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OIL
Exxon Mobil took the first step towards its seventh oil project in Guyana as it looks to further expand output from the South American nation, according to Bloomberg.
- The Hammerhead project will pump as much as 180 b/d as soon as 2029, subject to Guyanese government approval, Exxon’s country manager Alistair Routledge said in an interview.
- This will boost overall production capacity to nearly 1.5m b/d, around the same as OPEC member Nigeria.
- Exxon’s ambitious plans for Guyana have left the South American nation as the world’s third fastest growing oil-producing country outside of OPEC in recent years.
- Hammerhead’s capacity will be about 30% lower than the three previous offshore installations.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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