A new report suggests that the world’s newest oil exporter, Guyana, lost $55 billion from its deal with Exxon that would allow the oil major to develop its offshore oil resources, according to Bloomberg. Watchdog Global Witness claims that Guyana is getting 52% of the revenue from the fields in question that the Exxon consortium is developing. However, the watchdog claims, “typical” deals usually offer a much higher percentage to the host country, in the realm of 65%-85%. Global Witness claimed in its report that Guyana “deserves” a better deal. Guyana, the watchdog alleges, was in a position to negotiate a better deal following Exxon’s initial discovery, but that the government’s “inexperienced” bureaucrats failed to push as hard as they could. Exxon continues to mention it has continued to operate within the law, both in negotiating the deal and in all aspects of doing business in Guyana. Exxon has […]