Jan 27 (Reuters) - Exxon Mobil Corp on Monday raised its Guyana oil estimates by 2 billion barrels with disclosure of a new discovery, as it continues to develop one of the world's most important new oil and gas blocks in the last decade. The new find continues an Exxon-led consortium's long string of discoveries in Latin America's newest crude producing nation and … [Read more...]
Guyana’s First Oil Sets Sail for United States
By Marianna Parraga and Neil Marks Jan 20 (Reuters) - A vessel carrying Guyana's first-ever shipment of crude set sail on Monday bound for the U.S. Gulf Coast, oil major Exxon Mobil Corp said, marking the tiny South American nation's long-awaited debut as an oil exporter. The Suezmax vessel Yannis P, loaded with about 1 million barrels of Liza light sweet crude was bound … [Read more...]
First Oil Shipped from Guyana
By Natnicha Chuwiruch and Kevin Crowley (Bloomberg) --Exxon Mobil Corp. and its partners produced the first commercial crude from Guyana, setting the small South American nation on a path to potentially vast flows of oil revenues. Output from the first phase of the offshore Liza field is expected to reach full capacity of 120,000 gross barrels of oil per day in coming … [Read more...]
Exxon Defends Guyana Deal as Oil Giant Pushes for Quick Output from Enormous Deepwater Find
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...]