Exxon Restarts Drilling at Offshore Hotspot in Voting Crisis

Exxon Mobil Corp. resumed drilling in Guyana last month, underscoring its dedication to the offshore hotspot despite the oil price crash and a messy turn in local politics. Two of Exxon’s four drillships went back to work, according to data published Friday by Baker Hughes Co. The company later confirmed that the Stena Carron and Noble Tom Madden vessels returned to full operations last month. The rigs had been shut when the country of less than a million closed its borders after the pandemic hit South America.

Guyana is one of the major exploration successes for a company that has come under criticism for how it manages capital. Its oil and natural gas unit took a hit of as much as $3.1 billion in the second quarter due to the pandemic-induced price collapse, it said July 2. “Travel restrictions have impacted our ability to move workers into Guyana and will impact our ability to maintain normal operations offshore,” Exxon said in an emailed statement late Friday.

The oil major “will also adjust the pace of our development projects and exploration activities” given the plunge in oil prices, but still plans to pursue “key exploration opportunities,” it said.

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