By Samuel Sukhnandan
Vice President Dr. Bharrat Jagdeo has vehemently denied speculations made by political commentators regarding Guyana’s royalty collection from ExxonMobil.
Despite claims by commentators Dr. Kendrick Hunte and Christopher Ram that Guyana is only collecting 0.5 percent in royalties from oil sales, Vice President Jagdeo clarified that Guyana is indeed receiving the full two percent royalty from ExxonMobil.
He described the commentators’ analyses as “wild speculations” and asserted that they lack the technical competence to understand the matter accurately.
Under the Stabroek Block’s Production Sharing Agreement, Guyana is entitled to two percent of all petroleum produced and sold as royalty, in addition to 50 percent of all profits.
Jagdeo emphasized that every penny of the two percent royalty is collected by the government, rejecting any claims suggesting otherwise.
Expressing frustration with the dissemination of misinformation, Jagdeo criticized certain sections of the media for failing to conduct due diligence before publishing such accusations.
He accused them of being biased and anti-government, highlighting their reluctance to correct false information even when exposed.
Former minister Dominic Gaskin, under the coalition government, also supported Jagdeo’s stance, labeling suggestions that Guyana is only receiving 0.5 percent in royalty payments as “nonsense.”
In conclusion, Vice President Jagdeo’s assertion reaffirms the government’s commitment to transparency and accountability in its dealings with oil royalties, dispelling any doubts regarding Guyana’s receipt of the full two percent royalty