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April 21, 2020

Guyana offshore projects to bring in $14bn less due to oil price crash

By Agne Suipyte

In Guyana, planned offshore projects, which have already started putting related infrastructure in place in the Stabroek block, will not have their capital expenditures (CapEx) reduced as ExxonMobil and Hess Corporation, operator and partner, have announced they have decided to protect this world-class opportunity.

Currently, sanctioned offshore projects in Guyana will require development breakeven prices less than $35 per barrel (bbl) with lifting costs of $9 per bbl.

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