As Guyana embraces its status as an oil producing nation Minister of Finance, Winston Jordan said the government will revise the existing template of the Production Sharing Agreement (PSA).This move is “imperative” to “safeguard the rights of our nation to a fair share of resource wealth” Minister Jordan was quoted by DPI as saying on Monday during his 2018 National Budget speech in the National Assembly.PSAs are common contractual agreements for petroleum exploration and development between governments and companies.While the government has not fully disclosed its contract with ExxonMobil, it shared that Guyana will receive a royalty of two percent on gross earnings and benefit from 50 percent of the profits from the sale of petroleum once production commences in 2020. The company is developing the Liza field located in the Stabroek Block offshore Guyana for first oil by 2020.Exxon’s exploration in the Stabroek Block has since de-risked Guyana’s offshore basin which is estimated to contain at least 7 billion oil-equivalent barrels. The Stabroek Block itself is estimated to contain between 2.25 – 2.75 billion oil-equivalent barrels.Minister Jordan said the revision, which will be undertaken in 2018, seeks to make the PSA “more accommodating to changing commodity prices while maintaining a level of progressivity that is responsive to profitability”.Next year, the government will publish a green paper in the National Assembly on the proposal for the SWF. The paper is to seek feedback for further refinement and to stimulate a national discussion to ensure that all citizens understand the benefits to be had and what the country must guard against in the collection and management of its oil resources, DPI said. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedUS$20M Exxon signing bonus: If intel provided proves true entire Govt should resign- Opposition leaderNovember 22, 2017In “latest news”Esso exploration gets tax breakAugust 9, 2016In “Politics”Despite criticisms Govt adequately preparing for oil & gas sector- TrotmanNovember 8, 2017In “Politics”
Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedCourt to proceed with illegal firearm case against Maryann DabyAugust 1, 2019In “Court”Woman charged for alleged attempt to kill Cop further remandedMay 23, 2018In “Court”Woman charged with attempted murder of CopMay 15, 2018In “Court” Maryann Daby, 25, who was charged with the attempted murder of a police officer and further remanded, was on Friday last (May 25) granted bail in the sum of $750,000 when she appealed her case for bail, at the Demerara High Court.Accused: Maryann DabyDaby was further remanded to prison when she appeared at the Georgetown Magistrates’ Court on May 23, 2018.On May 13, 2018, Daby was allegedly firing shots in the air while partying at a racing club when she was approached by Christopher Kissoon, an off duty Officer, who commanded her to stop.However, according to the Prosecution, the irritated young woman took the said pistol and pointed it to the officer’s head and pulled the trigger. The rank’s life was spared after the gun jammed and failed to discharge.It was also revealed that Daby’s firearm licence had expired.In the last Magistrate Courts’ case, Attorney for the accused, Mark Waldron made a lengthy bail application for his client, arguing that the possession of firearm and ammunition charge, while being unlicenced for same brought against her, should be dismissed since she is licenced.The said licence provided to the Court has expired, however Waldron noted that Daby is still within the stipulated period to have same renewed.He further brought to the Court’s attention the outstanding ballistic report which he noted will take time to be provided by the Prosecution.However, the Police Prosecutor maintained the Prosecution’s objections as a result of the seriousness of the offence.Bail was denied by the Chief Magistrate, Ann McLennan, but after the bail appeal was brought before Justice Sandil Kissoon at the High Court, Daby was granted $250,000 bail on each of the three charges she is currently facing.She is expected to return to court on May 30, 2018.
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