Guyana project approvals this year could add over record 500,000 bpd

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Regulators in Guyana expect to approve two field development plans (FDPs) for offshore projects this year, according to information from the government’s 2023 national budget.

The approvals are expected for ExxonMobil’s Uaru and Whiptail developments.

Guyana’s Minister of Finance, Dr. Ashni Singh said Monday that the Uaru application was submitted in November. ExxonMobil also submitted an environmental impact assessment (EIA) to the Environmental Protection Agency (EPA), through its consultant, Acorn International.

The Uaru project is expected to tap into approximately 1.3 billion oil-equivalent barrels from the Uaru, Mako and Snoek fields. It will produce 250,000 barrels of oil per day (bpd), with potential to be increased during the design process. Uaru is expected to cost US$12.7 billion. The floating production, storage, and offloading (FPSO) vessel to be used for Uaru will be delivered by MODEC.

As for Whiptail, the EPA announced January 15 that Exxon applied for environmental authorisation. The regulator has requested an EIA. Exxon is likely to submit the FDP in the first half of the year.

The Whiptail project is expected to tap into more than a billion oil-equivalent barrels from the Whiptail, Pinktail and Tilapia fields. It will produce between 220,000 bpd and 275,000 bpd. There is no indication yet of its cost. The FPSO to be used for Whiptail is expected to be delivered by SBM Offshore.

These two projects are expected to add over half a million bpd more to production offshore Guyana by 2027/2028. They will join the two already operating Liza projects, as well as Payara and Yellowtail. When added, Whiptail and Uaru will take crude production offshore Guyana to 1.3 million bpd.

ExxonMobil is the operator of all aforementioned projects, with a 45% stake. It is partnered with Hess (30%) and CNOOC (25%).

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