Exxon, the largest oil company in the West, strengthened its grip on Guyana's oil riches on Wednesday as it receivedThe small South American country is a critical piece of the oil giant's future as it looks to extract oil cheaply. On Thursday,was down about 38% relative to the start of the year, following a historic price collapse this past spring wrought by the coronavirus pandemic.
into Payara. One Exxon oil-drilling project in Guyana, known as Liza Phase 1, is currently producing oil, and another is on track to pump crude by early 2022, the company said. Since Exxon first discovered oil in Guyana, back in 2015, the company's presence has faced controversy and political turmoil.published a detailed report that alleged Exxon is taking advantage of the small country by striking an inequitable profit-sharing deal under suspect circumstances.
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