Event: Moray House Trust Panel
Host: Moray House Trust
Date: Thursday 12th May 2022
Time: 5.00PM Guyana/New York/Toronto, 10.00PM UK
Participants: Dr Vincent Adams, Frederick Collins, Darsh Khusial, Chris Ram
YouTube: https://youtu.be/fqlFS0wkKYo
Moray House Trust hosted a panel and discussion:
Title: The Oil Contract: a review
Speakers: Dr Vincent Adams, Fred Collins (TIGI), Darshanand Khusial (OGGN), Chris Ram
Date: Thursday 12th May 2022
Time: 5.00 PM Guyana/ NY/ Toronto
An edited recording of the panel can be viewed here: https://youtu.be/fqlFS0wkKYo
In 1999 Guyana signed a Production Sharing Agreement with EEPGL, ExxonMobil’s local company. In 2016, after oil had been discovered, the 1999 contract was famously ‘tweaked‘ and signed again by both parties. Over the years, questions have been raised as to the size of the allocation, the royalty offered, cost recovery, the signature bonus, taxation arrangements, the adequacy of insurance coverage and protection for the environment and the stability clause.
This panel will include Dr Vincent Adams (former head of the Environment Protection Agency, Fred Collins (President, Transparency International Guyana Inc, TIGI), Darshanand Khusial (Oil and Gas Governance Network, OGGN) and Chris Ram. Join them as they consider some of these issues.
TIMELINE:
0.00 Intro by Moderator
8:50 DR VINCENT ADAMS (comparing 1999 and 2016 agreements)
[14:47 Dr Adams: Liability and insurance]
[21:08 Dr Adams: Absence of data]
[24:25 Dr Adams: Absence of specifics in the contract]
27:44 FREDERICK COLLINS [TIGI]
[32:15 Fred Collins: Critical contract issues]
[36:49 Fred Collins: Annex A and Annex B]
[38:54 Fred Collins: Area Limits for a Single Licence]
40:11 DARSH KHUSIAL [OGGN] How Much is Guyana losing on Stabroek Block oil revenues?
50:13 CHRIS RAM: The Stability Clause
1:08:00 PANEL DISCUSSION
1:14:14 QUESTIONS FROM THE FLOOR
1:19:18 Sanctity of contracts [Dr Adams]
1:23:50 Call for a Commission of Inquiry
1:30:26 Comparison with Suriname
1:36:08 Contract negotiation
1:39:40 Safe operating limit
1:45:54 Stability Clause
1:52:04 Closing remarks