How America's Action in Venezuela Guaranteed Guyana's Oil Future [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
Once one of South America's poorest countries, Guyana is now ranked among the world's richest because of the vast petroleum wealth contained in its territorial waters. A swath of major oil discoveries in the offshore Stabroek Block by operator ExxonMobil, with partners Chevron and CNOOC, saw Guyana emerge as a major oil producer and exporter. There is considerable production growth ahead which will boost the economy and global oil supply. U.S. intervention in Venezuela, with President Nicolas Maduro captured during a daring night raid, secured the future of Guyana's oil boom After decades of poor drilling results, Exxon made the first major oil discovery in Guyana with the Liza-1 wildcat well during May 2015 in the offshore 6.6-million-acre Stabroek Block. Unknown to Georgetown or the Exxon-led consortium, this heralded the beginning of one of the world's hottest oil booms . Liza-1 was followed by a swath of major oil discoveries, which are estimated to contain at least 11 billion
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