Latest update April 8th, 2025 7:13 AM
Exxon deal cannot be reversed – Min. Teixeira tells National Assembly
…urges Opposition to change their attitude towards govt.’s development agenda
Kaieteur News-Government Chief Whip and Minister of Parliamentary Affairs and Governance, Gail Teixeira, on Thursday stated that the deal signed with ExxonMobil Guyana Limited (EMGL) for the prolific Stabroek Block cannot be renegotiated at this time.
Government Chief Whip and Minister of Parliamentary Affairs and Governance, Gail Teixeira
The minister made those comments during the 2025 budget debate. During her address, Minister Teixeira criticised the Opposition noting that while they decry the lack of transparency, they were the ones who signed the PSA with Exxon in secrecy and kept it hidden. “One [the PSA] that has been criticised in the press all along but, you cannot at this time reverse it,” the Government Chief Whip said.
She continued, “This is hypocrisy at the highest level and you [Opposition] come here to this House in this debate and you cry crocodile tears…caiman tears in this country.”
The Stabroek Block Production Sharing Agreement (PSA) signed in 2016 by the former APNU+AFC administration, agrees for ExxonMobil and its partners, Hess and CNOOC to pay Guyana a 2% royalty on oil revenues, allows for the oil companies to recover 75% of the revenue to cover cost before the remaining goes to profit-sharing, and caters for Guyana to cover the oil companies’ taxes. The contract has been widely criticised for giving the oil companies a tax-free ride, the high cost recovery rate and lack of ring-fencing provision. This has led to calls for renegotiation from various quarters. However, the People’s Progressive Party/Civic (PPP/C) government has maintained that it will abide by the terms of the deal.
Moreover, in her address, Minister Teixeira urged the Opposition to adopt a more constructive approach to the country’s development and accused the Opposition of obstructing progress. “Everywhere we go in Guyana, there is progress… schools, health centres, roads, buildings, houses going up, AirBnB going up, it is unbelievable,” she said.
The Chief Whip added that the 2025 budget is a testament to inclusive and participatory governance. She stated, “The Opposition continues to suffer from myopia, shortsightedness.” Minister Teixeira accused the APNU+AFC of stifling development and pointed to the Coalition past decision to block the Amaila Falls Hydropower Project which was introduced since 2011. Since returning to office in August 2020 the PPP/C vowed to revive the project, though it remains stalled. “They defeated it twice… vindictiveness and small-mindedness doesn’t move a country forward, doesn’t help develop a country,” she said.
Additionally, the Chief Whip stressed the importance of infrastructure in national development. “Transportation links are critical for development, moving goods and services quickly, moving people quickly, that is what is important… This is the future of our country. Why are you so blind, why can’t you understand?” she questioned.
The minister outlined that targeted infrastructure development is key to economic expansion and reducing inequalities. She highlighted the new Demerara River Bridge and its potential to enhance economic activity and the Wales Gas-to-Energy project, which aims to slash electricity costs by 50%. “As I said, APNU+AFC has to decide which side are you on, progressive development, or are you going to continue… or do you want to continually be in this position of holding back the progress of our country, of being the spoilers… you are incapable of bringing up a critical support like what we did [in opposition],” she added.
(Exxon deal cannot be reversed – Min. Teixeira tells National Assembly)
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