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Exxon Mobil pulls out of talks with Guyana over shallow water oil block

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FILE PHOTO: Exxon Mobil’s new headquarters are seen under construction in Georgetown, Guyana, February 18, 2024. REUTERS/Sabrina Valle/File Photo
Exxon Mobil’s new headquarters are seen under construction in Georgetown, Guyana, February 18, 2024. —REUTERS/Sabrina Valle/File Photo

GEORGETOWN (Reuters) – U.S. oil major Exxon Mobil has pulled out of negotiations with Guyana’s government on terms for exploring and developing a shallow-water block, the South American country’s vice president said on Thursday.

Exxon, U.S.-based Hess Corp and China’s CNOOC won block S8 in a bidding round launched in late 2022. They had been engaged in negotiations for non-fiscal terms of the project.

The company had wanted to use the offshore area for carbon capture, Vice President Bharrat Jagdeo told reporters in a briefing. It was not immediately clear if Hess and CNOOC continue in talks with the government for the area.

(Reporting by Kemol King; Editing by Marianna Parraga)

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