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Guyana Officially Becomes Oil Exporter

The world’s newest oil frontier, Guyana, has officially shipped its very first batch of crude oil on Monday, according to TankerTrackers.com—a major oil-first for the South American country.

The first batch of oil—a million barrels of Liza sweet crude oil—is currently on a Suezmax tanker Yannis P headed for the United States, Tanker Trackers said. The Liza field is co-owned by Hess Corp (NYSE: HES), China’s CNOOC, and operator ExxonMobil (NYSE: XOM)—who is the envy of all oil companies at the moment for 15 mouthwatering finds offshore Guyana.

The project has uncovered more than 6 billion barrels of recoverable oil and gas, although a more recent find earlier this month will increase that figure.

It is not yet known which of ExxonMobil’s US refineries the new crude will end up in.

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All in all, ExxonMobil and its partners are expecting to produce at least 750,000 barrels per day within five years—a figure that if achieved would catapult Guyana into a serious global oil player.

Guyana’s most recent discovery courtesy of Exxon and Hess was from Mako-1, which is also in the Stabroek block.

Exxon’s quick success in Guyana has triggered an exploration campaign in neighboring Suriname, with a Total/Apache partnership striking oil right across the border just last week. The development brings hope to Suriname that it, too, could one day become an oil powerhouse.

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HES stock has jumped from $51.87 a year ago, to $69.90 today, while XOM is trading down from $71.89 a year ago to $68.56 today. Meanwhile, Apache is trading nearly flat year over year.

Speaking of the landmark moment, Guyana’s Acting Prime Minister Khemraj Ramjattan called ExxonMobil “the bravest, the most technologically driven with a record of durability second to none in the industry.”

By Julianne Geiger for Oilprice.com

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