Exxon oil project in Guyana to cost $4.4 bn, will tap 450 mn barrels


Exxon Mobil Corp said on Friday it and partners would spend $4.4 billion to develop part of the Liza oilfield off the coast of Guyana, approving a megaproject at a time when the oil industry has grown obsessed with lower-cost shale.

Exxon's decision shows that oil companies remain interested in large projects, especially offshore, even in an era of belt-tightening after two years of low crude prices. The Guyana announcement from Exxon and partners Hess Corp and CNOOC was the fifth deepwater project to gain approvals this year......

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