In a world fraught with geopolitical unrest and economic uncertainties, the role of stable energy supplies cannot be overstated. Liam Mallon, President of ExxonMobil Upstream Company, recently highlighted the remarkable contribution of Guyana to global energy markets amidst these challenges.
“We really need to think about not just the impact here, but the impact collectively across the world,” Mallon stated during a speech at the Guyana Energy Conference and Supply Chain Expo on Monday.
This comes at a time when global energy security is a paramount concern, affected by factors such as Russia’s war, tensions in the Middle East, and issues closer to home like tensions with Venezuela.
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Despite these challenges, the global energy markets have experienced a surprising level of stability, Mallon noted, thanks in part to increased supplies from countries like the US, Canada, Brazil, and notably, Guyana. Mallon pointed out the unlikely, yet pivotal role Guyana has come to play in this arena, a testament he said, to its successful energy development and policies.
“Seriously, who would have suspected that Guyana would play such a critical role in global energy markets just even a decade ago?” Mallon pondered.
The backbone of Guyana’s impact lies in the output from the Stabroek block projects, which currently exceeds 600,000 barrels per day (b/d), surpassing initial projections. Huzefa Ali, ExxonMobil Guyana Limited’s (EMGL) new Production Manager, announced that the total production capacity across all three facilities now stands at 645,000 b/d. This capacity exceeds the initial target for the projects by a collective 85,000 b/d.
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EMGL’s President, Alistair Routledge, has said that the company is committed to safety and optimization while announcing that the company targets 500 million barrels of total production by the end of 2024. “That is the target we have in mind for later this year if we continue from the path we are on – from an operational performance point,” Routledge has said.
