The renegotiation of the highly criticized Stabroek Block Production Sharing Agreement (PSA) is among commitments being made by A Partnership for National Unity (APNU) ahead of the upcoming Elections in September.

The Stabroek Block PSA, signed between U.S oil giant ExxonMobil and the APNU+AFC Government in 2016, has been a sore issue of contention, with sections of society repeatedly criticizing its fiscal terms, and pushing for it to be renegotiated.

Under the agreement, Guyana receives 50% of the profit oil but only after up to 75% of the total monthly revenue is used to recover operation costs. Guyana also gets a 2% Royalty.

But Presidential Candidate for the APNU, Aubrey Norton, on Friday said a Government under his watch would push for greater benefits.

“In our first 100 days, the APNU Coalition Government will engage ExxonMobil on the Stabroek Block PSA with the aim of increasing benefits for Guyana,” Norton said.

Asked for specifics, Mr. Norton instead assured that once elected to office, he will engage Exxon on the PSA.

But ExxonMobil Guyana President, Alistair Routledge, has long warned that such a move could undermine future investments in the country.

He has stated that any move to increase the royalty rate by even 3% could undermine the basis of the investment and hinder future investments. ExxonMobil has pointed out that already, the company has made more than US$55B worth of investments in the country

But Norton has also disclosed the APNU plans to amend the Natural Resource Fund Act to ensure there are savings for future generations, particularly when the oil prices subside. He said he commits to the release of all government contracts in the Oil and Gas Industry and other major projects.

To improve transparency and accountability and root out corruption, the APNU Presidential Candidate said his party also plans to push for legislative changes in key sectors, and will reform key institutions, commissions and organisaitons.

“Four, restart public consultations on the 2006 Amerindian Act; five, reform the procurement laws to facilitate a wide cross-section of Guyanese benefitting from contracts and ensure greater accountability and transparency. Set up a professional and independent Petroleum Commission, commence multi-stakeholder meetings on various national and community issues of concern to society and ensure justice for the families of the 20 Mahdia victims, Adriana Younge, Ronaldo Peters, Keon Fogenay, the Henry Boys, Haresh Singh and other victims,” he said.

The coalition 100-day plan also includes a number of fiscal measures including the issuance of cash transfer.

“On assuming office, our top priority will be to pass a supplementary budget. With that budget, we intend to: one, make the first cash transfer to adults of $100,000; raise the tax-free threshold to $400,000 per month to benefit over 225,000 workers and the self-employed, increase wages of public sector workers, teachers, nurses, and disciplined forces up to 35%, increase old-age pension to $100,000 a month, and pay students in tertiary and technical institutes a stipend of $50,000 per month,” the Opposition Leader said.

The APNU is also promising to roll out sustainable agriculture programmes in every Region and significantly increase the stipend of Toshaos, regional, local and village councillors.

 Norton assured that by the end of coalition’s first term in 2030, were it to be elected, its People-Centered Development Strategy (PCDS) would result in poverty being significantly reduced, and an overall improvement in the lives of Guyanese in keeping with the UN Sustainable Development Goals.

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