Latest update November 23rd, 2024 1:00 AM
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Renegotiation of Exxon deal is a must – PM Candidate, Nigel Hinds
Nigel Hinds, the Prime Ministerial Candidate of Change Guyana, a new party launched last night, has posited that the Production Sharing Agreement Government signed with ExxonMobil, for its operations on the Stabroek Block, must be renegotiated.
Change Guyana, Prime Ministerial Candidate, Nigel Hinds
Hinds is quoted as saying “The ambiguous oil production sharing agreements that have extremely low royalties for Guyana, is a major cause for concern and Change Guyana Party believes that contract renegotiation for a fair share of oil benefits to Guyanese is absolutely needed.”
His statement came hours after a Stabroek News article that claimed that Change Guyana’s presidential candidate, Robert Badal, said he will not seek a renegotiation of the controversial deal if elected in the upcoming General elections.
The Stabroek News story presented Badal as saying that he will enlist industry experts to analyse current contracts so that they could make recommendations on the way forward, but there was no mention of a renegotiation of the Stabroek Block deal.
In response to the Stabroek News article, Change Guyana took to Facebook to state the party’s position definitively on the current oil and gas contracts. The statement dismissed the Stabroek News headline ‘Badal says won’t renegotiate Exxon deal if elected’ as erroneous.
The Stabroek PSA has been criticised as unfair and lopsided, and as a contract that sets the precedent for even more lopsided contracts in favour of oil companies. There are myriad provisions which are considered illegal and/or ridiculous. Sections of the public have called for its renegotiation, and international industry experts have pointed out multiple provisions in the contract that are disadvantageous and unique to Guyana.
There is even a plan by Activist, Ramon Gaskin, to challenge several purported illegalities of the agreement in Court.
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