The International Monetary Fund (IMF) is calling on the authorities of Guyana to revamp their tax laws for future oil contracts to protect themselves from unbalanced exploitation after massive Exxon oil discoveries make this venue a hotspot for supermajors. According to the IMF, the South American country’s deepwater oil contract with Exxon offers “relatively favorable” terms and royalty rates “well below of what is observed internationally”, and newcomers to the venue should get a different deal. For Guyana—the third poorest country in South America—the deal is of major significance, even if below the international standard, but while existing contracts must be honored, future contracts shouldn’t be so generous, the IMF said in a report obtained by Bloomberg . The contract was awarded to Exxon in 2016 and since its disclosure in late 2017, it has drawn negative attention to the oil giant. The contract is for the Stabroek area, […]