GEORGETOWN (Reuters) – U.S. oil major Exxon Mobil (NYSE:) has pulled out of negotiations with Guyana’s government on terms for exploring and developing a shallow-water block, the South American country’s vice president said on Thursday.
Exxon, U.S.-based Hess Corp (NYSE:) and China’s CNOOC (NYSE:) won block S8 in a bidding round launched in late 2022. They had been engaged in negotiations for non-fiscal terms of the project.
The company had wanted to use the offshore area for carbon capture, Vice President Bharrat Jagdeo told reporters in a briefing. It was not immediately clear if Hess and CNOOC continue in talks with the government for the area.