The Irfaan Ali-led PPP/C government yesterday inked the licence agreement for ExxonMobil’s US$9 billion Payara project in the Stabroek Block, its first major oil & gas agreement since it took office on August 2.
While the project was approved since last week, Minister of Natural Resources Vickram Bharrat explained that yesterday was chosen for the signing as the company did not want to go past the September 30 deadline that the company and its investors were working with and run the risk of this country also losing out on opportunities the venture would afford.
“As you would know, and I used to think also, that Exxon has all the money to invest, but they have big investors who invest into their projects. People not into oil and gas but seeking investments and returns on their money. Had they not had a signing agreement by the end of this month, those people would have taken their money or it would have held up the project by a year or two,” Bharrat told Stabroek News when asked why there was a rush for the signing yesterday and not today or tomorrow.