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Exxon Mobil Corporation (NYSE:XOM) reportedly plans to shut down two offshore oil production projects in Guyana for two weeks each, between July and August, to connect a natural gas pipeline.
The company’s country head Alistair Routledge stated that the company will halt production to fulfill a commitment made with local authorities to have the pipeline connected by year end, despite delays on the government-run onshore part of the project, reported Reuters.
Routledge added that the offshore portion of the about $1 billion pipeline under construction by Exxon is 70% complete.
At a press conference, Routledge said, “the company stopped revising estimates for potential recoverable resources as it works to quantify actual reserves, an industry metric that considers how much of the oil and gas underground can be commercially developed.”
“Our greater focus now is on how do we move resource to reserves, because that’s what generates revenue for the country.”
As per the report, the 140-mile (225-km) pipeline will feed Guyana’s $1.9 billion gas-to-power project to end the country’s dependence on imported fuels and lower energy costs for residents.
Last month, Exxon and Hess Corporation (NYSE:HES) made a final investment decision for the Whiptail development offshore Guyana following receiving the required government and regulatory approvals.
Related: Exxon Taps TechnipFMC For Subsea Gear In Guyana’s $12.7B Whiptail Project
As previously said, the proposed pipeline would connect offshore production vessels to a power plant and a natural gas processing facility. The power plant and transmission lines will not be fully operational before end-2025.
Also Read: Turkey Reportedly Turns East For Gas, Reportedly Eyes Exxon Deal To Ditch Russia
Last week, Exxon Mobil beat Q1 revenue expectations, reporting $83.083 billion, exceeding consensus by nearly $5 billion.
Investors can gain exposure to the XOM stock via Energy Select Sector SPDR Fund (NYSE:XLE) and IShares U.S. Energy ETF (NYSE:IYE).
Price Action: XOM shares are down 0.29% at $117.93 premarket at the last check Wednesday.
Photo: Del Henderson Jr. via Shutterstock
