Crude oil production at the ExxonMobil-operated Stabroek Block decreased significantly in July due to temporary shutdowns at the Liza field. Government data shows output at 427,000 barrels per day (b/d) in July, down 34% from 644,000 b/d in June.
Monthly volumes ranged 18-20 million barrels in the January-June period, but production in July was just over 13 million barrels. The January-June average output of 623,000 b/d has reduced to 595,000 b/d with the inclusion of July data.
Crude oil production offshore Guyana in 2024 has exceeded 126 million barrels, based on data on the first seven months. This is a 64% increase from the same period last year.
ExxonMobil had said the Liza 1 and 2 projects would be shut down for two weeks each, to facilitate pipeline hook-up for the Gas-to-Energy project. First gas is expected in 2025. Its primary use will be domestic power generation.
The data shows zero output from Liza 2 in the period July 2-15, then a gradual trek back to production over 200,000 b/d by July 24. Liza 2 averaged 83,000 b/d in July.
Liza 1’s shutdown took effect from July 19 for the rest of the month. Liza 1 averaged 92,000 b/d in July.
While the Liza field production was reduced in July, Payara soared at an average 251,000 b/d. The project achieved first oil in November and reached initial target production of 220,000 b/d in January. After recent debottlenecking by ExxonMobil, July was Payara’s first full month producing at its optimized level.
Payara is the third project to be safely optimized after successful debottlenecking at Liza 1 and 2. The Liza field projects can sustain production of over 70,000 b/d on top of initial target numbers. Liza 1 had its highest monthly output in February at 160,000 b/d, while Liza 2’s highest monthly output was in the same period at 252,000 b/d. Exxon had said additional optimization work would be undertaken at Liza 2 during its shutdown period. Those gains are expected to be realized in the coming months.
ExxonMobil, the operator, has a 45% stake in the Stabroek Block, alongside Hess (30%) and CNOOC (25%).
About Guyana’s Oil Ledger
Guyana’s Oil Ledger offers analyses of the latest oil production data and government oil fund receipts, published typically on a fortnightly basis. The column is authored by Kemol King, a journalist specializing in Guyana’s oil and gas sector.
