Dear Editor,
In keeping with the 2016 PSA, Article 15.4, the published reports by the consortium (EMGL, Chevron and CNOOC) for the period 2020 to 2024 show that Guyana paid from its oil receipts US$5.2 billion in taxes for the consortium (KN https://kaieteurnewsonline.com/2026/04/26/oggn-writes-berkshire-hathaway-inc-on-chevrons-guyana-operations/[1]). Published reports also show that for the period 2020 to 2024, Guyana only received US$6.3 billion in oil exports. Consequently, the net share in oil payments that Guyana received in real terms is only US$1.1B (US$6.3B – US$5.2B).
Additionally, for the period 2020 to 2024, Guyana suffered a profit squeeze which denied Guyana oil profit payments of US$9.1B (KN https://kaieteurnewsonline.com/2026/04/25/exxonmobil-guyana-limited-chevron-and-cnooc-employ-two-pocket-accounting-to-squeeze-guyanas-profit-share-by-us9-1-billion/[2]). This is a significant amount, because it is larger than the combined total of export earnings for sugar, rice, bauxite, gold, and timber. In fact, the total export earnings for these commodities during the period 2020 to 2024 (Bank of Guyana Annual Reports) is US$6.2 B (Table 1).
Had Guyana terminated the compulsory tax payment for the consortium from its share of profits; and also terminated the profit squeeze, the total foreign exchange earnings for the period 2020 to 2024 would have increased by US$14.3B, with the total exports earnings for the period being US$20.5 B (Table 2).
This increase in foreign exchange earnings would have reduced the foreign exchange shortage and allow Guyana to pay down its foreign exchange debt of US$US$7.7B (https://kaieteurnewsonline.com/2026/04/20/guyana-paid-us264-6m-in-debt-servicing-for-2025/[3]). It is therefore incumbent upon policymakers to ensure that they close the tax give-away arrangement and end the loss in profits.
Furthermore, Guyanese must be reminded that a hole in the ground that comes with environmental costs, along with destroyed marine life in the Atlantic Ocean, and foreign exchange debts from Government overseas borrowing, are liabilities that future generations should not inherit. Additionally, similar examinations should be undertaken with other non-renewable resources, including gold, bauxite, and manganese. Incidentally, no data are reported by the Bank of Guyana for the extraction and exportation of manganese from Matthews Ridge, North West District (https://kaieteurnewsonline.com/2023/10/22/chinese-manganese-company-boasts-of-having-best-wash-plant-in-the-country/[4]). Foreign exchange must be obtained for this activity; and the same procedure must be applied for diamond exports. Currently, no foreign exchange earnings are reported by the Bank of Guyana for the export of diamonds. Please end this unnecessary suffering that will pauperize future generations. Furthermore, it is important to note that another non-renewable resource, uranium, will be added to the export mix (https://kaieteurnewsonline.com/2026/04/29/canadian-firm-developing-uranium-project-in-guyana/[5]), making Guyana one of a few countries with an energy mix of oil, uranium, hydro-power, wind, and solar power opportunities, but our electricity supply is unreliable and expensive. Wake up Guyana!