Exxon Mobil

Americas

Opinion: Is Guyana prepared for an oil boom?

Guyana's story shares many similarities with the story of the ugly duckling. One of the poorest countries in South America, it has historically been entirely dependent on oil imports. In the past three years though, Guyana has sprung up as one of the hottest oil spots in the region, with ExxonMobil alone accounting for seven hydrocarbon discoveries in one single exploration block, Stabroek. However, the pace of discoveries will only highlight the deficiencies of the Guyana's political system, and there remains a serious risk that these world-class finds might be jeopardized by politics, either by means of renegotiating commercial terms or by bringing legislative powers to a painful impasse. By anybody's yardstick, the achievements of ExxonMobil and its partners (Hess, CNOOC) in the Guyanese offshore block of Stabroek (6.6 million acres or 27 000km2) have surpassed expectations. Almost every exploration well adds new barrels to the already hefty 4 billion barrels of recoverable reserves found in the area, a trend that is bound to continue over the next months. So far only one exploratory well turned out to be dry (Skipjack-1), whilst the following discoveries were made:

Americas

Exxon challenges California cities in climate claims

Exxon Mobil Corp. has asked a Texas federal judge to allow it to depose California municipal government officials who sued it and other oil companies over the threat of rising sea levels to their jurisdictions.

Americas

Oil companies clamping down on methane leaks

Many of the largest oil and gas drillers operating in the US will voluntarily reduce emissions of methane, a potent greenhouse gas, even as the Trump administration takes steps to to roll back existing environmental regulations targeting those emissions.