Market Chatter: Exxon Mobil, Partners Pullout From Talks With Guyana for Shallow-Water Oil Block

MT Newswires Live11-22 19:52

Exxon Mobil (XOM) and partners withdrew from talks with Guyana's government on terms for exploring and developing a shallow-water oil block, Reuters reported Thursday, citing Guyana's Vice President Bharrat Jagdeo.

Exxon, Hess (HES) and China's CNOOC won offshore block S8 in a bidding round launched in late 2022 to diversify the South American country's energy industry, according to the report.

The companies had been in discussions this year for the non-fiscal terms of the project, the report said, citing Exxon and government officials.

"They wanted to use the area for carbon capture and storage, and we don't want to do that at this stage," Jagdeo told Reuters.

Partners Hess and CNOOC also pulled out from the negotiations, Natural Resources Minister Vickram Bharrat said.

Exxon Mobil did not immediately reply to MT Newswires' request for comment on the matter.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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