The emerging oil and gas industry in Guyana, where ExxonMobil has to date discovered an estimated 3.2 billion recoverable oil-equivalent barrels, will not only fuel economic growth in the South American country, but across the world. This is according to Lisa Waters, Vice-President of ExxonMobil Development Company.
Speaking at the inaugural Guyana International Petroleum Exhibition and Summit (GIPEX 2018) held last week, Waters said, “oil development in Guyana will bring betterment for people of the country but will also fuel economic growth around the world.”
Increased Demands
Addressing hundreds of industry executives and delegates at GIPEX 2018, the ExxonMobil VP said the aspirations of people globally are largely unmet because they lack access to affordable energy and that the “emerging (O&G) industry in Guyana can be part of the solution in meeting the growing (global) demands for energy.”
Energy, she said, is directly linked to the improvement of the quality of life and with energy demands projected to rise sharply in developing zones such as India, Africa and China, the Guyana discovery will not only contribute to improvements in the global economic conditions but on the quality of life of people the world over.
The US oil major has made 6 discoveries in just under two years off the Guyana coast and will begin oil production in March of 2020 with the Liza Phase 1 development. Already, plans are underway for a Liza Phase 2 development and the company has signaled its intent to move forward with a third development at the Payara field by 2023.
Reiterating the role of oil production and energy, and its relationship to human development globally, the ExxonMobil Vice President said, “we all want good quality of life, good environment and a better future and our industry plays a role in fulfilling this and providing a dramatic increase in living standards.”
It is with this in mind, ExxonMobil and its partners are committed to evaluating and developing the full potential of the Stabroek Block within which it operates, she said.
Speaking directly to GIPEX 2018 and the oil major’s role as a strategic partner, Waters said the size of the international gathering in Guyana is reflective of the scale, scope and diversity of the South American country’s growing O&G industry.
