01 Oct 2020
Guyana: ExxonMobil Sanctions $9B Payara Offshore Development
U.S. oil major ExxonMobil has reached a final investment decision on a $9 billion offshore oil development project in Guyana, following the approval by the government.To remind, Reuters last Friday reported that Guyana was close to reaching a deal with Exxon to green-light the project "after the company committed to stricter environmental restrictions on gas flaring and wastewater."The project, called Payara, will target an estimated resource base of about 600 million oil-equivalent barrels.