The review of the contract signed by the former People’s Progressive Party/ Civic Government with Exxon Mobil for oil exploration in Guyana’s Exclusive Economic Zone, is natural and is in keeping with the fact that the circumstances have changed since the signing of the first agreement, Finance Minister Winston Jordan said, according to GINA.
The Minister was also quoted by GINA as saying that a review does not necessarily have to result in a change to the terms and conditions of a contract; rather it serves to bring a greater understanding of the contract details. “A review does not mean changes but it can involve changes,” said the minister.
The People’s Progressive Party/ Civic (PPP/C) has maintained that a review of the contract, especially with the involvement of the subject minister could lead to corruption and claims of “selling out of national interests”.
But Minister Jordan insisted that the request for a review of the contract was government’s way of ensuring Guyana gets the best possible deal from the extraction of oil, when it begins.