Exxon could delay third Guyana project as government review drags on [Reuters]
Exxon Mobil Corporation (XOM)
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Source: Reuters
Exxon could delay third Guyana project as government review drags on (Reuters) - Exxon Mobil Corp ( XOM.N ) said on Tuesday that production at the Payara project, its third development in Guyana, could be delayed due to delays in government approvals as the company scales back spending elsewhere 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 Phase 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 current operations at Liza were unaffected b
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