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ExxonMobil to proceed with $9B Payara development offshore Guyana

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ExxonMobil has made its final investment decision to proceed with the Payara field offshore development in Guyana after receiving government approvals. ExxonMobil’s first offshore Guyana project, Liza Phase 1, began producing in late 2019, well ahead of the industry average for development time. Hess Guyana Exploration Ltd.

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EIA expects record global petroleum consumption in 2024, with lower crude oil prices

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Despite relatively low investment, EIA expects increases in drilling productivity and associated natural gas takeaway capacity from the Permian region will result in record annual US crude oil production in 2023 and 2024. EIA expects US natural gas prices to decrease, on average, through 2023 and 2024 as domestic production continues to grow.