After a July of shutdowns at the Liza field, crude oil production has returned to more than 600,000 barrels per day (b/d) in August.
The shutdowns for the connection of a natural gas pipeline lasted July 2-15 for Liza 2, and July 19-August 4 for Liza 1.
With both Liza projects returning to their usual output in August, combined Stabroek Block output increased 44% from July to an average of 613,000 b/d.
Notably, after Liza 1 returned to its typical range of 150,000-160,000 b/d, the Stabroek Block’s total output averaged 653,000 b/d in the last three weeks of August.
The three projects closed the month with 663,000 b/d on August 31.
The government estimated the Stabroek Block will produce 228 million barrels in 2024. Up to August, production totalled 145.69 million barrels. To meet the government’s estimate, production would have to average approximately 675,000 b/d in the last four months. It has never been that high, according to published data. However, the three projects’ individual peaks show it is not an unrealistic expectation.The government estimates the Stabroek Block will produce 228 million barrels in 2024, with 145.69 million barrels produced by August. To meet this target, production must average about 675,000 b/d over the next four months, a level not yet reached, though the individual peaks of the three projects suggest it is achievable.
ExxonMobil has said its goal is to achieve 500 million barrels in accumulated production offshore Guyana before year-end. The data suggests this target will be reached by late October to early November. The company is likely to close the year accumulating production in excess of 530 million barrels.
ExxonMobil operates the Stabroek block with a 45% stake, while Hess has 30% and CNOOC has 25%.
About Guyana’s Oil Ledger
Guyana’s Oil Ledger offers analyses of the latest oil production data and government oil fund receipts, published typically on a fortnightly basis. The column is authored by Kemol King, a journalist specializing in Guyana’s oil and gas sector.
