1. Exxon's New Oil Project to Lift Guyana Output Past Venezuela.
- Author
-
Crowley, Kevin
- Subjects
PETROLEUM ,PETROLEUM sales & prices ,ECONOMIC impact ,NATURAL gas ,INTERNATIONAL arbitration ,INTERNATIONAL sanctions - Abstract
Exxon Mobil Corp. has approved its sixth oil development project in Guyana, which will make the country a larger crude producer than Venezuela. The Whiptail project will cost $12.7 billion and is expected to produce about 250,000 barrels of oil per day by the end of 2027. This growth in oil production has significant social and economic implications for Guyana, allowing the government to invest in welfare and infrastructure. Exxon plans to drill 48 wells and use a floating production, storage, and offloading vessel to support the project. Guyana's production growth is expected to slow down after the Whiptail project, but Exxon has the potential for more projects in the future. [Extracted from the article]
- Published
- 2024