ExxonMobil’s 10th offshore discovery should not be seen as “just another announcement,” according to Director of the Government’s Energy Department in Guyana, Dr. Mark Bynoe.
The US oil giant on Monday announced its latest discovery at the Pluma-1 well –bringing its estimate of the discovered recoverable resource for the Stabroek Block, to more than 5 billion oil-equivalent barrels.
Reacting to the discovery, Dr. Bynoe said “It’s an exciting time for Guyana.”
The Energy Director urges Guyanese to move beyond the common perception that one has to be directly employed by ExxonMobil or its partners to benefit from the sector.
“I want to say to my Guyanese brothers and sisters that that’s a misnomer (inaccurate) because the oil and gas sector impacts all range of sectors within the country,” Dr. Bynoe said in a video interview released by the Ministry of the Presidency
He pointed out that the various sectors including tourism, services, hospitality, agriculture and others will reap the benefits from revenues to be generated by the developing Oil and Gas sector.
“For the average man, he may not be directly employed with ExxonMobil or any of the operators but the benefits that are derived therefrom, will filter through to the entire economy from which he and his family are expected to benefit,” Dr. Bynoe noted.
The Government is looking at improving farm to market access roads, transition to agro-processing and reduce the overall cost of energy, he further explained.
The Director said this discovery will allow Guyana to “realize its ambitions in moving away from a petro-state centred economy to one that is moving more towards a sustainable development pathway.”
According to ExxonMobil, the Pluma-1 well encountered approximately 121 feet (37 meters) of high-quality hydrocarbon-bearing sandstone reservoir.
The Well which the company began drilling on November 01, reached a depth of 16,447 feet (5,013 meters) in 3,340 feet (1,018 meters) of water.
Pluma-1 is located approximately 17 miles (27 kilometers) south of the Turbot-1 well.
The Liza Phase 1 development is expected to begin producing up to 120,000 barrels oil per day by early 2020 while Liza Phase 2 is expected to start up by mid-2022.
Pending government and regulatory approvals, Liza Phase 2 project sanction is expected in early 2019 and Payara is also expected in 2019 with start up as early as 2023.