Nearly 22 months after it took office, the PPP/C Government yesterday finally signed a deal to audit a whopping US$9b in expenses claimed by ExxonMobil and its partners which could help to establish whether this country is receiving all of the oil profits it should.
Under the maligned 2016 Production Sharing Agreement, up to 75% of each’s year’s oil revenues can be assigned to production costs while the remainder comprises profit oil to be split evenly between Guyana on one hand and ExxonMobil, Hess and CNOOC on the other. If any of the production costs are disallowed by the auditors it could potentially expand profits to this country.