Exxon Mobil Negotiates Oil Block Development in Guyana

Exxon Mobil and its partners, Hess Corp and CNOOC, are actively negotiating with the Guyanese government to develop a shallow-water oil block obtained in a 2022 auction. Despite previous statements suggesting withdrawal from talks over a carbon sequestration project, Vice President Bharrat Jagdeo clarified that Exxon has reaffirmed its interest, indicating a possible misunderstanding. Currently, the consortium produces over 600,000 barrels per day from the Stabroek Block, with ambitions to increase production significantly in the coming years. Guyana's administration has seen interest in eight out of fourteen oil and gas blocks offered, with expectations of a near-term agreement with TotalEnergies. As the country capitalizes on its emerging oil industry, the potential for future production could exceed 1.6 million barrels per day by 2030. The negotiations reflect the ongoing complexities of developing Guyana's oil resources amid evolving environmental considerations.