Shutting down criticism that Guyana’s failure to renegotiate the 2016 oil contract with ExxonMobil has resulted in the country losing billions of dollars, Vice President Bharrat Jagdeo today said Guyana is not being ‘robbed’ as he jumped to the defense of foreign investors here.  

As he delivered remarks during Day 2 of the Guyana Energy Conference and Supply Chain Expo, the Vice President said the Government is working closely with foreign investors in the Oil and Gas Industry to develop the country’s resources.  

“They are not robbing the country. We are working in partnership with these companies,” Mr Jagdeo said. 

While making it clear that Guyana welcomes investments from foreign companies, Mr. Jagdeo said the Government is doing its best to foster a conducive business environment. 

“We have worked dedicatedly over a number of years to create an environment so that people come to this country can earn a good return on their capital and contribute to the development of our country,” the Vice President said.  

He said simultaneously, the Government has been working to strengthen the management of the budding Oil and Gas Sector with the crafting of a new model Production Sharing Agreement (PSA) and a Petroleum Activities Bill that has since been passed in the National Assembly.

Mr Jagdeo said the model PSA remains under consideration, even as the country prepares to conclude its licensing round. 

“We have heard that the PSA is too robust, not necessarily the fiscal terms but other terms of the PSA. We are looking for that feedback, so when we get to the second licensing round, we can update this framework and we believe if we do so, that the interest would be far greater,” the Vice President said. 

Delegates of the Conference were also told that Guyana has advanced its Local Content framework, and is utilizing much of its resources from the Oil and Gas Industry to advance social services, while developing infrastructure across the country.

“I want to assure you that your investments in this country will be safe; that you will have a government that balances the interest, the needs of the investors, and their need to earn and do well with the task of ensuring that the country benefits more too,” the Vice President said. 

According to Mr. Jagdeo, even with all that is taking place in Guyana, the country is not aiming to be the next Qatar or Dubai, but is more focused on the management of its oil resources.

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