Exxon-led consortium in Guyana hits 500 mln barrels of oil production

Reuters11-13 22:08

Nov 13 (Reuters) - Oil giant ExxonMobil said on Wednesday it had reached 500 million barrels of oil produced from Guyana's offshore Stabroek block since beginning output in 2019.

The Exxon-led consortium, which includes Hess and CNOOC Ltd , is responsible for all production in the South American nation.

They aim to lift production capacity to more than 1.3 million barrels of oil per day by the end of 2027 once six approved offshore projects are online.

The first three – Liza Phase 1, Liza Phase 2 and Payara – are pumping an average of more than 650,000 barrels per day, Exxon said in a statement.

The Stabroek block is a point of contention in Chevron's

$53 billion deal for Hess. Both Exxon and CNOOC are challenging the deal, claiming a contractual first right to buy Hess's stake in the field, a matter to be decided by a three-person arbitration panel in May next year.

Last year, the consortium's agreement with Guyana generated $6.33 billion for the partners, government data showed, with Exxon netting $2.9 billion, Hess earning $1.88 billion and CNOOC taking home $1.52 billion from Stabroek.

(Reporting by Seher Dareen in Bengaluru and Gary McWilliams in Houston; Editing by Vijay Kishore)

((Seher.Dareen@thomsonreuters.com; If in India call +91 74832 70128;))

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The Exxon-led ...</p>\n\n<a href=\"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1582987597.SGD","symbol_name":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) INC","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2483688525","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483688525","pubTimestamp":1731506886,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"Nov 13  - Oil giant ExxonMobil    said on Wednesday it had reached 500 million barrels of oil produced from Guyana's offshore Stabroek block since beginning output in 2019.   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