Thursday, June 1, 2023

Extracting multi-billion-barrel oil resource at optimum pace key to maximising value – Exxon

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With several billion barrels of oil equivalent already discovered and the potential for more being found remaining high, developing the resources at optimum pace will ensure highest returns for the South American country of Guyana and the Stabroek Block explorers. So says Liam Mallon, President of Upstream Oil and Gas at ExxonMobil.

Speaking to an audience recently in Georgetown, Guyana, he said the country is at the beginning of a tremendous journey with many more offshore developments to come.

“We’re already moving with the second one and there are many, many more ahead of us,” he said, referring to the offshore developments at the 6.6 million acres Stabroek Block where the company and co-venturers Hess and CNOOC have found more than 6 billion barrels of oil equivalent.

Notwithstanding the many challenges that must be taken into consideration, Mallon said, “Extracting this in the optimum pace is key to maximising value for the Government of Guyana and for our partnership.”

Already, the company has commenced oil production at the Liza Phase 1 Development, less than 5 years after discovery, and is moving towards start-up for the second development scheduled for 2022.  A third development at the Payara field is awaiting government approvals.

To date, ExxonMobil has made a record 15 discoveries offshore Guyana since 2015 while encountering just two dry holes. The unprecedented success rate has sparked excitement in the Guyana-Suriname basin where a spike in exploration activity has already resulted in a significant discovery at Suriname’s Block 58, the first deepwater oil strike for that country.

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