The ExxonMobil deal is a step in the right direction, but former energy minister Carolyn Seepersad-Bachan is urging the government to learn lessons from Guyana. ExxonMobil signed a production sharing contract with Government on Tuesday, which will see the company invest in exploration wells in ultra deepwater blocks in T&T’s territorial waters, 190 miles off Trinidad’s east coast.
Seepersad-Bachan, who was one of two energy ministers under the 2010 to 2015 People’s Partnership administration, said, “I do want to say that there are several emerging issues and concerns that have come out of the Guyana’s experience and we hope that these issues and concerns inform the negotiated terms and conditions of this award. Some of these key considerations include, for example, the fiscal terms.”
She added, “It’s hoped that Government ensures that the take remains fair and progressive if large discoveries are made, avoiding overly concessional arrangements that cannot be revised. It is hoped that the production sharing contract for this award, in the interest of public accountability and transparecy would be published and there would be a clear justification for all the terms.” ExxonMobil made the first major discovery of oil reserves in Guyana in May 2015 and has been the major player in the to the country’s energy sector since then.
