No alternative to renegotiation

Aug 28, 2020 Front Page Comment, News

Exxon says it is amenable to a review but not the renegotiation of its contract. It says that renegotiation would compromise the principle of sanctity of contracts, which is critical for investment planning.

Renegotiation of contracts is not unusual, illegal, improper or unreasonable. It happens all the time. The central purpose of a review is to pronounce on what can be improved. Renegotiation, thus, is the natural progression, which flows from any genuine review of agreements.
The Government of Guyana cannot be all things to all people. The new government has not shown any sign that it is intimidated by Exxon or obligated to the Americans because of its support for electoral democracy.
Trinidadian Prime Minister, Keith Rowley rightfully said last year: “There’s a role for the government in ensuring that the people… while being participants in this very lucrative business, get more than crumbs that fall off the table.”
The government should not be unsettled by the threat of investment flight or the loss of commodity markets. ExxonMobil has greater reason to remain than to leave. Guyana is a rich vein of fortune for Exxon and its partners.
Guyanese has had enough of these red herrings that leave us hungry and hurting.
We repeat that it is time to renegotiate the Exxon contract. It must give Guyanese something better on which to hang their hopes.
As such, we proclaim that there is no alternative to renegotiation. Guyanese are entitled to a fairer share of their wealth. Renegotiation must follow any review.

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