Saturday, September 18, 2021

Guyana welcomes new oil discovery, expects total volumes to increase

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Guyana’s Ministry of Natural Resources said Thursday it is pleased with the announcement of the country’s latest oil discovery by ExxonMobil affiliate Esso Exploration and Production Guyana (EEPGL) and partners at Pinktail Offshore Guyana, within the Stabroek Block.

The ministry said the government is confident that these additional discoveries will serve to further catapult Guyana’s “monumental transition” as a country with world-class discoveries of high-quality hydrocarbon.

“As such, the Government of Guyana remains committed and persistent in engaging all stakeholders towards the beneficial development of these resources for all Guyanese in a sustainable and responsible manner,” natural resources minister, Vickram Bharrat said. “Hence, the Government of Guyana has mandated the Ministry of Natural Resources and the Petroleum Sector regulatory agencies to enhance the oversight and management of the exploration programmes of all operators as we seek to further expand the sector through advancing commercial discoveries.”

The government said it also takes this opportunity to welcome the announcement by EEPGL that the Liza Unity FPSO departed Singapore on September 3 and is expected to arrive offshore Guyana in mid-November 2021 with an anticipated startup of production in early 2022.

“The Ministry of Natural Resources and the Government of Guyana welcome these new discoveries offshore Guyana and remains committed to the sustainable exploration and development of Guyana’s oil and gas resources,” Mr. Bharrat said. “In this vein, I would like to reassure all Guyanese and stakeholders that this will be undertaken in keeping with international best practices for compliance and transparency within the petroleum sector and to ensure benefits are derived for all Guyanese.”

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