Guyana’s Vice President Dr. Bharrat Jagdeo said the review of Exxon’s proposed Uaru project has been “practically” completed, and that final approval is expected in a maximum of 2-3 weeks.
Presently, the Ministry of Natural Resources is conducting its final review. Parallel to this, Jagdeo said, is the review of the project by the Environmental Protection Agency (EPA).
By the end of the period, the regulators are expected to issue a production license and an environmental permit.
The government consulted Bayphase for the review of the Uaru field development application.
Uaru is the fifth oil development in ExxonMobil’s Stabroek block pipeline.
A timeline of Exxon’s oil development projects in Guyana | OilNOW
The Uaru project is estimated to cost US$12.7 billion. It will draw crude from the Uaru, Mako and Snoek fields, which contain an estimated recoverable resource of 1.3 billion barrels of oil-equivalent.
Uaru will utilise a subsea system connected to a floating production, storage and offloading (FPSO) vessel called Errea Wittu. It will have oil storage capacity of two million barrels, and oil production design rate of 250,000 barrels per day (bpd). The FPSO will be able to offload approximately one million barrels onto a tanker in a period of around 24 hours. It will be delivered by MODEC.
