Chartered Accountant, Nigel Hinds said that ExxonMobil has been able to outsmart Guyana.
He said that the company is now making Guyana pay it to exploit its resources when the company should be the one paying.
Guyana is now hurrying to put measures in place to monitor and assess cost recovery claims. However, it has already tied itself to the repayment of US$460,237,918. This is according to the 2016 Petroleum Sharing Agreement (PSA) that Minister of Natural Resources, Raphael Trotman, signed with ExxonMobil. Annex C of the PSA deals with Cost Recovery.
One of the many expenses that Guyana will have to stand is what is referred to as “pre-contract cost.”
Hinds recently told Kaieteur News that one of the most “wholly unacceptable” features of the PSA that Guyana signed with ExxonMobil is the pre-contract cost of US$460,237,918. He said that the quoted sum should be absorbed by ExxonMobil.
Nigel Hinds
February 26th, 2018