The Government of Guyana plans to pursue more opportunities for local workers and businesses as offshore oil production moves toward one million barrels per day.
Minister of Natural Resources Vickram Bharrat made the commitment on August 21 following the arrival of the Errea Wittu floating production, storage, and offloading vessel. The FPSO will operate at the Uaru development in the Stabroek Block, offshore Guyana. OilNOW had reported that the vessel was off Guyana’s coast on Wednesday.
“We will also continue to push for greater local content opportunities so that more Guyanese workers and businesses can participate in and benefit from the growth of this industry,” Bharrat said.
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Errea Wittu was constructed by MODEC and is expected to begin producing oil in September. The Ministry of Natural Resources described it as Guyana’s fifth and largest FPSO.
The vessel will support the US$12.7 billion Uaru project, which targets more than 800 million barrels of recoverable oil. Its production is expected to lift Guyana’s output beyond one million b/d.
“With first oil expected in a matter of weeks, production is poised to cross the one-million-barrel-per-day mark. This is a major development for our country and one that brings with it greater responsibility to ensure Guyanese continue to benefit from the sector,” Bharrat said.
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The minister said the government also remains committed to transparency as production and petroleum revenues increase.
“The government will continue to disclose petroleum revenue receipts through the National Assembly, ensuring the people of Guyana are kept informed about the revenues earned from their resources,” he said.
The Stabroek Block currently produces approximately 900,000 b/d, according to the ministry.
ExxonMobil Guyana Limited operates the block with a 45% interest. Chevron holds a 30% stake, while CNOOC Petroleum Guyana Limited owns the remaining 25%.
