Friday, May 20, 2022

Guyana holds over 10% of all conventional resource finds since 2015

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Guyana has made its mark in the global oil and gas industry with an estimated proven recoverable resource of nearly 11 billion oil-equivalent barrels in the ExxonMobil-operated Stabroek Block.

“That figure accounts for more than 10% of all the conventional resource finds in the world since 2015 when Guyana first discovered oil,” said Liam Mallon, ExxonMobil’s President of Upstream Oil and Gas.

The company’s three latest discoveries at the Barreleye-1, Patwa-1, and Lukanani-1 wells led to the increased resource estimate – a figure that had previously stood over 10 billion oil-equivalent barrels.

ExxonMobil’s success in Guyana “unmatched” in modern history – Darren Woods | OilNOW

Guyana is producing oil full steam ahead, and by the third quarter of 2022, will hit production capacity of 360,000 barrels of oil per day (b/d), when Exxon’s second floater, the Liza Unity, achieves its nameplate capacity of 220,000 b/d.

According to Mallon, ExxonMobil’s scale, advanced technologies, integration, operations excellence, and highly skilled people stand on the backbone of its success in Guyana. Those very strengths also put the oil major in a position to lead in the energy transition, he added.

Breakthrough technology behind ExxonMobil unprecedented success in Guyana | OilNOW

“For nearly 140 years, ExxonMobil has supplied products that help people live healthy, prosperous lives and thrive in an ever-changing world. We’re committed to continuing to create sustainable solutions that improve quality of life and meet society’s evolving needs,” Mallon said.

And more exploration activities are on the cards for Guyana. The company’s Chief Executive Officer, Darren Woods, anticipates a need for even bigger production facilities.

Woods had said ExxonMobil is focused on the “characterisation” of the resources in the Stabroek Block, as this will be a guide to make future developments more “cost-effective”.

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