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Regional News

April 29, 2009
Shell Teams Up With Exxon to Explore Guyana Field
Bloomberg News

Royal Dutch Shell Plc, Europe's biggest oil company, said it acquired a 25 percent share in Guyana's Stabroek exploration license from Exxon Mobil Corp. to expand operations in Latin America.

The license covers 47,000 square kilometres (18,000 square miles), where Exxon's unit Esso Exploration & Production Guyana Ltd. holds 75 percent, the Hague-based Shell said today. Exxon, the world's largest oil producer, has already been exploring the field, according to the U.S. company's website.

The territory is in "the deepwater-slope area from the maritime Guyanese border with Suriname to the border with Venezuela", Adam Newton, a Shell spokesman, said today.

Oil producers are broadening operations overseas as they step up the search for resources to counter dwindling reserves.

London-based Tullow Oil Plc said in an interview on November 12 it acquired a 30 percent stake in Guyana's offshore Georgetown block from an Argentine unit of Spain's Repsol YPF SA.

Shell, together with Anadarko Petroleum Corp. and StatoilHydro ASA, approved investment last quarter for the Caesar Tonga venture in the U.S. Gulf of Mexico. The project will start production in 2011 and pump as much as 40,000 barrels of oil a day, the Anglo-Dutch company said.

To contact the reporter on this story:
Eduard Gismatullin in London +44-20-7673-2268 or egismatullin@bloomberg.net.

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