Who will benefit from out oil?

Sep 16, 2020 News

Mongolia’s Production Sharing Agreements require oil companies to pay signature and production bonuses which include:

1) The sum of US$ 500,000 as a Production Bonus if the average daily crude oil production is any month is equal or less than 5,000 barrels;
2) The sum of US$600,000 as a Production Bonus if average daily crude oil production for any month equals to or exceeds 5001 barrels but is less than 10,000 barrels.
3) The sum of US$700,000 as a Production Bonus if the average daily crude oil production for any month equals to or exceeds 10,001 barrels but is less than 15,000 barrels.
4) The sum of US$800,000 as a Production Bonus if average daily quantity of Contract Crude Oil for any Calendar Month equals to or exceeds 15,001 barrels but is less than 20,000 barrels.
5) The sum of US$1M as a Production Bonus if the average daily quantity of crude oil for any Month exceeds 20,001 Barrels.

Guyana’s contract with Exxon speaks nothing of a production bonus, much less one that is subjected to a sliding scale.
With such unfair provisions

We must ask ourselves: who really stands to benefit from Guyana’s oil wealth?