Exxon Signs PSC for Deepwater Acreage Off Guyana; Adds to Global Deepwater Portfolio
Jun 14, 1999, 01:00 ET from Exxon Corporation
IRVING, Texas, June 14 /PRNewswire/ -- Exxon Corporation (NYSE: XON) today
announced that its Guyana affiliate, Esso Exploration and Production Guyana,
Limited, (EEPGL) has signed a Production Sharing Contract (PSC) in Georgetown,
Guyana, with Her Excellency President Janet Jagan. The new Production Sharing
Contract covers the Stabroek Block, which Exxon was awarded in mid-1998.
The Stabroek Block is located 100-200 miles (160-320 kilometers) offshore
Guyana in 650-10,000 feet (200-3,000 meters) of water and covers approximately
15 million acres. This will be the first exploration activity in the
deepwater area offshore Guyana. Exxon holds 100 percent interest in the block
and will be the operator.
John A. Willott, vice president, Americas Business Unit, Exxon Exploration
Company, who signed the PSC on behalf of EEPGL, said, "We are very pleased to
be exploring in Guyana and look forward to working with the Guyana Geology and
Mines Commission."
Willott further noted that Exxon's acquisition of this new acreage in
Guyana is part of a larger story of success in the global deepwater. "This
large Guyana block adds to Exxon's already substantial portfolio of deepwater
opportunities in some of the most prospective frontier areas in the world," he
said. Exxon currently holds interest in more than 300 deepwater blocks around
the world.
Willott concluded by noting, "We believe that Exxon's worldwide deepwater
experience and leading edge technology will help to inaugurate a new era in
the history of the Guyanese petroleum industry and we look forward to working
with the Geology and Mines Commission and the people of Guyana."