ExxonMobil deal deprives Guyana of up to $55 billion according to Global Witness; Exxon disputes allegation
A Global Witness report alleges that ExxonMobil negotiated an exploitative oil deal with the government of Guyana that will cause the country to lose out on up to US$55 billion of revenue, which could have been used to build needed infrastructure and sea defenses to protect the 90% of the population at risk from rising sea levels. The report also alleges that ExxonMobil used aggressive tactics and threats to pressure inexperienced Guyanese officials to sign the deal.
ExxonMobil denies the allegations and says that, "the terms of the contracts in Guyana are competitive with other agreements signed in countries at a similar resource development phase. ExxonMobil is committed to the highest standards of business conduct, and we follow all local laws and regulations wherever we operate."