Exxon Mobil Corp. said July 23 it had named its former Qatar country manager as the chief of its operations in Guyana, a South American country that just started producing crude last year and is seen as key to the company's future.
Alastair Routledge takes over after the company, as part of a consortium with Hess Corp, and China's CNOOC Ltd., has discovered some 8 billion barrels of oil and gas off the coast of Guyana, a poor country with no history of oil production.
While crude exports have the potential to spur economic development, Routledge will have to contend with political turbulence after a disputed March presidential election. Exxon Mobil CEO Darren Woods told investors in May that the uncertainty had "slowed government approvals and progress."
Guyana President David Granger has remained in office since the vote, even though a preliminary recount showed opposition candidate Irfaan Ali won. The U.S. has called on Granger to "step aside," but Granger insists he has not interfered with the vote or the ongoing court review.
Exxon Mobil expects to produce 750,000 bbl/d of crude in Guyana by 2026, but has said the political uncertainty has delayed government approvals for its third offshore project.
Mark Bynoe, the Guyanese government's director of energy, has said Exxon Mobil must make improvements to its Payara plan.
Routledge replaces Rod Henson, who was recently named Exxon Mobil's vice president for wells in Houston.
Recommended Reading
Stockholder Groups to Sell 48.5MM of Permian Resources’ Stock
2024-03-06 - A number of private equity firms will sell about 48.5 million shares of Permian Resources Corp.’s Class A common stock valued at about $764 million.
Moda Midstream II Receives Financial Commitment for Next Round of Development
2024-03-20 - Kingwood, Texas-based Moda Midstream II announced on March 20 that it received an equity commitment from EnCap Flatrock Midstream.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.