Exxon to shut Guyana oil project for two weeks [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
According to Reuters, Alistair Routledge, president of Exxon's Guyana business, said that the 225km gas pipeline will feed Guyana's $1.9bn gas-to-power Stabroek project, which aims to end the country's reliance on imported fuels and lower energy costs for residents. Offshore production vessels will be connected to a power plant and a natural gas processing facility by the proposed pipeline, with the power plant and transmission lines not becoming fully operational until the end of 2025. Routledge added that the offshore portion of the pipeline that is under construction is 70% complete. He also said that the company no longer estimates potential recoverable resources, and will only work to quantify actual reserves, as this considers how much of the oil and gas underground can be commercially developed. Exxon's project in Guyana, known as the Stabroek Block, has been explored since 2008, but the company has not updated its estimate of 11 billion barrels in recoverable resources
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