Exxon Deal Denies Guyana $55 Billion, Global Witness Says
- Report to re-ignite debate ahead of next month’s election
- Exxon says conclusions are ‘misleading’ and ‘without merit’
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Exxon Mobil Corp.’s oil-production contract with Guyana is so heavily weighted in the supermajor’s favor that it will deprive the tiny South American country of some $55 billion over the life of the agreement, according to human-rights group Global Witness.
Guyana had a strong bargaining position when the contract came up for renegotiation in 2016 because Exxon had just made a giant offshore oil discovery, but “inexperienced” bureaucrats failed to press for substantially better fiscal terms, Global Witness said in a report titled “Signed Away” on Monday.