By Kevin Crowley (Bloomberg) -- 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 … [Read more...]
Offshore Giant Awakens: Exxon’s Sweetheart Deal in Guyana Sparks IMF Concern as Deepwater Potential Grows
By Kevin Crowley (Bloomberg) -- Exxon Mobil Corp. got such a “favorable” deal from Guyana, home to the biggest new deepwater oil play, that the tiny South American country should rewrite its tax laws, the International Monetary Fund said. While Guyana should honor the existing deal, future contracts should ensure the state gets a higher portion of crude proceeds, the fund … [Read more...]