United States (US) oil-giant, ExxonMobil today announced its estimated second quarter 2018 earnings of $4 billion. This is being compared to the $3.4B earned during the same period last year.
In a statement from the company, it was noted that key projects including those in Guyana and Brazil are on par to meet the company’s objectives outlined in its long-term earnings growth plans.
“Key projects in Guyana, the U.S. Permian Basin, Brazil, Mozambique and Papua New Guinea are positioning us well to meet the objectives we outlined in our long-term earnings growth plans. The high quality of these resources, combined with our strengths in project execution and innovation, will generate strong value over time,” said Darren W. Woods, Chairman and Chief Executive Officer.
Exxon noted also, its current “rapid” advancement towards the development of the Liza Phase One Project with the start of development drilling offshore Guyana
So far, the prospects in Guyana seem admirable. The company earlier this week, announced that along with its co-venturers, have so far discovered estimated recoverable resources of more than 4 billion oil-equivalent barrels on the Stabroek Block.
Development drilling began in May for the first of 17 wells planned for Phase 1, laying the foundation for production start-up in 2020.
ExxonMobil’s affiliate, Esso Exploration and Production Guyana Limited (EEPGL) holding a 45 percent interest, Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.