ExxonMobil to Spend $5 Billion to Drill for Oil In Guyana by 2020

The U.S.-based oil company ExxonMobil said it will be investing $5 billion as it prepares to explore oil production in Guyana by 2020.

ExxonMobil Country Manager Jeff Simon said on Thursday that its local affiliate Esso Exploration and Production Guyana Limited has applied for a production license and has contracted floating production storage and offloading from SMB Offshore, a company that specializes in tanker and FPSO construction.

The FPSO is a specialized vessel that will extract the oil from under the sea and store it until it is later moved to a refinery or sold on the world market. The FPSO will have an oil production capacity of 100,000 barrels per day…


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