The government of Guyana expects the Exxon-led Stabroek block co-venturers to propose a seventh offshore development in 2024. Minister of Natural Resources, Vickram Bharrat said the government budgeted GY$100 million (approximately US$480,000) to review the application.
“We have dealt with Payara. We have dealt with Yellowtail. We have dealt with Uaru. Now, we are dealing with Whiptail. And we are anticipating that another [field development plan] will come in at some point in time this year,” Bharrat stated.
Bharrat said the government will need to pay a consultant to review the application. Bayphase Oil and Gas Consultants has been the preferred reviewer for the past few projects.
The natural resources minister added that it is still to be determined whether the project will be for oil or gas production. ExxonMobil has done extensive appraisal work on the Fangtooth discovery, with the likelihood that this will be the seventh project. However, some gas discovery appraisal drilling has been done, and Vice President Bharrat Jagdeo has said government wants Exxon to move with more enthusiasm on gas projects.
More FPSOs may be needed as Guyana’s Stabroek Block discoveries grow – Hess boss
ExxonMobil has so far secured approvals for five offshore oil projects and is expected to receive approval for the sixth project in the first quarter of 2024. Three of the approved projects are in operation, having already met a combined target of 620,000 barrels per day (b/d). The others are expected to come on stream at a rate of one per year in the period 2025-2027. Oil production offshore Guyana is expected to surpass 1.2 million b/d by 2027.
