"President Ali Refuses to Renegotiate ExxonMobil Oil Deal Despite Calls for Fairer Terms and Increased Benefits for Citizens"

 

President Irfaan Ali of Guyana has announced that his administration is finalizing a model for Guyanese families to participate in the oil sector. This comes amidst the backdrop of a lopsided agreement with ExxonMobil, with several independent analysts advising the country to renegotiate terms for a better deal. However, the government has refused to engage ExxonMobil for more benefits out of the Stabroek Block while announcing a new strategy for increasing local content opportunities. The government can install provisions such as ring-fencing, tax imposition, and capping interest rates on loans. Many believe that the present agreement favors ExxonMobil, with Guyana receiving a small percentage in royalty and profit-sharing, with the company retaining most of the earnings to clear expenses. The government had promised to review and renegotiate the deal entered into by the former government, but it has decided to maintain the agreement.