CNBC to feature Exxon’s operations in Guyana

AMERICAN cable news channel, CNBC, is set to release a documentary on the operations of oil-and-gas giant, ExxonMobil, in Guyana.

In a ‘promo’ of the documentary, CNBC Journalist, David Faber appeared in a brief clip on board one of the Floating Production Storage Offloading (FPSO) vessels off the coast of Guyana.

The programme, which is set to air on June 22 on CNBC, is titled “ExxonMobil at the crossroads”, and is expected to feature an exclusive look inside the company.

CNBC is an American cable business news channel, which is a division of the NBC Universal news group. It usually covers business topics and information on financial markets, with business-themed documentaries and reality shows.

Meanwhile, ExxonMobil, through its subsidiary, Esso Exploration and production Guyana Limited (EEPGL), has made several oil discoveries offshore Guyana, and has been conducting exploration activities in Guyana since 2008.

The first discovery was made in 2015, from their Liza-1 well, with a significant oil find followed by discoveries in 2017, 2018, 2019 and onwards.

THE sale of Guyana’s next share of oil from the operations of ExxonMobil could earn the country a significant amount of revenue if prices remain constant or fluctuates marginally.

At end of Tuesday, the cost for Brent – the benchmark Guyana uses to sell its crude – stood at approximately US$120 per barrel. Should this remain the case when the country sells its next one-million-barrels of oil in a matter of days, the country would rake in as much as US$120 million.

In the coming years, Guyana is looking to position itself as a key producer with the capacity to cushion some of the supply shortfalls on the global market.