With Guyana now an oil producing nation, Opposition Leader Bharrat Jagdeo has criticised the incumbent Coalition administration for failing to adequately prepare for first oil almost five years after petroleum was first discovered in the Stabroek Block.
Jagdeo during his weekly press conference earlier today, noted that among the areas in the sector that the governing coalition has failed at are contract renegotiations, establishing a credible Sovereign Wealth Fund and the controversial US$18M signing bonus collected.
Other issues, the Opposition Leader highlighted that government failed at included local content policy.
US oil giant, ExxonMobil first discovered oil in the Stabroek block offshore Guyana in May 2015 and have since made a total of 15 discoveries – the most recent was announced earlier this week.
The company commenced oil production on December 20. Government has since closed a deal with the Barbados-based branch of Shell International to sell Guyana’s first three oil lifts.
