Aubrey Norton Vows to Renegotiate ExxonMobil’s 2016 Oil Contract if Elected
By Antonio Dey | HGP Nightly News
GEORGETOWN, GUYANA – A Partnership for National Unity (APNU) presidential candidate Aubrey Norton has pledged to revisit the terms of Guyana’s 2016 oil contract with ExxonMobil, arguing that the current agreement deprives Guyanese citizens of their fair share of the country’s oil wealth.
Speaking at a press conference held at Congress Place, Sophia on Friday, Norton said:
“We intend to engage Exxon on every aspect of the contract that we believe can be utilized to increase the benefit to the people of Guyana.”
Controversial Contract Under Scrutiny
The 2016 Production Sharing Agreement (PSA) signed under a previous administration has long been criticized for its 2% royalty rate and for exempting ExxonMobil and its partners from corporate taxes. Despite public pressure, ExxonMobil has repeatedly stated the agreement is legally binding and financially stable, insisting it will not entertain renegotiation.
But Norton believes otherwise.
“The law provides for us to engage and make the changes, and we intend to address it based on the law.”
Advisory Team to Guide Oil Sector Reforms
Norton revealed that he has already begun consulting Guyanese professionals in the diaspora with experience negotiating with multinational oil companies. He says this advisory group will play a critical role in reviewing the PSA and charting a more transparent and equitable path forward.
His proposed review includes:
- Ring-fencing of oil projects
- Taxation reform
- Environmental obligations and decommissioning costs
- Transparency and auditing
- Local content enforcement
- Shared management of oil operations
Promise of an Independent Petroleum Commission
In a bid to increase oversight and professionalism in the sector, Norton also committed to establishing a professional and independent Petroleum Commission to regulate the oil and gas industry if APNU wins the September 1, 2025 general elections.
“We believe in a transparent, fair, and accountable oil sector. That means a Petroleum Commission free from political interference.”
The Bigger Picture
While ExxonMobil remains firm in its stance that the PSA is not open to renegotiation, growing public dissatisfaction and political momentum may increase pressure on any incoming government to pursue reforms or apply legal mechanisms to amend unfavorable terms.
Norton’s vow to re-engage ExxonMobil sets the stage for a potential confrontation over the oil deal that underpins Guyana’s economic future.
