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ExxonMobil said Friday night that the company has begun oil production off the coast of Guyana, where the energy giant has made a string of huge discoveries in recent years.

Why it matters: Guyana is a major focus of Exxon's portfolio, and the development is slated to make the South American nation the world's newest substantial oil producer.

What's next: Exxon said output is slated to reach 120,000 barrels per day in the coming months.

  • The company hopes to ramp up production to more than 750,000 barrels per day by 2025.
  • Exxon heads a consortium that also includes Hess Corp. and China's CNOOC Ltd.

But, but, but: Bloomberg notes there are questions about how the country's revenues will be managed, and as we reported in the Axios Generate newsletter last year, some critics see Guyana's agreement with Exxon as tilted in the company's favor.

"While the country has established a sovereign wealth fund, it has been slow to develop regulations to govern the sector and there’s no set plan on how the money will be spent," Bloomberg reports.

What they're saying: Guyanese President David Granger, in a video address, said oil production will be a "transformative process in the country's economic development," providing jobs, better services and more.

  • He said the government will employ best practices as it builds the "institutional, legislative and regulatory capability" to oversee the sector and prudently manage revenues.
  • Exxon CEO Darren Woods said they're working with the Guyanese on a "long-term vision of responsible resource development that maximizes benefits for all."

Go deeper: The surprising next oil superpower

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Illustration: Sarah Grillo/Axios

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  2. World: Belgium imposes lockdown, citing "health emergency" due to influx of cases.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
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Dan Primack, author of Pro Rata
Updated 7 hours ago - Economy & Business

Dunkin' Brands agrees to $11B Inspire Brands sale

Photo: Alexi Rosenfeld/Getty Images

Dunkin' Brands, operator of both Dunkin' Donuts and Baskin-Robbins, agreed on Friday to be taken private for nearly $11.3 billion, including debt, by Inspire Brands, a restaurant platform sponsored by private equity firm Roark Capital.

Why it matters: Buying Dunkin’ will more than double Inspire’s footprint, making it one of the biggest restaurant deals in the past 10 years. This could ultimately set up an IPO for Inspire, which already owns Arby's, Jimmy John's and Buffalo Wild Wings.

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Federal judge halts Trump administration limit on TikTok

Illustration: Aïda Amer/Axios

A federal judge on Friday issued an injunction preventing the Trump administration from imposing limits on the distribution of TikTok, Bloomberg reports. The injunction request came as part of a suit brought by creators who make a living on the video service.

Why it matters: The administration has been seeking to force a sale of, or block, the Chinese-owned service. It also moved to ban the service from operating in the U.S. as of Nov. 12, a move which was put on hold by Friday's injunction.