Exxon Undecided On Auction Bidding For Guyana Oil Assets Despite Boosting Production: Report

Exxon Mobil Corp XOM has not decided whether it will bid for new offshore areas in Guyana as the company ramps up production faster than expected.
Exxon has told the government it will wait for the economic terms before deciding if it wants to expand its acreage.
An Exxon-led consortium discovered oil in the deep waters off Guyana's coast, launched its first production in 2019, and now controls all output.
An estimated 11 billion barrels of recoverable oil have been discovered, Reuters reported.
Also Read: Exxon, Shell Seek To Offload California Oil & Gas Joint Venture.
Guyana lacks the financial power to develop its natural resources. It has struggled to distribute its oil properties outside Exxon's blocks hence postponing a possible auction initially targeted for this year.
Exxon's consortium includes Hess Corp HES and CNOOC Ltd, and the group raised production for a second time this year for Guyana assets.
Guyana currently keeps less than 15% of the oil proceeds, with the Exxon's consortium keeping the rest while also paying for building the country's oil infrastructure.
Guyana is considering whether to hold an auction for unassigned exploration areas or to recruit a national oil company for a partnership that could produce oil from the new properties, Vice President Bharrat Jagdeo said.
Price Action: XOM shares are down 0.23% at $92.99 during the premarket session on the last check Tuesday.
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