ExxonMobil has come a far way in Guyana and the company’s success in the Stabroek Block is only the beginning, said Chairman and Chief Executive Officer of Exxon Mobil Corporation, Darren Woods during his opening statement at the International Energy Conference on Tuesday.
Deeming the company’s journey “remarkable”, Woods stated that signing the Production Sharing Agreement (PSA) in 1999, was the beginning of Guyana’s future as an energy powerhouse.
Now, ExxonMobil estimates that the Stabroek Block holds approximately 10 billion oil-equivalent barrels and this, according to Woods, is “unmatched” in modern history.
“In fact, since 2015, more than 11% percent of the conventional oil discovered in the world has been found right here in Guyana and that is just the beginning,” Woods said. “Many parts of the basin remain unexplored and are still considered frontier and additional exploration will further improve our understanding and may present even more development opportunities,” he said.
With over 20 significant finds already made in the Stabroek Block, Woods shared that ExxonMobil’s partnership played a major role in bringing them into production “safely and efficiently”.
ExxonMobil’s Chairman reminded that the Liza Phase 1 Development began producing oil within five years of discovery, “a fraction of the time it typically takes to bring a newly discovered field of this size to production.”
He said to do that the company leveraged world-class project execution strategies and skills while continuing extensive exploration. Owing to that, a mere two years later, the Liza Phase 2 Development has commenced producing oil with Payara not far behind.
“On top of that, construction of the hull for our fourth production vessel, the Yellowtail project is complete, and we expect to reach a final investment decision soon.”
According to the ExxonMobil Chairman, these world-class projects are only the beginning, with plans on stream to have six projects producing by 2027 and another four in later years.
And ExxonMobil anticipates that by the end of the decade, Guyana’s production from the Stabroek Block alone could increase to more than one million barrels per day “with the potential for additional growth from ongoing exploration.”
“This progress is virtually unprecedented. In just 15 years, Guyana’s production has gone from nothing to potentially more than one million barrels per day,” Woods said. “This is an incredible accomplishment and one in which we should be very proud.”
