https://guyanatimesgy.com/ratio-contract-outlines-50-profit-oil-1-royalty-for-guyana/
Ratio contract outlines 50% profit oil, 1% royalty for Guyana
March 1, 2018
New oil contract released
A contract signed between an international oil firm and the Guyana Government has been released, which shows that Guyana has accepted royalty payment of one per cent and a 50/50 profit-sharing arrangement.
The contract which was released on Wednesday is that of Israeli-based oil exploratory firm, Ratio Guyana Limited and Government that was signed on the April 28, 2015.
Ratio Guyana commenced negotiations with the previous Government for a petroleum licence within the ultra-deep water Guyana Basin area in mid-2012. At
Ratio Guyana Limited operates in the Kaieteur Block
the time, that area was known as “Annex B”.
Negotiations were nearly completed when the October 2013 Anadarko/Venezuelan incident occurred. It took until the first quarter of 2015 before negotiations resumed............
Article 15.4 also provides for the Government itself to pay the company’s Income Tax. To facilitate this, the oil company has to submit tax returns to the Government. Article 32 also stipulates that Government cannot modify the contract or increase any fiscal obligation the company has.
In addition to that, information was leaked to the media that Government secretly received US$18 million as a signing bonus from ExxonMobil which was kept in a private account at Central Bank. Since the revelation of this secret signing bonus, the emerging sector has been mired in controversy. Government had failed to disclose this transaction to the nation, despite several officials, including Natural Resources Minister Raphael Trotman, being questioned about it by the media.
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Missing: bribe | Must include: bribe
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Missing: bribe | Must include: bribe
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The Government of Guyana issued the production license for the first development Liza Phase 1 in June 2017 and first oil is expected no later than 2020.
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