President of Guyana, Dr. Irfaan Ali on Wednesday highlighted plans by ExxonMobil to significantly ramp up oil production activities offshore the South American country which will see production hitting the 1 million barrels per day mark by 2027.
During a press conference at State House, Dr. Ali said, “The FPSO Unity is scheduled to arrive in the second half of this year whilst Payara is expected to come online by 2024. By 2027, it is expected that three additional FPSOs will come on stream, taking production to one million barrels per day.”
ExxonMobil has said work on the Liza Phase 2 Development is on schedule for startup in 2022 while plans are progressing well for a third development at Payara targeting first oil in 2024.
The company reiterated its production outlook on Tuesday in the announcement of another hydrocarbon discovery at the Stabroek Block, at the Uaru-2 well. It said too that a fourth project, Yellowtail, has been identified within the block with anticipated startup in late 2025 pending government approvals and project sanctioning.
President Ali said that the natural resources sector continues to improve, as he noted that Guyana’s recoverable resource estimate stands at approximately nine billion oil-equivalent barrels. “The local private sector is becoming more involved and aggressive in proactively preparing for these opportunities with expansion and construction of new shore and airbase capacity and the building of our servicing capabilities,” he pointed out.
The President said that Guyana’s Local Content Policy will see to it that locally and competitively offered services are given priority to be utilized in the execution of exploration and development operations.