In Guyana Exxon led group earned close to US$6 billion in 2022
Exxon Mobil Corp and its partners reported $5.8 billion in earnings from offshore oil production in 2022 on Thursday.
According to audited results filed in an appeal of a court judgement finding them in breach of insurance requirements.
The statement is the first to reveal the 2022 profits earned by Exxon, Hess Corp, and CNOOC Ltd from oil produced offshore Guyana.
The company began production in Guyana in 2019 and now produces 100% of the country’s oil.
The financial figures were provided on May 17 in response to a judgement that determined the business had failed to meet its oil-spill insurance obligations for the Liza One offshore platform.
Exxon and its partners “have the technical and financial capabilities to respond positively to any adverse event,” Exxon’s country manager Alistair Routledge stated in the appeal.
The organization has spill-mitigation technologies to cap any big oil spills, and a subsea blowout could be shut in 5-1/2 days, according to Routledge.
The oil consortium has $600 million in liability insurance for the Liza 1 platform, according to Exxon.
According to the financial filings, Exxon earned $2.74 billion from its part of the group’s offshore oil output last year, Hess received $1.53 billion, and CNOOC got $1.55 billion. By the end of 2022, the trio was producing roughly 375,000 barrels of oil per day (bpd) from two offshore vessels, with plans to increase to 1.2 million bpd by 2027.
According to the financial statement provided by Guyanese auditing firm TSD Lal & Co, Exxon suffered around $281 million in tax expense in the country last year, compared to none in 2020.
The group has around $19 billion in assets in Guyana. According to the statement, Exxon’s assets in the country were valued at $10.76 billion at the end of the year, Hess’ at $4.28 billion, and CNOOC’s at $3.9 billion.
