The Transparency Institute Guyana Inc (TIGI) is suggesting that international laws could protect Guyana from the most egregious provisions of the oil agreement with an ExxonMobil subsidiary since by contravening domestic law it violates several of the guidelines of the Organisation for Economic Co-operation and Development (OECD).
In the ninth installment of a series of articles in Stabroek News on the Production Sharing Agreement (PSA) with Esso Exploration and Production Guyana Limited (EEPGL) , TIGI argued that Exxon is unlikely to “put up a fight” if Guyana were to request changes to the agreement since the current international business climate does not look favourably at “multinational companies which somehow manage to inveigle hapless third-world countries into agreements in which the multinational holds all the trumps.”
Specifically the OECD which has a goal to “shape policies that foster prosperity, equality, opportunity and well-being for all” has issued guidelines which “have unique potential to strengthen the global system of corporate governance and provide access to remedy for the victims of corporate misconduct.”
