The record pace at which Guyana is developing its oil and gas resources has been lauded by the President and Chief Executive Officer (CEO) of the Energy Chamber of Trinidad and Tobago, Dr. Dax Driver. And with the world’s transition to cleaner, renewable energy approaching, he is urging Guyana to “market its resources” as fast as it can, to maximise benefits to the people.
Appearing on the latest edition of the Transforming Guyana webinar, the Energy Chamber CEO pointed out that this was the best direction for Guyana, as delayed production could result in “stranded assets.”
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“For countries like Guyana and Suriname, with these massive oil resources in place, and some of them transitioning into reserves and some being produced, priority has to be to fast-track development of those resources. This is something which Guyana has done extremely well since its first discovery. It is a world leader in fast-tracking its discoveries,” Dr. Driver pointed out.
In less than five years from the first oil discovery, Guyana moved to production and now has a second development online. The third and fourth projects have already been approved. The application process for the fifth development, called Uaru, has already begun.
The T&T Energy Chamber Head said that other oil-producing countries in South America and the Caribbean should be following in Guyana’s footsteps.
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“I think the key message here is to get your resources to market as quickly as you possibly can. This is something that policymakers should take into account. Otherwise, you will be left with assets you cannot monetise in the future,” he urged.
Guyana’s Stabroek Block operator, ExxonMobil, has already made over 30 significant finds totaling close to 11 billion barrels. And the country’s oil and gas success will only get bigger and better. Exxon’s CEO Darren Woods had said that by the end of the decade, production could increase to more than one million barrels per day; production this year will be around 350,000 barrels per day.
The company sees potential for 10 floating production storage and offloading (FPSO) vessels to develop the current proven resource estimate. Presently, it has determined that six FPSOs will be operating offshore by 2027, producing about 1.2 million barrels per day.
