Exxon Mobil And Partners Report $5.8 Billion Earnings From Guyana Oil In First Public Disclosure

News Americas, NEW YORK, NY, Fri. May 26, 2023: As Guyana marks its 57th anniversary of independence from Britain today, reports indicate that Exxon Mobil Corp and its partners reported a substantial earnings figure of US $5.8 billion in 2022 from offshore oil production in the South American, CARICOM nation.

The audited results were disclosed as part of an appeal against a court ruling that found the group in breach of insurance obligations related to oil-spill coverage. This marks the first public disclosure of the profits earned by Exxon, Hess Corp, and CNOOC Ltd from their offshore operations in Guyana, where they account for the entire oil output of the country. Production in Guyana began in 2019, and the consortium has steadily increased its production capacity.

In the appeal, Exxon emphasized its technical and financial capabilities to effectively respond to any adverse events, assuring the authorities of its spill-mitigation technology and its ability to cap major oil spills promptly. The group holds $600 million in liability insurance for the Liza One offshore platform.

According to the financial statements, Exxon earned $2.74 billion, Hess earned $1.53 billion, and CNOOC pocketed $1.55 billion from offshore oil production in 2022. By the end of the year, the consortium was producing around 375,000 barrels of oil per day (bpd) from two offshore vessels and has plans to ramp up production to 1.2 million bpd by 2027.

In terms of taxes, Exxon incurred approximately $281 million in expenses in Guyana last year, compared to none in 2020. The financial statement, audited by Guyanese firm TSD Lal & Co, also revealed that the group holds approximately $19 billion in assets in Guyana. At the end of the year, Exxon’s assets in the country were valued at $10.76 billion, while Hess and CNOOC held assets worth $4.28 billion and $3.9 billion, respectively, according to the filing.

Caribbean Travel News And Deals

News Americas, NEW YORK, NY, Fri. May 26, 2023: Here are the top Caribbean travel news and deals this Memorial Day week in 60 seconds.

Canada and the US may be warning nationals to reconsider travel to Jamaica but that has not stopped celebrities like Skylar Astin of ‘So Help Me Todd’ fame from vacationing there. He was seen in an Overwater Bungalow at Sandals South Coast Resort on May 23, 2023 in White House, Jamaica.

Meanwhile, Gavin Casalegno from “The Summer I Turned Pretty”was also in Jamaica on a pre-summer getaway and was spotted At The Sandals South Coast Resort.

Academy Award winner and “So Help Me Todd” actress Marcia Gay Harden choose Beaches Resort in in Providenciales, Turks and Caicos for her family getaway.

Grammy winning star Shaggy was at Sandals Dunn’s River where he performed at the opening of the new Sandals resort on May 19th in Ocho Rios, Jamaica.

Also performing at the grand opening for Sandals Dunn’s River was Stomp, a percussion group, originating in Brighton, England, that uses the body and ordinary objects to create a physical theatre performance using rhythms, acrobatics and pantomime.

interCaribbean Airways will provide additional service between St. Kitts (SKB) and Barbados (BGI) throughout the week of the St. Kitts Music Festival – on Thursday, 22 June, and Saturday, 24 June, bolstering opportunities for regional travel.

Frontier Airlines will now operate the non-stop flight from Dallas Fort Worth (DFW) to Montego Bay (MBJ) three times weekly. Flight schedules are subject to change without notice, so travelers are encouraged to check FlyFrontier.com for the most updated information.

Fly to Montego Bay from New York JFK and stay from Wed, Jun 28 – Fri, Jun 30 at the Ocean Eden Bay Adults All Inclusive for just $862 per person. Choose flight and book HERE