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☆ Exxon is not trying to acquire Hess in dispute with Chevron over Guyana oil assets, CEO says
▼ + stars: | 2024-03-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

When asked directly, Woods told the CERAWeek by S&P Global energy conference that acquiring Hess is not one of Exxon's objectives in the dispute with Chevron. HOUSTON — Exxon is not trying to acquire Hess as the oil major battles with Chevron over lucrative oil assets in Guyana, CEO Darren Woods said Monday. Exxon is claiming a right of first refusal over Hess' Guyana assets under a joint operating agreement that governs the Stabroek oil block, which is estimated to have 11 billion barrels of oil and gas. Woods said Exxon is also trying to find out how much value Chevron's deal is placing on Hess' Guyana assets. Exxon wrote the joint operating agreement that governs the Stabroek block, Woods said.

Persons: Woods, Hess, Darren Woods, CNBC's Organizations: Global, Chevron, Exxon, HOUSTON, Offshore Oil Corporation, International Chamber of Commerce Locations: Guyana, China, Paris, CERAWeek

☆ Exxon could make a bid for Hess' oil assets in Guyana if Chevron deal terminates
▼ + stars: | 2024-03-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

Exxon Mobil indicated Wednesday it could make a bid for Hess' oil assets in Guyana if the company's merger agreement with Chevron fails due to a dispute over pre-emption rights. Exxon filed for arbitration at the International Chamber of Commerce in Paris Wednesday morning to adjudicate the dispute with Chevron over Hess' Guyana assets, Exxon senior vice president Neil Chapman said during an interview at a Morgan Stanley event. "We are extremely confident in our position that pre-emption rights exist in this contract, and we fully intend on ensuring that we preserve those pre-emption rights," Chapman said. Chevron entered an agreement in October to purchase Hess for $53 billion, in a play to gain a foothold in Guyana's massive offshore oil assets. The oil major has said Exxon's pre-emption rights under the joint operating agreement do not apply to its pending merger with Hess.

Persons: Hess, Neil Chapman, Morgan Stanley, Chapman Organizations: Exxon Mobil, Chevron, Exxon, International Chamber of Commerce, Hess Locations: Guyana, Paris, Hess

☆ Hess shares drop as fight with Exxon Mobil over Guyana oil threatens Chevron takeover
▼ + stars: | 2024-02-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Hess Corp shares fell Tuesday after Chevron warned investors that a dispute with Exxon Mobil and China's National Offshore Oil Corp. (Cnooc) over Guyana's offshore oil assets could jeopardize its bid to acquire the company. Chevron said Exxon and Cnooc's claims could delay or completely derail its acquisition of Hess. Chevron said in the filing that it does not believe the joint operating agreement applies to its acquisition of Hess. Neal Dingmann, an analyst at Truist, told CNBC's "Squawk Box" on Tuesday that it is unlikely Exxon and Cnooc will scoop up Hess' Guyana assets. The dispute with Exxon and Cnooc is the latest hurdle that Chevron's bid to acquire Hess faces.

Persons: Hess, —, Exxon, Neal Dingmann, CNBC's, Dingmann Organizations: Hess Corp, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Exxon, Cnooc, Federal Trade Commission Locations: Guyana

☆ Stocks making the biggest moves midday: Norwegian Cruise Line, Unity Software, Viking Therapeutics and more
▼ + stars: | 2024-02-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Norwegian Cruise Line — The cruise ship operator soared 18% on strong forward guidance. Unity expects adjusted EBITDA to range between $45 million and $50 million, versus the $113 million expected by analysts polled by FactSet. Viking Therapeutics — The clinical-stage biotech soared more than 90% after fulfilling primary and secondary endpoints in its Phase 2 GLP-1 study. Earnings came in at $1.57 per share, beating expectations of $1.47 per share, according to LSEG, formerly known as Refinitiv. Revenue of $1.92 billion matched analysts' expectations.

Persons: Viking, LSEG, Cava, Wells, Duolingo, CarGurus, — AutoZone, Microstrategy, —, Sarah Min, Michelle Fox, Alex Harring, Jesse Pound, Yun Li Organizations: Cruise, Unity Software, FactSet, Therapeutics, Hess Corporation, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Hess, Bank of America Securities, Seaport Research Partners, CleanSpark Locations: Cava

CARACAS, Venezuela (AP) — The government of Venezuela accused neighboring Guayana Sunday of granting illegal oil exploration concessions in territory the two nations are disputing. The comments Sunday came after Guyana said Saturday that it has satellite imagery showing Venezuelan military movements near the South American country’s eastern border with Guyana. Venezuela has been laying claim to the mineral-rich Essequibo region, which covers about two thirds of Guyana’s surface area. But for more than 60 years Venezuela has accused the commission of cheating it out of the Essequibo region. Several top American administration and military officials have visited Guyana in recent weeks as a show of support.

Persons: Guayana, Vincent, Robert Persaud, Irfaan Ali, Nicolás Maduro Organizations: ”, ExxonMobil, Argyle, US Center for Strategic, International Studies, Venezuelan Locations: CARACAS, Venezuela, Guyana, Essequibo, Caribbean, St, Brazil, Punta Barima, Netherlands, U.S

☆ How Guyana's oil boom sparked a border dispute with Venezuela
▼ + stars: | 2024-01-27 | by ( Anuz Thapa | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow Guyana's oil boom sparked a border dispute with VenezuelaGuyana, the only English-speaking nation in South America, has witnessed new economic heights since the 2019 oil discovery. With just more than 800,000 residents, the tiny country the size of Idaho state claims the title of the world's fastest-growing economy. Amid global interest, the ongoing border dispute with neighboring Venezuela takes center stage. Watch the video above to learn the transformative effect of Guyana's oil and whether its escalation with Venezuela might derail its progress.

Organizations: Venezuela Guyana Locations: Venezuela, South America, Idaho

☆ How Guyana's big oil boom turned it into the world's fastest-growing economy
▼ + stars: | 2024-01-27 | by ( Anuz Thapa | ) www.cnbc.com time to read: +2 min

Guyana, a tiny South American nation home to more than 800,000 people, made big headlines in December. "What has happened is that it's been exacerbated by the discovery of oil (in Guyana)," said Dr. Terrence Blackman, founder and CEO at Guyana Business Journal. The 2015 oil discovery made Guyana the world's fastest-growing economy, recording the world's highest real GDP growth rate in 2022 and 2023. Venezuela has the world's largest oil reserves, but that hasn't stopped its economy from collapsing since Maduro took power in 2013. Watch the video above to dive deep into Guyana's oil economy, its ongoing escalation with Venezuela, what the country's oil means for the U.S. and more.

Persons: Nicolás Maduro, it's, Terrence Blackman, hasn't, Maduro, Venezuela doesn't, Valerie Marcel, Gregory Brew Organizations: Guyana Business, New Producers Group, Eurasia Group, U.S Locations: Guyana, American, Venezuela, Essequibo, United States, South America

So far, Woods' plans have turned investors demanding an energy transition strategy into believers - at least on climate. At the same time, the company plans to have a leading role in the vehicle electrification business. Reuters GraphicsMORE OIL VS GREEN AMBITIONExxon's ambitious agenda includes starting up the world's largest hydrogen power plant by 2027. RISKY BUSINESSThe $17 billion budget for low carbon technologies as the company's total revenue grows next year "will continue to rise", the CEO said. Spending in low carbon currently is constrained by scarcity of customers willing to sign up for contracts and insufficient regulations, Woods said.

Persons: Darren Woods, Carlos Barria, Woods, ”, Paul Sankey, Sankey, Chris James, Dan Ammann, Goldman Sachs, Neil Mehta, Ammann, Brian Weeks, Chris Bohn, Sabrina Valle, Richard Valdmanis, Gary McWilliams, Anna Driver Organizations: ExxonMobil, Economic Cooperation, REUTERS, Exxon Mobil, Natural Resources, Chevron, Reuters, Exxon, Sankey Research, Carbon Solutions, Thomson Locations: Asia, San Francisco , California, U.S, United States, Sankey, Americas, Brazil, Guyana, Texas, Gulf of Mexico, Houston, Dubai

☆ A Venezuelan vote on an oil-rich region of Guyana raises concerns of a South American military conflict
▼ + stars: | 2023-12-01 | by ( David Shortell | ) edition.cnn.com time to read: +9 min

The area in question, the densely forested Essequibo region, amounts to about two-thirds of Guyana’s national territory and is roughly the size of Florida. The recent discovery of vast offshore oil fields in the region has heightened the stakes of the dispute. Venezuelans in Caracas take part in a rally during the closing of the campaign for the Essequibo referendum, on December 1. It owns the congress of Guyana,” Maduro told supporters last week. Matias Delacroix/APOn Wednesday, Brazil announced that it was increasing its military presence with “defensive actions” along its northern border with Venezuela and Guyana.

Persons: Nicolas Maduro, Miguel Gutierrez, Shutterstock, Robert Persaud, Venezuela doesn’t, Matias Delacroix, ” Maduro, Maria Corina Machado, Maduro, ”, Phil Gunson, Irfaan Ali, Paul J, Angelo, Wazim Mowla, Adrienne Arsht, Vladmir Putin’s, Bharrat Jagdeo, “, ” Jagdeo, ” Gunson Organizations: CNN, Quarterly, Court of Justice, UN, International Court of Justice, ExxonMobil, AP, International Crisis, Venezuelan, Foreign Relations, Caribbean Initiative, Atlantic, America, Crisis Locations: Guyana, Essequibo, Florida, Venezuela, British, Venezuelan, Caracas, Ukraine, Guyanese, The Hague, Guyana's, Paris, Guiana, Georgetown, AP Venezuela, ”, Demerara, Brazil, Crimea, that’s

☆ World Court orders Venezuela to refrain from action in border dispute with Guyana
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

The court did not expressly forbid Venezuela to hold a planned Dec. 3 referendum over its rights to the region around the Esequibo river, the subject of the long-running border dispute, as Guyana has requested. However, judges at the International Court of Justice - as the World Court is formally known - made clear that any concrete action to alter the status quo should be stopped. "The court observes that the situation that currently prevails in the territory in dispute is that Guyana administers and exercises control over that area," presiding judge Joan Donoghue said. "Venezuela must refrain from taking any action which would modify that situation," she added. Venezuela reactivated its claim over the area in recent years after the discovery of offshore oil and gas.

Persons: Joan Donoghue, Nicolas Maduro, Irfaan Ali, Stephanie van den Berg, Bart Meijer, Kiana Wilburg, Alex Richardson Organizations: HAGUE, International Court of Justice, Thomson Locations: Essequibo, Esequiba, Guyana, Caracas, Venezuela, Georgetown

☆ Brazil Increases Northern Border Military Presence Amid Venezuela-Guyana Spat -Ministry
▼ + stars: | 2023-11-29 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

BRASILIA (Reuters) - Brazil "has intensified defensive actions" along its northern border as it monitors a territorial dispute between its neighbors, Guyana and Venezuela, the country's defense ministry said on Wednesday. Defensive actions have been intensified in the northern border region of the country, promoting a greater military presence," it said in a statement. Venezuela's claims on the Esequiba, which have been the source of a long-running territorial dispute, were reignited in recent years after Guyana's discovery of oil and gas near the maritime border. The International Court of Justice (ICJ) is expected to rule on Friday on a request by Guyana that the referendum be called off. The Venezuelan communications ministry did not immediately respond to a request for comment on Brazil's actions.

Persons: Ricardo Brito, Peter Frontini, Vivian Sequera, Gabriel Stargardter, Diane Craft, Sandra Maler Organizations: Reuters, Ministry of Defense, Court of Justice Locations: BRASILIA, Brazil, Guyana, Venezuela, Venezuelan, Caracas

☆ Brazil increases northern border military presence amid Venezuela-Guyana spat -ministry
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Leonardo Fernandez Viloria/File Photo Acquire Licensing RightsBRASILIA, Nov 29 (Reuters) - Brazil "has intensified defensive actions" along its northern border as it monitors a territorial dispute between its neighbors, Guyana and Venezuela, the country's defense ministry said on Wednesday. Defensive actions have been intensified in the northern border region of the country, promoting a greater military presence," it said in a statement. Venezuela's claims on the Esequiba, which have been the source of a long-running territorial dispute, were reignited in recent years after Guyana's discovery of oil and gas near the maritime border. On Dec. 3, Venezuelans will vote in a referendum on "the rights" to the Esequiba. The Venezuelan communications ministry did not immediately respond to a request for comment on Brazil's actions.

Persons: Leonardo Fernandez Viloria, Ricardo Brito, Peter Frontini, Vivian Sequera, Gabriel Stargardter, Diane Craft, Sandra Maler Organizations: National Bolivarian Armed Forces, REUTERS, Rights, Ministry of Defense, Court of Justice, Thomson Locations: Venezuela, Esequiba, Guyana, Caracas, Rights BRASILIA, Brazil, Venezuelan

☆ Chevron and Exxon's latest buys could usher in a new era of oil megamergers
▼ + stars: | 2023-10-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Energy heavyweights Chevron and Exxon Mobil announced shiny new acquisitions this month — and some industry watchers say it could be the start of more multibillion megadeals to come. Chevron on Monday said it's buying Hess for $53 billion in stock, allowing Chevron to take a 30% stake in Guyana's Stabroek Block — estimated to hold some 11 billion barrels of oil. The announcement comes just weeks after Exxon Mobil announced its purchase of shale rival Pioneer Natural Resources for $59.5 billion in an all-stock deal. While this marks Exxon's largest deal since its acquisition of Mobil, the merger would also double the oil giant's production volume in the largest U.S. oilfield, the Permian Basin. "The big-money acquisition of Hess by Chevron accelerates the trend of consolidation and big-money deals," energy consultancy Rystad Energy said in a note.

Persons: it's, Hess Organizations: Energy, Chevron, Exxon Mobil, Natural Resources, Mobil, Hess, Rystad Energy, Exxon, Pioneer Locations: Guyana

☆ Venezuela Sets Referendum Date on Territory Dispute With Guyana
▼ + stars: | 2023-10-20 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +1 min

CARACAS (Reuters) - Venezuelans will vote on Dec. 3 in a referendum on "the rights" over a potentially oil-rich territory in dispute with its neighbor Guyana, authorities said on Friday. Both countries have been involved in a long-running dispute over their borders. Venezuela protested an oil tender announced by Guyana in September, arguing that the offshore areas are subject to dispute and the companies awarded the fields will not have the rights to explore them. The approximately 160,000 square kilometers under dispute along the countries' borders is mostly impenetrable jungle, and known as the "Esequiba region." Venezuela's claims extend over the territory was reactivated in recent years after the discovery of oil and gas near the maritime border.

Persons: Deisy Buitrago, Isabel Woodford, Alistair Bell Organizations: International Court of Justice Locations: CARACAS, Guyana, Venezuela

☆ This is the world's fastest growing economy, and it could grow an 'explosive' 100%
▼ + stars: | 2023-09-27 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The world's fastest growing economy may be on track to grow by more than 100% by 2028, largely fueled by profits from its oil production and export sector, according to one analysis. BMI, a Fitch Solutions research unit, is also of the view that "Guyana will see explosive growth this year," said Andrew Trahan, its head of Latin America country risk. He expects real GDP in Guyana to rise about 115% in the next five years. "The exact magnitude of the increase [is] dependent on how quickly additional oil production is brought online," he added. Guyana's Stabroek Block is a 6.6 million acre offshore oil reservoir off the country's Atlantic coast, and is estimated to hold 11 billion barrels of oil, according to ExxonMobil.

Persons: Andrew Trahan Organizations: International Monetary Fund, IMF, BMI, Fitch Solutions, ExxonMobil, Guyana's Locations: Guyana, South America, America

☆ Dominican Republic signs preliminary pact to explore building refinery in Guyana
▼ + stars: | 2023-08-08 | by ( Kiana Wilburg | ) www.reuters.com time to read: +2 min

Guyana President Irfaan Ali meets with U.S. Secretary of State Antony Blinken at the State Department in Washington, U.S., July 25, 2022. Any project would be at least 51% owned by the Dominican Republic government, according to the terms of the preliminary agreement, which was seen by Reuters. The pact was signed by Guyana President Irfaan Ali and Dominican Republic President Luis Abinader during Ali's trip to Santo Domingo. "(The) Dominican Republic is also interested in exploring for oil, food production and petrochemicals," in Guyana, Ali added without providing details. The potential alliance with the Dominican Republic is for a second refinery project in Guyana.

Persons: Irfaan Ali, Antony Blinken, Sarah Silbiger, Luis Abinader, Ali, Kiana Wilburg, Matthew Lewis, Grant McCool Organizations: U.S, State Department, REUTERS, Companies Exxon Mobil Corp, GEORGETOWN, Dominican Republic, Reuters, Guyana, Guyanese, Authorities, Exxon Mobil, Thomson Locations: Guyana, Washington , U.S, Dominican Republic, Dominican, Santo Domingo, Guyanese, Georgetown

☆ Protesters oppose Petrobras oil exploration plan at mouth of Amazon river
▼ + stars: | 2023-08-06 | by ( ) www.reuters.com time to read: +2 min

The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker/File PhotoBELEM, Brazil, Aug 6 (Reuters) - Environmental demonstrators protested on Sunday against plans by Brazilian state-run oil company Petrobras (PETR4.SA) to drill for oil at the mouth of the Amazon river. Petrobras has appealed against a decision by Brazil's environmental protection agency, Ibama, to deny it permission to drill an exploratory well at the mouth of the Amazon, saying the request lacked an environmental assessment of the project. It reaches a technical opinion that must be obeyed," said the minister, who has opposed the plan to drill at the mouth of the Amazon. Lula said Guyana's president would like Petrobras to explore for oil off-shore from his country.

Persons: Paulo Whitaker, Luis Barbosa, Marina Silva, Ibama, Silva, Luiz Inacio Lula da Silva, Lula, Leonardo Benassatto, Leslie Adler Organizations: Petrobras Paulinia, REUTERS, Environmental, Petrobras, PETR4, Amazon, Thomson Locations: Paulinia, Brazil, BELEM, Amazon, Suriname, Guyana, Amapá

☆ OPEC chief says the search is on for new members of the oil producers' group
▼ + stars: | 2023-07-06 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Haitham al-Ghais, secretary-general of the Organization of Petroleum Exporting Countries (OPEC), speaking at the Energy Asia Summit on June 26, 2023. The secretary-general of the Organization of Petroleum Exporting Country signaled that the influential producers' alliance is actively open to recruiting new members. Asked if he is trying to expand the OPEC coalition, the organization's Secretary-General Haitham al-Ghais told reporters on Wednesday: "I am, yes." OPEC members coordinate the amount of oil they output in an effort to influence prices. He mentioned recent visits paid to oil-producing countries, however, including allies that currently implement a joint production strategy with OPEC countries, in a group known as OPEC+.

Persons: Haitham, Ghais Organizations: Organization of Petroleum Exporting, Energy Asia Summit, OPEC, Ecuadorian Locations: East, North, West Africa, South America, Ecuador, Ecuadorian, OPEC, Malaysia, Brunei, Azerbaijan, Mexico

☆ Guyana not interested in joining OPEC, VP says
▼ + stars: | 2023-06-26 | by ( Kiana Wilburg | ) www.reuters.com time to read: +2 min

[1/2] Guyana's Vice President Bharrat Jagdeo poses for a photo during an interview with Reuters in Georgetown, Guyana, February 16, 2022. REUTERS/Sabrina ValleGEORGETOWN, June 26 (Reuters) - Nascent oil producer Guyana is not interested in joining the Organization of the Petroleum Exporting Countries (OPEC), Guyanese Vice-President Bharrat Jagdeo said on Monday, as the South American country looks to rapidly boost production and attract new operators. The Wall Street Journal reported on Monday that Saudi Arabia's energy minister, Abdulaziz bin Salman, and Haitham al-Ghais, OPEC's secretary-general, have invited Guyana to join the cartel. Guyana is planning an oil auction within a couple of months in hopes it can bring in other oil and gas companies. "We are committed to responsibly developing the resources offshore Guyana to maximize value for all stakeholders, including the government and people of Guyana," said Exxon spokesperson Meghan Macdonald in response to questions about the country and OPEC.

Persons: Bharrat Jagdeo, Sabrina Valle GEORGETOWN, Jagdeo, Abdulaziz bin Salman, Haitham, Meghan Macdonald, Kiana Wilburg, Sabrina Valle, Julia Symmes Cobb, Sandra Maler Organizations: Reuters, REUTERS, Organization of, Petroleum, OPEC, The, Natural Resources, Street, Exxon Mobil Corp, Exxon, Thomson Locations: Georgetown, Guyana, American, Vienna, Saudi

☆ Exclusive: Exxon, Guyana in talks to return unexplored offshore oil areas
▼ + stars: | 2023-06-21 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

HOUSTON, June 21 (Reuters) - Exxon Mobil Corp (XOM.N) and Guyana are in talks over which unexplored offshore areas will be returned to the government, people close to the discussions said, as the nascent oil nation seeks to attract new operators to the country. The Exxon-led consortium that controls offshore production in Guyana this year was required to return 20% of unexplored acres, under the original 2016 production contract. Reuters Graphics Reuters GraphicsCONTRACT FORCE MAJEUREThe relinquishment deadline for the 20% unexplored portion of the Stabroek block is due in October, one of the people said. Guyana plans to hold its first competitive oil blocks auction in August, which it expects to attract new operators to the country. It will offer 14 offshore blocks outside the Exxon group's domains.

Persons: Hess, Sabrina Valle, Lincoln Organizations: Exxon Mobil Corp, Exxon, HK, Reuters Graphics Reuters, Guyana's Energy Ministry, Thomson Locations: Guyana, U.S

☆ Exxon says Guyana insurance dispute could cut revenue $350 million per month
▼ + stars: | 2023-05-19 | by ( Kiana Wilburg | ) www.reuters.com time to read: +2 min

GEORGETOWN, May 19 (Reuters) - Exxon Mobil Corp (XOM.N) on Friday said an ongoing dispute with the government of Guyana over oil-spill insurance could halt production at its first offshore platform, cutting revenue by about $350 million per month. A Guyanese court this month found Exxon in breach of insurance obligations for Liza One, its first offshore oil project, and called for additional insurance adequate to protect against a catastrophic oil spill. Exxon and partners in an offshore consortium that has produced all the country's oil to date have $600 million in insurance and up to $19 billion in assets in the country, Exxon officials said at media briefing. Exxon said that if the sides are unable to agree, it could halt output from Lisa One platform and cost about $350 million in lost revenue. Guyana would incur a hit of $80 million to $88 million to earnings from its share of production, according to the country's National Resource Fund's latest quarterly report.

☆ Exxon rebuts proxy advisor, says net zero emissions scenario 'unlikely'
▼ + stars: | 2023-05-18 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Glass Lewis backed the initiative, concluding Exxon could face material financial risks from the net-zero scenario. Exxon has said the world is not on a path to achieve net-zero emissions in 2050. The 2050 net-zero emissions (NZE) scenario of the International Energy Agency (IEA) envisions a path to limit the global temperature rise to 1.5 degrees Celsius. "It is highly unlikely that society would accept the degradation in global standard of living required to permanently achieve a scenario like the IEA NZE," Exxon said in dismissing the proposal. Exxon rebutted the proxy firm's recommendation that it evaluate the impacts of a worst-case oil spill at its offshore Guyanese oil platforms.

Exxon "engaged in a disingenuous attempt" to dilute its obligations under its environmental permit for Liza One, the project that inaugurated Guyana's oil production in 2019, High Court Justice Sandil Kissoon said in the ruling. Guyana's Environmental Protection Agency and the energy ministry so far has approved five offshore oil and gas projects submitted by the group. According to Kissoon's ruling, Exxon must furnish Guyanese authorities with a liability agreement from an insurance company by June 10, or the Liza One environmental permit will be suspended. The company "engaged in a course of action made permissible only by the omissions of a derelict, pliant, and submissive Environmental Protection Agency," the judge wrote. Exxon is reviewing the court decision and evaluating next steps, a company spokesperson said.

HOUSTON/NEW DELHI, April 21 (Reuters) - South America's fastest growing oil producer has turned down the Indian government's request for discounted crude oil purchases during trade discussions, Guyana Vice President Bharrat Jagdeo said on Thursday. Guyana's oil production in total has tripled from a year ago to about 380,000 barrels of oil per day. "Any sale of our crude will have to be on commercial terms, not a discounted terms," Jagdeo said at a briefing. Indian buyers have sought a discount to compensate for high freight costs to send its oil to the Asian country, Jagdeo said. "Guyana crude is costly for us because of high freight.

HOUSTON, March 6 (Reuters) - Guyana's coming auction of offshore oil exploration blocks has lured at least 10 companies including Shell, Petrobras and Chevron, to consider the decade's hottest oil region, people close to the matter said. Guyana also has begun direct negotiations on the 14 blocks and other areas with governments that have state-controlled oil companies. The proposed rules will nearly double the government's take from oil production to 27.5% of royalties and profit oil, plus a new 10% corporate tax, compared to Exxon's main contract. "We believe it is asymmetric now, and a bit in favor of the companies," Jagdeo said. The Exxon group can use 75% of the oil production to offset a variety of costs, including construction of its new Guyana headquarters.

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