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Clyde Weatherhead - Trade unionist and attorney Clyde Weatherhead is among those who are skeptical about the benefits of the Exxon deal.
In a statement on August 13, Weatherhead said Exxon, who had left TT 22 years ago, might not have the nation’s best interest at heart.
“Exxon Mobil is no Santa Claus.”
“Yesterday (August 12), at the signing of a licence for the exploitation of our deep-water hydrocarbon resources, a top official of that oil baron multi-national said, ‘Our plan and my commitment here is to bring that experience to benefit the people of TT and we see great potential to replicate the Guyana success here.
Weatherhead said “What is the ‘Guyana success’ except the huge profits being amassed by Exxon and crumbs to the Guyanese people?”
A report from the Oil Now magazine in July 2024 said, as per the production-sharing agreement with the Guyanese government and Exxon, profits from production of oil is split 50/50, but that is after investment made by Exxon is recovered. That investment recovery has a ceiling of up to 75 per cent of produced barrels for a given period.
Exxon also pays Guyana a two per cent royalty of the value of the oil produced. Oil Now estimated that Guyana, because of its deal with Exxon, is getting about 14 per cent of the value of the oil produced.
After investment costs are recovered, Guyana is expected to get a bigger share.
In his statement, Weatherhead said, “Exxon Mobil was in TT and left 22 years ago because they were not making the kind of huge profits they hoped for. Can we expect that in 2025 they are coming back to benefit the people and not their bottom line?
“Have they suddenly become generous and abandoned maximum profits as their main goal as multi-nationals? Guyana tells us no way!”
He raised questions on the specifics of the Exxon deal, noting that the deal was struck without a bidding process. Weatherhead also asked whether Exxon’s return to TT was part of the “geopolitical aims of the US empire” of controlling the hydrocarbon resources globally.
“The people are the real owners of our natural resources, of our hydrocarbon resources, not just shareholders as a PNM prime minister called us.
“As the owners of our hydrocarbon resources we have a right to know what the terms and conditions of that licence is, and of all licences granted to the exploiters of our resources.”
English (US) ·