Guyana allows ExxonMobil, partners to start drilling for oil
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June 16, 2017
GEORGETOWN, Guyana (AP) — The South American country of Guyana has issued its first oil and gas license to ExxonMobil, which has said it made "significant" oil discoveries off the Atlantic coast.
Resources Minister Raphael Trotman said late Thursday that the company and its partners, Hess Guyana Exploration Ltd. and CNOOC Nexen, also received an environmental permit and can now drill in an area believed to contain at least two billion barrels of oil.
Oil extraction is expected to start in 2020 at an initial rate of 100,000 barrels per day, Trotman said. ExxonMobil will obtain a royalty of 2 pe...
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