WITH the discovery of hundreds of millions of acres of rich oil-bearing seabed, Guyana is poised for being one of the world’s richest countries, if the oil resources are properly managed.
We are no experts in the field of oil and gas production, and do not have the skills to understand and grapple with the techniques of production, marketing, corruption and all other underhand schemes in the industry. And as such we should go the simplest way in getting the maximum out of minimum risk; that is, by leasing the millions of acres of our oil-rich seabed and collecting the maximum of royalties.
Profit-sharing ventures are more suited for when both parties have the full intricacies of the industry; otherwise, the one without the know-how would be bullied. We cannot afford that at this time, with this major venture. As such we should engage all the interested oil companies, with the view of leasing the seabed at an approximate rate of US$10 per acre per annum, and a royalty of 25% of gross production with the firm understanding that the lessee would be totally responsible for the protection of their investments and the environment.