Minister Gaskin defends Exxon’s oil contract


…says monies Guyana will receive nowhere close to “chicken feed”

Amid criticisms that Guyana struck a bad deal with United States oil giant ExxonMobil, and based on popular public opinion that the country will not receive a fair share from the oil resources, Business Minister Dominic Gaskin has defended the Government stating that the monies the country will receive from this industry is nowhere close to “chicken feed.”
In fact, the minister claimed that Guyana stands to benefit tremendously from the oil sector, although certain mechanisms are yet to be put in place. He opined that given the advanced preparations being made by the Administration, there is no doubt the country will get the best out of this new budding sector.
Gaskin was quick to debunk criticisms that the two percent royalty that Guyana will receive from ExxonMobil was too low, but within the same breath he acknowledged that the contract is not the best. Nevertheless, he believes that Guyana is now in a better position to auction off the remaining oil blocks and get the best possible deal from it.
Gaskin was addressing an oil and gas seminar organised by the Private Sector Commission (PSC) earlier today (Tuesday).
The workshop which is being hosted at Duke Lodge Hotel in Georgetown, is being held under the theme: “Oil and Gas in Guyana: Perspectives for the Local Private Sector. (Samuel Sukhnandan) 


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