CGX Guyana precident The current CGX/Frontera negotiation will be extremely important for the future of ECO.
They found oil but lack the funds to move forward. IMHO, the majors scoffed at a deal with Frontera as they assumed a breach in Guyanas terms or the blocks lease would lead to a forfeit.
It's important in two regards; the first being the original terms negotiated (very tax friendly) and the second; reputation.
Exxon is not well regarded in terms of expansion, but as time has gone on they've proved the operator of choice (US backing, Venezuelan issue a non starter)
With the Hess merger complications as well as Venezuelan politics it's a very small market of players with the bankroll to fund a FPSO let alone get a realistic FID even in a proven field.