KUALA LUMPUR, Dec 4 (Bernama) -- Bursa Malaysia rallied to close broadly higher on Wednesday amid strong buying interests mainly in utility and technology stocks, with the benchmark index gaining 0.44 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.13 points to 1,614.09 from Tuesday’s close of 1,606.96. The index opened marginally higher at 1,606.97 and moved between 1,606.53 and 1,616.03 throughout the day. Advancers thumped decliners 727 to 381 on the broader market, with 522 counters unchanged, 781 untraded and 10 suspended. Turnover advanced to 3.60 billion units valued at RM3.30 billion versus 3.32 billion units valued at RM3.30 billion on Tuesday.
Exxon Mobil, alongside partners Hess and China National Offshore Oil Corporation (CNOOC), is in ongoing discussions with Guyana’s government regarding the development of the S8 shallow-water oil block, following a bidding round launched in late 2022.
Current Status
- Exxon’s Interest:Exxon remains committed to the S8 block, but the terms of development are still under negotiation.
- An Exxon spokesperson declined to confirm whether the block will focus on carbon capture and storage or traditional oil and gas exploration.
Miscommunication Addressed:
- Earlier reports suggested Exxon had withdrawn due to the government’s lack of interest in a carbon sequestration project.
- Vice President Bharrat Jagdeo clarified that Exxon had since reaffirmed its interest in the block, indicating a misunderstanding in prior communications.
- "They have not walked away from negotiations," Jagdeo said.
Auction Overview
- Participants:Eight of the 14 blocks offered attracted bids, including from Petronas, CNOOC, and TotalEnergies.
- Upcoming Agreement:Jagdeo revealed that discussions with TotalEnergies are progressing and a deal is expected soon.
Key Takeaway
Exxon’s renewed engagement highlights the strategic importance of Guyana’s offshore resources, while the potential use of the block for carbon capture and storage underscores the growing role of sustainability in oil majors' plans. The outcome of these negotiations will likely shape Guyana’s energy future and Exxon’s regional strategy.
Comments
Post a Comment