22 C
Georgetown
Wednesday, April 14, 2021

Guyana’s windfall from oil production is not fake news – US Ambassador

Must Read

Small window of opportunity remains for development of gas resources, Shell and Equinor tell Tanzania

(S&P Global Platts) Shell and Norway's Equinor have urged the government of Tanzania to take immediate action to conclude...

JUST IN: Guyana lifts its 6th million-barrel oil cargo, next shipment could be affected by drop in production

The Guyana government exported another million-barrel oil cargo this week from the Liza Destiny FPSO even as production was...

Venezuela would have to think many times before blocking use of Stabroek block resources – Advisor

The emergence of the oil industry has unequivocally refashioned Guyana's geopolitical importance. But every rise to stardom in the...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

United States Ambassador to Guyana Perry Holloway on Tuesday told an oil and gas forum that Guyana is set to receive significant revenue  when oil production begins in 2020 and this “is not fake news.”

The US Ambassador vigorously outlined a number of points to emphasize that Guyana’s place on the global map as a petroleum producer is significant and that this will catapult it to the group of top 30 producers in the world.

“Guyana, already with the 3.2 billion barrels of confirmed reserves…puts Guyana in the top 30 in terms of barrels of oil per capita. In my calculation we have 4,266 barrels per Guyanese is already confirmed out there to be taken out of the ground starting in 2020,” he stated.

The plan to ramp up production by the mid-2020s to approximately 500,000 barrels per day with multiple developments is “truly amazing” he said.

In addition to the Liza 1 development, ExxonMobil Guyana is currently seeking Environmental Authorization for Liza 2 to begin in 2022. Additionally, Jeffrey Woodbury, Exxon Mobil Corporation’s Vice President of Investor Relations and Secretary, recently told investors during a conference call that the plan is to move to a 3rd development at the Payara field by 2023. These combined developments will push production to around the 500,000 barrels per day mark.

“Guyana, if it does get to 500,000 barrels will be in the top 30 of oil producers in the whole world,” Mr. Holloway stressed.

Liza 1, pegged at around 100,000 to 120,000 barrels per day, the Ambassador said, will produce more oil daily than all of Trinidad and Tobago’s wells combined, produce in one day. “So this is not something that is insignificant, this is not fiction, this is not fake news. How anyone can believe that much oil is not going to generate revenue for the country, I don’t know.”

The Innov8 Summit panel discussion on oil & gas technology.

Mr. Holloway was at the time speaking at GTT’s Innov8 Summit on a panel focusing on Oil and Technology.  Other members of the panel were British High Commissioner, Greg Quinn, ExxonMobil Guyana Country Manager, Rod Henson, Colin Laird, CEO XL Group and Justin Nedd, GTT CEO. The panel was moderated by OilNOW co-owner, Christopher Chapwanya.

1 COMMENT

OilNOW TV

Latest News

Small window of opportunity remains for development of gas resources, Shell and Equinor tell Tanzania

(S&P Global Platts) Shell and Norway's Equinor have urged the government of Tanzania to take immediate action to conclude...

JUST IN: Guyana lifts its 6th million-barrel oil cargo, next shipment could be affected by drop in production

The Guyana government exported another million-barrel oil cargo this week from the Liza Destiny FPSO even as production was reduced from 120,000 barrels of...

Venezuela would have to think many times before blocking use of Stabroek block resources – Advisor

The emergence of the oil industry has unequivocally refashioned Guyana's geopolitical importance. But every rise to stardom in the petroleum world will bring its...

Company with interest in Canje block says Jabillo well is 1-billion-barrel opportunity

The Stena Carron initiated drilling operations at the Jabillo-1 well site at the Canje Block on March 14 as part of a three-well campaign...

Exxon reduces oil production levels in Guyana as additional issues encountered with gas compressor system

In an update on Tuesday, ExxonMobil Guyana said as the final testing phase of the reinstalled flash gas compressor and other components of the...

More Articles Like This