Exxon moving to develop Payara by 2023; Guyana oil production could hit 450,000 bpd

Must Read

Rystad Energy warns 2nd COVID-19 wave could see oil demand losing another 2.5 million bpd

As the number of confirmed new COVID-19 cases surges to new global highs of beyond 200,000 per day, a...

Pirates grab nine Nigerians from BW Offshore FPSO

At approximately 4:20 am local time on Thursday, BW Offshore’s FPSO Sendje Berge was subject to an attack by...

OPEC cuts production to 1991 levels in bid to revive oil demand

(Bloomberg) - OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Exxon Mobil Corporation could sanction its third development project offshore the South American country of Guyana as early as 2023. The company’s Vice President of Investor Relations and Secretary, Jeffrey Woodbury told participants during its fourth quarter earnings call on Friday that the Payara development, which will closely follow Liza Phase 2, could push total oil production in the country to 450,000 barrels per day by 2023/2024.

Jeffrey Woodbury, Vice President of Investor Relations and Secretary

“Payara is now planned as the third development offshore Guyana closely following Liza Phase 2. Payara has the potential to raise Guyana’s production to about 450,000 barrels of oil per day in total,” Mr. Woodbury said.

In July 2017 ExxonMobil announced it had discovered additional oil in the Payara reservoir increasing the total Payara discovery to approximately 500 million oil-equivalent barrels.

The company is set to begin oil production in Guyana by March of 2020 with the Liza Phase 1 development. It has already begun taking steps to secure environmental authorization for Lisa Phase 2 which is expected to come on stream in 2022.

The Liza discovery of 2015 was the largest in the world that year and placed the previously little-known country of Guyana in the spotlight as a potential significant oil producer in the region. Subsequent discoveries made by ExxonMobil have pushed the country’s total estimated reserves to 3.2 billion recoverable oil-equivalent barrels, further elevating Guyana as the next hotspot in the industry.

To date, ExxonMobil has made 6 discoveries in the 6.6 million acres Stabroek Block. The last discovery was made at the Ranger-1 reservoir, located some 60 miles from the Liza field in a carbonate play.

Stabroek Block: Exploration Highlights

ExxonMobil Affiliate Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

- Advertisement -

Latest News

Rystad Energy warns 2nd COVID-19 wave could see oil demand losing another 2.5 million bpd

As the number of confirmed new COVID-19 cases surges to new global highs of beyond 200,000 per day, a...

Pirates grab nine Nigerians from BW Offshore FPSO

At approximately 4:20 am local time on Thursday, BW Offshore’s FPSO Sendje Berge was subject to an attack by pirates offshore Nigeria in which...

OPEC cuts production to 1991 levels in bid to revive oil demand

(Bloomberg) - OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets...

Liza Crude could be ‘oil of choice’ as refiners seek lighter, sweeter blend

The relaxing of COVID-19 lockdown measures is resulting in more vehicles taking to the roads and this is driving up the demand for lighter,...

Exxon signals second quarterly loss in a row on production, refining hits

(Reuters) - Exxon Mobil Corp’s oil and gas producing and refining businesses will report operating losses in the second quarter, it said in a...

More Articles Like This