Underscoring the importance of contract sanctity to investors, ExxonMobil yesterday hinted that it was willing to discuss with government the local content areas it can give more to but drew the line at any renegotiation of the controversial 2016 Production Sharing Agreement (PSA).
“Contract sanctity is a fundamental principle of doing business worldwide, particularly in the oil and gas industry, to allow for certainty when making significant, long-term investments. The Government of Guyana has indicated that it will not renegotiate but will review the agreement,” newly-appointed President of ExxonMobil Guyana, Alistair Routledge yesterday told Stabroek News.
“We are open to having discussions to see where we can do more on areas such as local content. Our work and the support of the government are the basis of a long-term mutually-beneficial relationship for the development of oil resources while creating significant value for Guyanese,” he added.
