Exxon consortium in Guyana produces 500 million barrels of crude oil

ExxonMobil, the oil giant, announced on Wednesday that it has produced 500 million barrels from Guyana’s offshore Stabroek Block since commencing production in 2019.

Exxon, Hess, and CNOOC Ltd. are part of the Exxon-led group that is responsible for production in this South American country.

Once six offshore projects have been approved, they aim to increase production to over 1.3 million barrels per day by 2027.

Exxon stated that the first three wells - Liza Phase 2, Liza Phase 1 and Payara -- pump an average of 650,000 barrels a day.

Stabroek is the main point of contention for Chevron in its $53 billion deal to buy Hess. Exxon, CNOOC and others are contesting the deal. They claim a contractual right to purchase Hess's stake. The matter will be decided by an arbitration panel of three people in May, next year.

According to government figures, the consortium agreement with Guyana last year generated $6.33billion for its partners. Exxon earned $2.9billion, Hess $1.88billion and CNOOC $1.52billion from Stabroek. (Reporting from Seher Dareen and Gary McWilliams, both in Houston. Editing by Vijay Kishore.)

(source: Reuters)