Given the high success rate of the recent explorations undertaken by Exxon it may be in the best interest of the country to stop further exploration until they can determine the financials of the current total oil they have found.
This will provide a solution to the ring fencing problem by ensuring that we are clear on the operational costs current and projected faced by the usable oil fields found thus far.
Another consideration to keep in mind is that if Exxon were to continue to explore, there is a risk of finding dry wells and thus adding more cost to the same level of oil, further reducing our profitability in the future. At some point there needs to be an agreement as to the minimum level of profitability the two parties (Exxon and Guyana) would like to maintain.
This minimum threshold should be set and used to guide decision making for both sides especially given the structure of the current contract.
Jamil Changlee, Strategy Consultant
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