Renegotiation if not in actual word, then in spirit and essence

Apr 11, 2022 Editorial

Kaieteur News – Our first thought was that Guyana’s political opposition was on the move regarding this country’s disastrous oil contract with ExxonMobil (“Norton backs call for renegotiation of oil contract -says Guyana in a better position to seek readjustment”, KN April 8). Unfortunately, we were abruptly brought to our senses regarding where the opposition stands with this oil contract. It is a study in bouncing around and scrambling about to avoid the use of a word – renegotiation.
This was the regrettable posture from incoming Opposition Leader, Mr. Aubrey Norton. We mistakenly thought that he had the backs of Guyanese, would fight for what is right for them. Instead, what Mr. Norton tried to do was to hedge his bets, play word games.
In a letter to this publication, Mr. Norton essentially hemmed and hawed about where he stands on RENEGOTIATION OF GUYANA’S DEVASTATING OIL CONTRACT. He had no issue with the content of a story headlined in KN’s edition of Friday, April 8th. But he had a problem with the use of the phrase “Norton backs call for renegotiation of the oil contract…”
It is most baffling when Mr. Norton uses such phrases as 1) “action to be taken;” AND 2) “benefit from our resources;” AND 3) “provides for change;” AND 4) “will do everything within the confines of the law;” AND 5) “ensure our people get increased benefits.” While Mr. Norton did not use the word renegotiation, we wonder what all those phrases employed by him mean. What does he really mean, if not renegotiation masquerading under different identities?
We understand that he prefers “(re)adjustment”, which will not occur by itself, but by conversation leading to the “action” and “increased benefits” of which he spoke so stirringly. For Mr. Norton’s enlightenment, oil companies are not about benevolence and charity, their leaders are not known for compassion.
He knows he has to fight/struggle to get those increased benefits he seeks for Guyanese. He can call it whatever pleases him, and though renegotiation may not be the actual letter/word used by Mr. Norton, it certainly has that spirit, such essence. The things of which he says that he is about are saturated with such thrusts, with components associated with renegotiation objectives, no matter how much he strains to distance from this word now transformed into a Guyanese curse.
To his credit, Aubrey Norton tabled a new dimension as part of his position. He said, “Now that the evidence is there, that we have the oil resources, I believe it is a new context, and we must engage Exxon (Mobil) noting the new context.” It is a solid point that should feature prominently in any arm’s length conversation related to “increased benefits” for Guyanese from the oil contract.
Stated differently, there were clear risks, some degree of uncertainty (considerable and reasonable), when Exxon commenced exploration works at great expense. How much oil there was to be found in our oilfields? What was the quality of oil that was there, one of the lighter highly marketable types, or the heavier, more expensive kind to refine? And what was discovered in commercially viable quantities, thereby enabling the company to recoup its huge financial investment and earn satisfactory profit margins?
Today, all those questions have been answered, and beyond haziness or uncertainty. In other words, there is no doubt anymore as to the oil that Guyana has, how much, and what kind. It is, therefore, reasonable to assert that the risks, such as they are, are now largely known.
They are minimal from the perspective of a deep-pocketed foreign investor, and tangible returns already have been gained by Exxon and its partners. It is timely and proper that renegotiation (or whatever suits them) to bring relief from this nightmare of an oil contract be among the foremost priorities of leaders of this country.
As Mr. Norton himself noted, Article 31.2 of the Production Sharing Agreement (PSA) allows this country the space to “reengage its foreign partners and state Guyana’s case in the new scheme of things.” Any reasonable citizen would interpret “reengage” to mean renegotiate or revise. We must stop pussyfooting and seeking shelter behind words to disguise what we want, and how we proceed.

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Renegotiation if not in actual word, then in spirit and essence

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