Tuesday, May 30, 2023

Application process for Exxon’s fifth Stabroek Block development underway

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ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL), has already begun the application process for its fifth offshore development in the Stabroek Block, according to information contained in court documents filed by the company relating to a tax provision case.

Uaru-1 was ExxonMobil’s 16th discovery in the Stabroek Block, made in 2020, northeast of the Liza field. In 2021, the company made another discovery at Uaru-2, with newly identified intervals below the original Uaru-1 discovery.

The company expects to complete the application for the Uaru Development Project, for submission to Guyanese authorities by the end of the year.

In anticipation of this application, the government has already budgeted GY$88 million to fund the review process, Minister of Natural Resources Vickram Bharrat said in February.

Guyana has approved four projects so far at the ExxonMobil-operated Stabroek Block. Liza Phases One and Two are already in operation, while Payara and Yellowtail are scheduled for first oil in 2024 and 2025 respectively. These projects will have total nameplate capacity of over 800,000 barrels of oil per day.

The Uaru project, slated to come online in 2026, is likely to be targeting more than 200,000 barrels per day, and would take production offshore Guyana to over one million barrels of oil per day.

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