First Oil From Offshore Guyana Underpins Interest In Guyana-Suriname Basin

• ExxonMobil continues to de-risk the offshore acreage of the Guyana-Suriname Basin with the 15th oil discovery in Stabroek Block after delivering first oil from the Liza project ahead of schedule.
• Other international companies operating in the Basin struggle to deliver results that would match Exxon's success. That said, IOCs continue to be attracted to Latin America's frontier markets, with Total farming into the Block 58 in offshore Suriname.
• The uncertainty over the legislative framework for upstream operations and the upcoming presidential elections constitute a moderate downside risk for our production forecast in Guyana.

(Source: Fitch)