Exxon Greenlights New Multibillion-Dollar Guyana Project

Exxon will go ahead with a $12.7-billion oil development off the coast of Guyana after the country’s government gave its final approval to the project. The Uaru project is expected to boost the company’s production in Guyana by a quarter of a million barrels daily. Startup is scheduled for 2026. According to Reuters, this would be Exxon’s and Hess’s most expensive project. The Uaru field is estimated to hold more than 800 million barrels of crude oil. Exxon and its partner Hess Corp. have made some 30 discoveries offshore…