With six oil discoveries in 2021 and two already for this year, ExxonMobil yesterday said that its estimated US$6 billion global restructuring will aid aggressive works at the lucrative offshore Stabroek Block, positioning the company this year to see additional profits as it strengthens its portfolio to increase shareholder returns.
And while the company outlined a number of specific targets as part of its emission reduction plans, no mention was made of Guyana and flaring.
“Strengthening our portfolio across all of our businesses continues to be a key part of our strategic focus to increase shareholder returns. To that end, we had more exploration success in Guyana with six discoveries in 2021 and two additional discoveries already this year. This has expanded the estimated recoverable resource on the Stabroek Block to more than 10 billion of oil-equivalent barrels. And we’re on schedule to start production this quarter at Liza Phase 2,” Darren Woods, Chairman of the Board and Chief Executive Officer, informed at the company’s fourth quarter earnings call yesterday.
