The People’s Progressive Party/Civic administration has again signalled its intention to move to revise the existing contractual terms that obtain in respect of royalties “as part of a new Production Sharing Agreement (PSA) for future crude and gas projects” according to an August 17 Reuters news report.
Vice President Bharrat Jagdeo, who is widely regarded as the administration’s lead spokesperson on agreements pertaining to the country’s oil and gas industry, particularly those that have a bearing on Guyana’s takings from deals, going forward, is quoted in the Reuters report as saying that any new PSA will be tougher than the previous one negotiated by the Granger administration with ExxonMobil and that all of the deficiencies in the present agreement will be addressed.
A new PSA, Jagdeo is further quoted as saying could be ready “within six months.”
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