Guyana paid $306 billion in taxes for ExxonMobil and partners

For 2023, the Government of Guyana had to pay the combined sum of $306 billion in income taxes for ExxonMobil Guyana Limited and its Stabroek Block partners, Hess and China National Offshore Oil Corporation.

This is according to the companies' audited financial statements.

For the same period Guyana earned $336 billion from its oil.

This arrangement which saw the Government paying almost the same amount it earned from oil in taxes for the oil companies last year, is as a result of the 2016 Production Sharing Agreement the previous Coalition Government signed with the U.S oil major.

Last year, the three companies earned $1.3 trillion in profits – entirely tax-free in Guyana.