Since 2015, ExxonMobil has found an average of 1.7 billion barrels of oil per year offshore Guyana and recently increased its estimate of the discovered resources at the prolific Stabroek Block to 10 billion barrels of oil equivalent. A senior Vice President at the company said this week these volumes can easily double offshore the new oil producing South American nation.
“We discovered over 10 billion oil equivalent barrels in six short years,” Mike Cousins, Senior Vice President, Exploration & New Ventures, told participants at the 23rd World Petroleum Congress. “This kind of result has been unprecedented for some time. In the whole Guyana basin, which goes down to Suriname, we would suggest that the industry will easily see double that amount.”
The U.S. oil major and its co-venturers at the Stabroek Block, Hess and CNOOC, have credited the unprecedented success they have had in Guyana to strong partnerships, both among themselves and with the government and people of Guyana.
“The foundation of a solid partnership – and I think nowhere more true than Guyana – is being aligned around a common gold,” said Liam Mallon, President, ExxonMobil Upstream Oil and Gas Company during a spotlight series at the Congress. “Invariably when you see that, and that goal is clear and all the partners are aligned on that goal, then it sets the relationship up for success…”
Authorities in Guyana under successive governments have fully supported the exploration and production operations offshore dating back to the signing of the initial agreement in 1999, the post-discovery deal in 2016, and approvals for production and exploration activities which are ongoing in the basin.
Greg Hill, President and Chief Operating Officer at Hess said along with strong partnerships and objectives, sharing the same values has been integral to the success in Guyana.
“The single most important thing to me that I have found after 38 years in this business, is that if you find partners that share the same values as you, you can get through most anything. The biggest disconnect is when you don’t have the same sense of values,” Hill pointed out.
He said commitment to the people of Guyana is an extremely important component of the massive operations the co-venturers have in the country.
Drawing participation from more than 150 high-profile leaders including Ministers of Energy, CEOs, and other expert speakers, the Congress, being held in Houston, Texas from December 5-9, is serving as a catalyst for vital conversations with key industry trailblazers and decision-makers that are influencing the future of energy around the world.