NiseriN/iStock by way of Getty Pictures
Exxon Mobil (NYSE:XOM) and associate Hess (NYSE:HES) mentioned Thursday they’ve withdrawn from the deepwater Kaieteur exploration block offshore Guyana after their first effectively within the block was declared to be non-commercial.
Kaieteur accommodates round half the acreage of the Stabroek block, the place the Exxon-led (XOM) consortium already has discovered greater than 11B boe in place.
In relinquishing Kaieteur, Exxon (XOM) and Hess (HES) transferred their stakes to authentic license holders Ratio Guyana and Cataleya Power.
The consortium composed of Exxon (XOM), Hess (HES) and China’s Cnooc (OTCPK:CEOHF) at present produces ~380K bbl/day in Guyana by means of the Stabroek block, with plans for a manufacturing capability of greater than 1.2M boe/day by 2027.