MOSCOW (MRC) -- ExxonMobil has made a new discovery at Longtail-3 in the Stabroek Block offshore Guyana, as the US oil major develops one of the world's most important new oil and gas blocks in the last decade, reported Reuters.
Exxon operates the 6.6-million-acre Stabroek Block as part of a consortium that includes Hess Corp and China's CNOOC Ltd. It began production at the block in 2019.
The company, however, did not specify the size of the latest discovery's oil and gas reserves.
The latest find continues the consortium's long string of discoveries in Latin America's newest crude producing nation and underscores the importance of Guyana to Exxon for increasing its future oil output.
As MRC informed previously, Sinopec Engineering (Group) and ExxonMobil (Huizhou) Chemical (EMHCC) have recently entered into a BEPC (basic design, engineering, procurement and construction) contract for the proposed Huizhou Chemical Complex Project (Phase I). The main units of the project include a 1.6 million tonnes/year ethylene flexible feed steam cracker, downstream polymer and derivative units and utilities. The main product units include two performance polyethylene (PE) lines and two differentiated performance polypropylene (PP) lines.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 744,130 tonnes in the first four month of 2021, up by 4% year on year. Shipments of all PE grades increased. At the same time, PP deliveries to the Russian market were 523,900 tonnes in January-April 2021, up by 55% year on year. Supply of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased.
ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world"s energy.
MRC