On Tuesday, a spokesman of ExxonMobil Corp. said that the company’s latest offshore discovery in Guyana does not seem to be financially viable on its own.
Located in Kaieteur block off Guyana's coast, the Tanager-1 well discovered hydrocarbons. Exxon is the operator of Kaieteur and owns a 35% stake in the block while both Cataleya Energy Ltd. and Ratio Guyana Ltd. each hold 25% stakes with the remaining 15% being owned by Hess.
On the same day, Westmount Energy Ltd., which owns shares in both Cataleya and Ratio said that the Tanager discovery seemed to only contain less-valuable heavy crude. The company said that it seemed likely that in the coming days, the well would be plugged and abandoned.
