Agreement Exxon Mobil and its partners are set to earn US$92 billion.
The network which has identified financial researcher Darsh Khusial and economics professor Tarron Khemraj as members, sets out an argument as to why the government has failed its citizens to whom the country’s oil really belong.