Wednesday, February 8, 2023

Guyana will be among world’s largest crude oil producers by 2027 – John Hess

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Chief Executive of Hess Corporation, John Hess, said Guyana is on its way to becoming one of the world’s largest crude oil producers by 2027. He made the comment Friday during an event at State House in Georgetown.

2027 is the year ExxonMobil, the Stabroek Block operator, plans to meet 1.2 million barrels of oil per day (bpd) in output, with six floating production, storage and offloading (FPSO) vessels.

The Hess Chief said, “Guyana has made tremendous progress since our first oil discovery in 2015. It is a remarkable achievement that the country is already producing more than 300,000 barrels of oil per day of some of the highest value, lowest carbon crude oil in the world with a line of sight to be producing over 1 million barrels per day by 2027.”

The current output is based on production at Liza Phases 1 and 2, with combined production capacity of 360,000 bpd. Four more floaters will be added by 2027.

Payara is coming onstream in 2023 with nameplate capacity of 220,000 bpd. Yellowtail is expected in 2025 with output of 250,000 bpd. Uaru, currently in the application stage, is expected to produce up to 275,000 barrels per day. The sixth project has not yet been identified.

Guyana’s achievement thus far, Hess said, is testament to the leadership and support of the government of Guyana and the joint venture partners, Hess and CNOOC.

“ExxonMobil as operator has done an outstanding job with project management and project execution, especially during the challenging times of COVID…” he added.

On Hess’ end, the executive indicated that from the first time he came to Guyana many years ago, he had pledged that Hess will work with the government to ensure the country’s oil treasure, now at almost 11 billion oil-equivalent barrels, truly becomes the people’s treasure.

He said Hess is committed to its social responsibility and intends to be the world’s most trusted energy partner.

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