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PPP/C Govt. should renegotiate Exxon’s exploitative oil deal – Global Witness
Now that the PPP/C government is in place, Global Witness is of the firm conviction that efforts should be made immediately to investigate and renegotiate ExxonMobil’s exploitative oil license, so as to ensure the country has the funds needed to rebuild after divisive elections and a debilitating pandemic.
In February 2020, Global Witness’ exposé Signed Away revealed that Guyana could lose billions of US dollars from a 2016 Exxon oil deal, according to a report by the fiscal analyst firm OpenOil commissioned by Global Witness. The deal, for an offshore license called Stabroek, has bad financial terms thanks to Exxon’s aggressive negotiation tactics with inexperienced Guyanese officials.
“With Exxon increasingly dependent upon an immense Guyanese oil find, President Irfaan Ali has a remarkable opportunity to make a new deal while showing the interests of all Guyanese – not Exxon – are at the heart of his administration,” said Jonathan Gant, Senior Campaigner at Global Witness, in a comment.
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