ExxonMobil (XOM) to Start Exploration in Disputed Territory

Exxon Mobil Corporation (XOM) has been awarded an exploration license by Guyana. The license allows the energy giant to look for oil and gas in a disputed area off the coast of South America, where the Venezuelan military had previously expelled two U.S. oil companies. This recent move by Guyana may escalate its tension with neighbouring Venezuela.The energy giant plans to drill two exploration wells in the north and west of the Stabroek block, which has three fields that produce close to 650,000 barrels of ...