Vice President, Dr. Bharrat Jagdeo on Thursday clarified that while he finds some of the messaging of ExxonMobil’s billboards misleading, the company has not been instructed to remove or change the contents.
Jagdeo was at the time continuing the discussions raised at his press conference last week on Exxon’s “misleading” billboards, where he stated that the information being presented gives a perception that the oil giant is “running” Guyana and not the government.
He 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, 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.” He had agreed with this particular observation from Alexander.
In explaining why the billboard is misleading, Jagdeo said that it insinuates that Guyana is getting 52% of all of Exxon’s total revenues from oil production, which is not the case. “So, it’s accurate… the PSA (production sharing agreement) says some 52% or 50% of the profit, but it conveys a misleading impression,.” He added that, “They don’t speak about the 75% here going to cost recovery.” This means that Guyana benefits from 52% of the oil proceeds after Exxon’s cost recovery.
He further stressed that it is not just that one billboard. “It’s several that (looks)–almost like they’re financing everything in this country.” He was keen to note that there must not be an impression that these revenues can finance the entire country. He added that the oil and gas revenue now– if the government spent all that was collected in 2023, it will only finance less than 30% of the nation’s budget.
As it relates to the other billboards, Jagdeo stated, “So it conveys the impression that there you’re (Exxon) practically taking care of everything— schools and hospitals everything– that they are building or they’re financing everything.”
But despite calling out the technicalities which fuel the misrepresentation, Jagdeo noted that the government will not force the company to alter or remove them. “If people pay for their billboard space…We should not take down people’s billboard although I do believe that they should correct that misleading impression.”
