Jagdeo to seek verification of ExxonMobil ‘$20M signing bonus’ for Govt.

Nov 09, 2017 News

While the coalition Government remains tight-lipped on its dealings with ExxonMobil, Opposition Leader Bharrat Jagdeo says he plans to verify with United States oil giant about the alleged US$20 million signing bonus.
Minister of Finance, Winston Jordan recently told reporters that he was unaware that Government received a signing bonus, but did not deny the claim. He promised to check on it.
Jagdeo, who had previously met officially with ExxonMobil, maintained yesterday that the Government should be transparent regarding the oil and gas sector by releasing contracts signed with the company.
Chartered Accountant Christopher Ram said he was told of a $20 million signing bonus, a claim that the Government has not dispelled.
Ram had said that a source has indicated to him that the Government used the excuse of a new licence to extract a signature bonus, a payment made by a contractor on the signing of an Agreement to take up any given number of blocks.
“When I meet them [ExxonMobil] I will ask,” Jagdeo told reporters.
Government has been pressed by civil society for more disclosures regarding the sector, but Natural Resources Minister, Raphael Trotman has said that he will be seeking guidance from Cabinet about all details pertaining to the contract Government has with ExxonMobil.
He had told Kaieteur News that he has “every confidence that in time, the citizens of Guyana will have full access to everything.”
Trotman said that he will refrain from further commenting, particularly on statements from some sections of society that are based on “hearsay”.
The importance of the sector was underscored by the Trotman this week at the opening for a workshop being hosted by the American Association of Petroleum Geologists (AAPG). The Minister stated that Guyana stands at the cusp of great transformation as it ushers a chapter that has already begun to transform the shape and texture of its society.
He admitted that Guyana has a monumental task ahead to prepare institutional and legislative frameworks to efficiently manage the oil sector.