According to Vice President, Dr. Bharrat Jagdeo, some of ExxonMobil’s billboards are not only misleading but also give the impression that the oil giant is running Guyana and not the government.
During his press conference yesterday Jagdeo said, “You believe that they run the country when you look at these billboards. (They’re) very misleading sometimes.”
The Vice President was at the time referring to remarks made by former Head of the Environmental Protection Agency (EPA), Dr. Vincent Adams, during an Alliance For Change (AFC) press conference last week where he blasted the oil company for a particular billboard surrounding oil profits. The billboard in question reads: “Guyana receives 52% of all profits from Stabroek Block — 50% profit share plus 2% royalty.”
Dr. Adams stated that Jagdeo’s previous “defense” of Exxon’s billboards on the foregoing matter was misleading, noting that Guyana will never benefit from 52% of the monthly revenues, even after the oil company’s investments have been recovered. Jagdeo indeed noted during his press confenrce last Thursday that Guyana will enjoy 52% of the total proceeds from oil production, after the costs have been repaid.
During yesterday’s conference Jagdeo in response said, “One thing I can agree with Vincent Adams on is that these billboards that Exxon (is) putting up all around the place, is misleading in many ways.”
He added, “So they (Exxon) said Guyana receives 52% of all profits from Stabroek Block, 50% profit share plus 2%, (but) they don’t speak about the 75% here going to cost recovery.”
He further stressed that this message being sent by the company gives people the impression that Guyana is receiving all of this money now, however, it is in the future that Guyana will cash in on significant amounts. The VP said that this ‘touting’ by the oil company makes, “people think it’s now. In the future we will get a significant amount. Given that the billboard also states that more than US$280B has been earmarked for Guyana since 2019 when the country has not acquired that full amount is misleading.
“But the numbers are clear to everyone…only those who don’t understand it (it is unclear for),” he said.
