Exxon could delay third Guyana project amid low prices, spending cuts [Reuters]
Exxon Mobil Corporation (XOM)
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Source: Reuters
Exxon could delay third Guyana project amid low prices, spending cuts (Reuters) - Exxon Mobil Corp ( XOM.N ) said on Tuesday the start of production at its Payara project in Guyana, its third major development in the world’s newest offshore oil hotspot, could be delayed as the company scales back spending due to the crude price crash. Payara’s startup had been slated for “as early as 2023” and was expected to eventually produce some 220,000 barrels per day of crude, according to Exxon’s website. The firm and its partners Hess Corp ( HES.N ) and China’s CNOOC Ltd ( 0883.HK ) have discovered more than 8 billion barrels of recoverable oil in the South American country, which has no history of production. The Exxon-led consortium in January produced some 56,320 bpd of crude at the first 1 of its Liza project. Phase 2 of the same venture, at the prolific Stabroek block, is the next project expected to bring production online. The company said on Tuesday that current operations at Liz
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