BLOCK(SQ) ZACKS·2024-12-03 15:01Group 1: ExxonMobil and Partners' Negotiations - ExxonMobil, along with Hess Corporation and CNOOC Limited, is negotiating with the Guyanese government regarding the development of the shallow-water offshore block S8 following a successful bid in a late 2022 auction [1] - An ExxonMobil spokesperson confirmed the ongoing discussions but did not provide specific plans for the block, such as whether it would focus on carbon capture and storage (CCS) or traditional oil and gas exploration [2] - Guyana's vice president stated that ExxonMobil's consortium had previously withdrawn from the auction due to a lack of government support for a proposed carbon sequestration project, but clarified that ExxonMobil has since expressed renewed interest in the block [3] Group 2: Guyana's Oil and Gas Development - The S8 block is part of Guyana's broader initiative to develop its oil and gas resources, with the government offering 14 blocks in its latest auction, attracting bids from major energy firms like Petronas, TotalEnergies, and CNOOC [4] - The shallow-water block presents a significant opportunity for ExxonMobil and its partners to expand their presence in Guyana, a rapidly growing oil-producing nation [5] - The outcome of the negotiations could enhance ExxonMobil's exploration and production portfolio, benefiting long-term shareholders, although uncertainties regarding project specifics and government negotiations persist [6]