Consortium led by oil major Exxon has discovered billions of barrels of crude offshore that could transform the South American state, one of the region's poorest
Opposition People’s Progressive Party has repeatedly slammed oil deal signed under incumbent President David GrangerGuyana's presidential candidate for the People's Progressive Party, Irfaan Ali, and his wife Arya Ali greet a supporter after voting in Leonora, Guyana, March 2 2020. Picture: LUIS ACOSTA / AFP
While Ali has not threatened to renegotiate the terms of the country’s contract with Exxon, members of his party have repeatedly slammed the deal signed under Granger — which includes a 2% royalty and 50% profit share after the consortium recovers its costs — as too generous to the US company. “The bulk of the money will go into the sovereign wealth fund, not into people’s pockets,” he said at a closing campaign rally in the capital Georgetown, adding that he would use oil money for infrastructure projects such as a bridge over the wide Essequibo River and a highway through the jungle towards the Brazil border.
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