Exxon Mobil Corp. has made a final investment decision (FID) for the Whiptail development offshore Guyana after receiving government and regulatory approvals.
Tullow to Sell Guyana Offshore Block Stake to Eco Atlantic for $700,000 and Potential Future Payouts
Oil company Tullow Oil agreed to sell its total interest in Tullow Guyana, which includes the Orinduik license (Tullow 60% operated equity) in Guyana to Eco Atlantic’s subsidiary Eco Guyana Oil and Gas (Barbados) Limited in exchange for a combination of upfront cash and contingent consideration.
Despite the dire predictions of peak oil demand, which will is expected to arrive during the next decade as the world transitions to a low-carbon economy, international energy companies are investing heavily in fossil fuel exploration and production.