ExxonMobil’s arbitration filing is necessary for Guyana’s long-term prosperity

I am writing to express my advocacy for the importance of ExxonMobil filing for arbitration to protect its first-refusal rights in the sale of assets by Hess Corporation to Chevron. This matter holds significant implications, not only for ExxonMobil, but also for Guyana and its citizens. As we are well aware, Guyana’s economy has seen a remarkable transformation in recent years due to the discovery and development of its offshore oil and gas resources. ExxonMobil has been a key player in this development, working in partnership with the Guyanese government to harness these resources for the benefit of the country.

The first-refusal rights held by ExxonMobil in its agreement with Hess Corporation are crucial in ensuring the stability and continuity of operations in Guyana’s oil sector. Any potential sale of Hess’s assets to Chevron could impact ongoing projects, including the worldrenowned Liza Phase 1 and 2 developments. By exercising its right to arbitration, ExxonMobil is not only protecting its own interests but also safeguarding the interests of Guyana and its people. The uninterrupted progress of oil and gas operations is vital for the continued growth and prosperity of the nation.

Furthermore, maintaining a strong and stable investment environment is essential for attracting further foreign investment in Guyana’s energy sector. If ExxonMobil were to forgo its first-refusal rights without contest, it could set a precedent that undermines investor confidence and raises concerns about the sanctity of contracts in the country. In light of these considerations, I urge all stakeholders involved to prioritize dialogue and negotiation to resolve this matter swiftly and amicably. ExxonMobil’s decision to pursue arbitration should be viewed, not as an obstacle, but as a necessary step to ensure transparency, fairness, and the long-term prosperity of Guyana and its people.