Former auditor general Anand Goolsarran has said that it is unfortunate that President Irfaan Ali continues to use “sanctity of contract” as a reason to not look into the 2016 Petroleum Sharing Agreement (PSA) between ExxonMobil’s subsidiaries and the Government of Guyana, which is heavily weighted in favour of the US oil giant.
“No one is suggesting that we should not honour the terms and conditions of the agreement, and attempts at renegotiation do not in any way adversely affect the PSA currently in force,” Goolsarran said in his ‘Accountability Watch’ column published today in the Stabroek News.
According to the former auditor general once renegotiation is successful, the contract is amended, and all parties are bound by the amendment. “If renegotiation proves unsuccessful, then we will have to live with the existing contract. But at least we should make an honest and genuine attempt… Over the years, Trinidad and Tobago has successfully renegotiated several of its oil contracts,” he added.