Guyana, Exxon Discuss Pipeline To Bring Natgas Ashore – Minister

• Natural Resources Minister Vickram Bharrat stated that Guyana has started discussions with Exxon Mobil Corp (XOM.N)to build a more than 120-mile (190-km) natural gas offshore pipeline. 
• Guyana is trying to build infrastructure, including a gas-fueled power plant, to develop its economy after U.S. oil major Exxon discovered one of the world's largest oil reserves in the last decade. 
• Of note, power demand in Guyana is forecast to triple in the next five years along with a fast-growing economy. Additionally, investment in the country is also poised to grow exponentially in the coming years following over 30 discoveries by a consortium led by Exxon, which this month has pushed up the country's recoverable resources to 11bn barrels of oil and gas. 
• However, while the Exxon-led group currently pumps all of the South American country's output since production started in 2019, Guyana is leaning toward offering oil exploration areas outside of Exxon's blocks in a competitive bid, rather than creating a national oil company with partners.

(Source: Reuters)