Guyana Won’t Ask Exxon to Renegotiate Contract, President Says

By Denis Chabrol

December 31, 2024 at 2:09PM EST

The ExxonMobil Guyana offices at 86 Duke Street in Georgetown, Guyana, on Tuesday, Jan. 23, 2024. The small nation's economy is the fastest-growing in the world, but the boon has stoked challenges from inflation and a growing wealth gap to the looming threat of conflict with Venezuela. Photographer: Jose A. Alvardo Jr./Bloomberg

(Bloomberg) -- Guyana’s President Irfaan Ali on Tuesday firmly ruled out formally asking Exxon Mobil Corp. to renegotiate its production contract, resisting calls from his political opposition and activists in the country.

“We don’t need any official response,” he said in a news conference, referring to whether the country would seek consent from the oil major to renegotiate the terms, as outlined in the 2016 Production Sharing Agreement.

“We respect the sanctity of contracts,” Ali said, adding that his government was keen on ensuring investors not to pull out from investments in the nation.

ExxonMobil Guyana President Alistair Routledge had already publicly stated that there would be no renegotiation. His comments were in response to plans by the opposition to do so if it wins the 2025 general elections.