HGP Nightly News – Opposition Leader Azruddin Mohamed is pressing the government to explain what ExxonMobil’s reported US$55 billion cost recovery means for Guyana’s oil revenues.
Mohamed said the development could significantly increase the country’s share of oil earnings. But he argued that Guyanese have not been given enough information on what happens next.
“What percentage of our oil production will now go towards cost recovery? What costs remain recoverable?” Mohamed questioned.
He also wants to know how much additional profit Guyana could receive and what government projects for 2026, 2027 and beyond.
Mohamed claimed information available to him suggests Guyana’s profit share could increase by as much as three times. He used current production estimates to argue that monthly earnings could potentially rise from about US$320 million to more than US$960 million.
Mohamed also questioned why the information on cost recovery came publicly from ExxonMobil rather than the government. He called on Vice President Bharrat Jagdeo to provide a full explanation of the country’s position.
Mohamed said rising oil revenues must also translate into better living conditions for Guyanese.
“A country can become extraordinarily wealthy while its citizens remain poor,” he said.
He argued that Guyana’s oil success should ultimately be measured by improvements in wages, infrastructure and basic services, rather than the size of the Natural Resource Fund alone.
