(Seeking Alpha, 11.Aug.2020) — Guyana’s new government will decide by the end of August whether to approve Exxon Mobil’s 220K bbl/day Payara project, the country’s natural resources minister says.
Payara is Exxon’s third development project on the deepwater Stabroek block, but approval has been delayed by a five-month impasse that ended with last week’s inauguration of the new president.
The government is studying Payara, “as we would like to satisfy ourselves that it is a good contract that will benefit Guyanese people,” the minister says, alluding to the Ali administration’s campaign pledge to improve the state’s take in oil deals.
“We are ready, but we need an approved development plan, and that approved development plan needs to come from the government,” Exxon Senior VP Neil Chapman said on the company’s recent earnings conference call.
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By Carl Surran, SA News Editor
