Guyana will from now on publicly release all contracts it signs with oil and gas companies, ”as part of its commitment to accountability and transparency in the oil and gas industry.”

Still a non-oil producing country, Guyana was recently placed on the world oil map by a string of large offshore oil discoveries made by ExxonMobil in the giant, 26,800 square kilometres large, Stabroek Block, offshore Guyana.

The U.S. company has started working on the first phase of the Liza field development. The field, to be developed using an FPSO unit, is expected to start producing in March 2020, producing up to 120,000 barrels per day.

Guyana and ExxonMobil entered into an agreement in July 2016 which will see Guyana receiving a 50/50 profit and a two percent royalty.

Read more