GEORGETOWN, GUYANA — Opposition Leader Aubrey Norton is turning up the heat on ExxonMobil, vowing that an APNU-led government will demand a full-scale review of Guyana’s controversial 2016 oil contract, whether the oil giant agrees or not.
At a press briefing today, Norton didn’t mince words. “We intend to engage Exxon on every aspect of the contract,” he declared, signaling a clear break from the current administration’s more cautious stance. “We believe that [the contract] can be utilized to increase the benefits of the people of Guyana.”
The 2016 Stabroek Block Production Sharing Agreement (PSA), signed under the previous administration, locked in a two percent royalty rate and exempted Exxon and its partners from paying corporate tax, terms critics have slammed as overly generous.
ExxonMobil has consistently defended the deal as fiscally stable and non-negotiable, but APNU isn’t backing down.
A 90-DAY COUNTDOWN IF APNU WINS
Norton’s position isn’t just political grandstanding. In late 2024, APNU released a sweeping 20-point oil and gas policy framework. Point ten promises that within 90 days of taking office, the party will launch a comprehensive review of the PSA and “engage the Stabroek Block Partners… to maximise benefits to the people of Guyana.”
The proposed review would cover a wide range of issues including project ring-fencing, taxation, environmental obligations, decommissioning costs, transparency, auditing, local content, and shared management of operations.
ExxonMobil, however, has already drawn a line. Its regional executives have indicated a willingness to improve local content provisions but remain firm in rejecting any reopening of the contract’s core financial terms.
$214M DISPUTE AND $10B IN PROFITS
The stakes are high. In March 2025, the Natural Resources Ministry launched formal dispute proceedings against Exxon over $214 million in cost recovery claims under the current PSA. Meanwhile, the consortium, led by Exxon, reported a staggering $10.4 billion in profits from Guyanese operations in 2024, a 64 percent jump from the year before.Many in Guyana believe the country is being short-changed.
EXPERTS ON DECK — INCLUDING FROM THE DIASPORA
Norton insisted that his party is building a credible team to take on Exxon. “I have already engaged Guyanese in the diaspora who have experience dealing with multinational corporations, especially in oil,” he said.
These experts, he noted, will form an advisory group tasked with supporting the renegotiation effort.And while ExxonMobil has publicly insisted the deal is set in stone, Norton hinted at using legal avenues to push through changes.
“All I will say to you is that the law provides for us to engage and make the changes, and we intend to address it based on… I think it is Article 24:1,” he said, referencing provisions within the PSA.
CLASH LOOMING OVER OIL CONTROL
Though APNU is still in opposition, its rhetoric signals a potentially major shift in how Guyana manages its oil resources if it wins the next election. The message is clear: ExxonMobil may not want to renegotiate, but APNU plans to make it happen anyway.
As Exxon races toward producing nearly 1 million barrels of oil per day by 2026, the battle lines are being drawn. With billions at stake, Guyana’s next election could determine whether one of the world’s most lucrative oil deals gets rewritten, or remains locked in place.
