The more than 8 billion barrels of oil equivalent resources discovered so far offshore Guyana represents oil found in just a portion of the 6.6 million acres Stabroek Block. With multiple targets remaining both at Stabroek and other blocks offshore the South American country, the potential for more discoveries remains high and with this comes the need for a significant uptick in investments onshore to support the growing industry.
Speaking on a recent televised programme in Guyana’s capital, Georgetown, Director of the Department of Energy, Dr. Mark Bynoe highlighted some of the growing needs of the industry, where production in just the Stabroek Block will be approaching 1 million barrels of oil per day by the end of the decade.
“At this point in time there is need for increased shorebases. There is need for greater investments in areas such as building further capacities in welding, fabrication and complementing as well as what is happening with the Council for Technical Vocational Education and Training,” he said.
Former Trinidad and Tobago Minister of Energy and Energy Affairs, Kevin Ramnarine has said the growing activity offshore Guyana is likely to hit peak in the latter part of this decade and will require large shorebase support services which is something the new oil producing nation will have to begin considering.
Ramnarine outlined the growth of the operations offshore, pointing out that it will move from one FPSO at present to at least five towards the middle of the decade in addition to multiple drillships and support vessels.
ExxonMobil has made a record 16 discoveries at the Stabroek Block since 2015.