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Exxon oil project in Guyana to cost $4.4 bn, will tap 450 mn barrels

Shares of Exxon rose 0.7 percent to $82.97 on Friday

Reuters 

Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale. Exxon's decision shows that oil companies remain interested in large projects, especially offshore, even in an era of belt-tightening after two years of low crude prices. The Guyana announcement from Exxon and partners Hess Corp and CNOOC was the fifth deepwater project to gain approvals this year. BP Plc and Reliance Industries said on Thursday ...

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First Published: Sun, June 18 2017. 10:20 IST
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