Inspenet, October 3, 2023.
Surprising decision by Exxon
The oil giant ExxonMobil reported that it has decided to suspend its exploration efforts in the Kaieteur Block, located in the deep waters of Guyana, due to the limited amount of oil it has managed to obtain, it explained.
“ Our withdrawal from the Kaieteur Block will have no impact on our commitment to continue our exploration and development opportunities and generate additional value for the government and people of Guyana ,” the company said in a statement.
The company has made the decision due to the unsatisfactory results of its exploration activities in that region. Meanwhile, oil and gas experts are focusing their efforts on the Stabroek Block, located in Guyana, where 380 thousand barrels per day are being extracted and reserves exceeding 11 billion barrels of oil and gas have been discovered.
Given this situation, the Israeli company Ratio Guyana Limited, which initially had the exploration license in the area, has taken on the challenge of leading the search and production of oil in that area. However, they are awaiting official approval from the Guyanese State.