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Exxon Defends Guyana Deal as Oil Giant Pushes for Quick Output

  • Tiny South American country is key to arresting Exxon declines
  • IMF called contract ‘favorable’ to Exxon, recommended reform

Photographer: Jody Amiet/AFP via Getty Images

Exxon Mobil Corp. defended its contract with tiny Guyana as the oil major pushes to speed up production from the world’s biggest deep-water find in a decade.

There’s no need to renegotiate the deal because it was agreed only two years ago with several concessions to the government, Erik Oswald, Exxon’s vice president for exploration in the Americas, said in an interview. The agreement was described as “favorable” to Exxon compared with global norms by the International Monetary Fund.