XOM - Exxon To Shut Down Two Oil Projects For Pipeline Connection: Report | Benzinga
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 ...