Exxon explores oil production in Guyana

Global Business

Exxon Mobil says it has made a “significant” oil discovery off Guyana.  Unlike almost all its neighbors, the country isn’t an oil producer yet. But the energy giant recently announced it had discovered oil off the coast.  However it’s not clear if the find is commercially viable.  CCTV America’s Stephen Gibbs filed this report from. 

Exxon explores oil production in Guyana

Exxon explores oil production in Guyana

Exxon Mobil says it has made a "significant" oil discovery off Guyana. Unlike almost all its neighbors, the country isn't an oil producer yet. But the energy giant recently announced it had discovered oil off the coast. However it's not clear if the find is commercially viable. CCTV America's Stephen Gibbs filed this report from.

Highlights: 

  • Exxon first confirmed it found oil off Guyana on May 7th.  Now the company has gone beyond its initial, cautious statement, and is describing the find as “significant”.
  •  Alongside Exxon, a subsidiary of China’s National Offshore Oil Corporation holds a 25 percent stake in this exploration.
  • A big discovery could transform this under-developed country, with a population of less than 800,000, and currently no oil industry.
  •  It may also inflame a long-running border dispute since the exploration is in waters claimed by Venezuela. When drilling began, Venezuela accused Exxon of breaching international law.