Latest update April 25th, 2024 12:59 AM
Feb 27, 2018 Letters
Editor,
At this point, it’s probably reasonable to conclude that there are several deficiencies with the Exxon contract that should be remedied when the opportunity presents itself in the future. However, while it’s easy to second guess the decisions of our negotiators, it should be noted that negotiating with one of the largest companies in the world when it is in control of the capital, people and technology to make or break a deal, is no easy task.
Whether we like it or not, Guyana needs Exxon more than Exxon needs Guyana. Exxon is fourth on the Fortune 100 list with innovative technologies, huge revenue, market capitalization and asset bases. It can easily take its resources and go elsewhere.
What the government needs is leverage and it will get that once Exxon starts pumping and has an incentive to keep competitors out and revenue on its books.
So where do we go from here? Focus needs to shift from the contract itself, to what will be done with the estimated $360 million in revenue that will hit government coffers. How will this money be spent? What protocols are being put in place to ensure the Guyanese people are not shafted by corrupt politicians and bureaucrats?
Will we invest in infrastructure, education and agriculture? Will parliamentary oversight be put in place? How do we control inflation? By the way, controlling inflation may require investments with borrowed capital ahead of 2020. Do we have projects ready to go now? I can go on, but you get the drift.
Most countries that fail to make good use of oil revenue do so not because of a bad contract with a multinational, but because of poor governance, corruption and bad investments. We need to return our focus to governance now.
Darren Braithwaite
Jagdeo giving Exxon 102 cent to collect 2 cent.
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