Renegotiating ExxonMobil contract

Apr 20, 2026 Editorial, News

Kaieteur News – “They sold us out to the foreigners. The oil companies, every time there is a find out there, our people should be sad because nothing comes our way. We are gonna renegotiate those contracts because that’s not what we had in mind.”

The speaker has to be a serious man,that much should be apparent even to a casual observer. “Sold us out” are unambiguous words, and so is this sentence: “We are gonna renegotiate those contracts…” The speaker was the then Leader of the Opposition, Bharrat Jagdeo, now vice president since the PPPC swept to victory in 2020. What about that tough, unequivocal stance now relative to “renegotiate those contracts” with ExxonMobil’s monstrous 2016 deal at the top of the list? Where is Jagdeo and the PPPC Government on what they committed, with fire in their eyes, to change through renegotiation?

The PPPC Government and Jagdeo have traveled a long and twisted road with the ExxonMobil contract. Before August 2020, when he was Leader of the Opposition, he had declared war on the contract and the selling out of Guyana’s oil wealth to “foreigners.” He was right about the selling out by the APNU-AFC Coalition Government, but what has he done to make it right? He appointed himself as Guyana’s chief oil and gas policymaker, but has since neglected the hard challenges that come with that title, that role. One is the promised “we are gonna renegotiate those contracts.” Truth be told, Jagdeo has done more than neglect his once strong and inspiring words about renegotiating. He and the government have distanced from that, and disowns such a move. The rickety harbor in which they shelter is the suddenly convenient contraption of “sanctity of contract.” How quickly the PPPC Government and the vice president went from warriors for renegotiation of the ExxonMobil contract to abject cowards that run away from facing off against ExxonMobil. So as to squeeze some changes out of the company leaders, who call themselves Guyana’s partners.

In an online program, Chartered Accountant and attorney-at-law, Chris Ram describes the PPPC Government’s management of the ExxonMobil relationship and the 2016 contract as “amateurish behavior.” It’s a start but only one element of the pretenses employed by the government. Amateurs are stumblers and can be compared to beginners, who lack depth. Amateurs struggle with grasping the full scope of the power in their hands and, even when they have some idea of it, are too bumbling to make any moves to improve the situation. The PPPC when it was in the opposition ranks knew all that was wrong with the ExxonMobil contract, how it has disadvantaged Guyana, and what had to be done to fix it. In a word, it was to renegotiate it, which neatly packages all that was and is wrong with that 2016 slavery deal. Amateurs are not that insightful, but it doesn’t mean that they are not cunning schemers.

Schemers against Guyana’s interests, schemers that reject renegotiating the ExxonMobil repugnance, because to do so would threaten their hold on power. To confront ExxonMobil about ringfencing would raise the ire of the American multinational, since its own schemes that flush it with unmatched profits from Guyana’s oil wealth would be impacted. To anger ExxonMobil is a high-risk move, as that would put the PPPC Government and leaders like Ali and Jagdeo on the wrong side of the US. If any proof is needed, the recent public posture of US Ambassador to Guyana, Nicole Theriot supplied the details. To renegotiate sends a “terrible signal”. Though not to renegotiate a lopsided and exploitative oil deal would be a “terrible signal” to the Guyanese owners, many hungry and severely financially challenged, it is best not to touch that revolting contract.

The PPPC Government must be delighted at the US ambassador’s coming out against renegotiation, but didn’t need it. To renegotiate would be more than a “terrible signal” to investors, for it would be the worst one to official Washington. Leaders have lost their heads, and governments have lost their place for going half as far. Thus, the government’s newfound mantra of ‘sanctity of contract’ is the safest approach. We see professional operators who are good at looking after their interests.

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APNU-AFC, Chris Ram, ExxonMobil, foreigners, online program, PPPC Government

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