Latest update November 21st, 2024 1:00 AM
Correct ExxonMobil contract …or it will be an uphill struggle to get other companies to do better- Nigel Hinds
By Abena Rockcliffe-Campbell
Chartered Accountant, Nigel Hinds.
Chartered Accountant Nigel Hinds is pleading, once again, with the Government of Guyana and ExxonMobil to negotiate the “lopsided” Petroleum Sharing Contract (PSA) that they signed in 2016.
Hinds said that along with the many ills of the contract, the APNU+AFC government needs to realise that if it does not fix the contract, other companies will want to take Guyana along the same road. “So we will be leaving ourselves unguarded over and over again.”
Hinds said, “If Chevron or Total finds oil, they would not want an agreement that is too dissimilar from this one (the ExxonMobil agreement.) So we will be shooting ourselves in both feet. That is why it is important that this contract be renegotiated. That is why I said before that ExxonMobil needs to have compassion.”
Hinds said that ExxonMobil is very aware that it has found a financial paradise in Guyana and as such should not hesitate to give the country a better deal.
He stressed, “Our oil is of top quality; it’s a superb find for ExxonMobil and the company is already benefitting.”
Hinds said that Guyanese should listen to the Q4 2017 conference calls of ExxonMobil and Hess Corporation to understand how the oil find offshore Guyana is seen as a highly valued component of their assets and share valuation.
The accountant said that as a result, “I do not see why we should be settling for that which we have accepted.”
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