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Operating and proposed projects in the Stabroek block. Esso, a subsidiary of ExxonMobil, began exploring the off-shore region in 2008. [6] In May 2015 ExxonMobil announced discovery of more than 90 metres of high-quality, oil-bearing sandstone reservoirs about 200 km off the coastline, [7] considered to be one of the largest crude oil discoveries of the past decade. [8]
2023 Guyana–Venezuela crisis. Venezuelan referendum. v. t. e. The long-standing territorial dispute over the Essequibo region escalated into a crisis in 2023. The region is controlled by Guyana but is claimed by Venezuela. The dispute dates back many years and the current border was established by the Paris Arbitral Award in 1899.
In April 2015, ExxonMobil announced its discovery of a significant oil reserve off the coast of Guyana in South America. At the time, it was estimated to contain more than 700 million barrels of oil. [79] Hess began acquiring interest in the acreage in 2018. [80] [81] By 2022, the estimation surpassed 11 billion barrels. [82]
ExxonMobil Chemical is a petrochemical company that was created by merging Exxon's and Mobil's chemical industries in 1999. Its principal products include basic olefins and aromatics, ethylene glycol, polyethylene, and polypropylene along with speciality lines such as elastomers, plasticizers, solvents, process fluids, oxo alcohols and adhesive ...
An arbitration panel plans to conduct a hearing in 2025 to address an issue related to ExxonMobil's challenge related to a joint venture in Guyana. However, Chevron's management remains confident ...
With 215,000 square kilometres (83,000 sq mi), Guyana is the fourth-smallest country on mainland South America after Uruguay, Suriname and French Guiana. The main economic activities in Guyana are agriculture (production of rice and Demerara sugar ), bauxite mining, gold mining, timber, shrimp fishing and minerals.
The project is expected to eventually bring in 750,000 to more than one million barrels of oil a day, making Guyana one of the world's top-twenty oil producers and Exxon's single most voluminous source of oil. [1] [4] Upon discovering oil in 2015, Exxon made a nonpublic deal with Guyanese president David A. Granger for a series of 23-year ...
ExxonMobil, an American multinational oil and gas corporation presently based out of Texas, has had one of the longest histories of any company in its industry.A direct descendant of John D. Rockefeller's Standard Oil, the company traces its roots as far back as 1866 to the founding of the Vacuum Oil Company, which would become part of ExxonMobil through its own merger with Mobil during the 1930s.