Exxon applies for Guyana oil production license

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil (NYSE:XOM) has asked Guyana's government for a production license to let it start pumping oil from the seabed by late 2019, in the country's first-ever oil and gas license, the Geology and Mines Commissioner says.

XOM also has submitted its general production plan alongside its production permit application, the official says; XOM so far has drilled five wells and is now completing work on a sixth, with one coming up dry so far.

XOM said last year that exploratory wells off Guyana discovered a "world-class" reservoir that could hold up to 1.4B barrels of oil; two weeks ago, XOM said it expects Guyana production to start by 2020.

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