The 2016 Product Sharing Agreement (PSA) places the responsibility for paying taxes on ExxonMobil squarely on the shoulders of the Guyanese government, specifically the Minister of Petroleum. Since 2022, this has resulted in the government incurring an astonishing G$450 billion in corporate tax payments for ExxonMobil. To compound the issue, ExxonMobil has been granted tax credits amounting to a mere 12% of Guyana’s revenue from the Stabroek block—a stark illustration of unequal benefit. In terms of profit oil, the division is ostensibly equal, with the government of Guyana receiving 50%, while the three corporations—ExxonMobil, Hess, and CNOOC—divide the remaining 50%. This means that each party starts off with only 12.5% of the profit oil. The remaining 75% is designated to cover total recoverable costs, effectively sidelining the interests of the Guyanese people. Recent reports have underscored a troubling reality: the existing agreement is significantly skewed and serves as a bad deal for Guyana. This situation demands urgent attention and re-evaluation to ensure that the benefits of the nation’s natural resources are fairly shared.
