Tuesday, September 27, 2022

Oil Minister says “thriving future for generations ahead” as Exxon announces three new discoveries

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With three new discoveries announced by oil major ExxonMobil in Guyana’s prolific Stabroek Block, Minister of Natural Resources Vickram Bharrat sees a thriving future for generations ahead.

Subsequently, after Exxon’s announcement, Bharrat shared that the new discoveries add to “Guyana’s growing legacy” as an oil-producing and exporting nation with light sweet crude.

And this, he said will catalyse the ‘One Guyana’ goal of enhanced infrastructure, world-class health care, and education, realising a higher standard of living and better quality of life for all Guyanese.

‘The Government of Guyana remains vigilant and committed to ensuring the benefits of Guyana’s petroleum resources benefit all Guyanese paving the way for a thriving future for generations ahead,” Minister Bharrat added.

Exxon’s new discoveries were made at the Barreleye, Patwa-1, and Lukanani-1 wells offshore Guyana in the southeast portion of the Stabroek Block. Now, Exxon has made five discoveries thus far for 2022.

The Barreleye-1 well encountered approximately 230 feet (70 meters) of hydrocarbon-bearing sandstone and was drilled in 3,840 feet (1,170 meters) of water. The second well, Patwa-1, encountered 108 feet (33 meters) of hydrocarbon-bearing sandstone and was drilled in 6,315 feet (1,925 meters) of water. The Lukanani-1 well encountered 115 feet (35 meters) of hydrocarbon-bearing sandstone and was drilled at a water depth of 4,068 feet (1,240 meters). Operations are ongoing at both Barreleye-1 and Lukanani-1.

Currently, ExxonMobil has received approval for four projects to develop the recoverable resource offshore Guyana.

Liza Phase 1 is producing approximately 130,000 barrels per day utilising the Liza Destiny floating production storage and offloading (FPSO) vessel.

Liza Phase 2 is steadily ramping up towards its capacity of 220,000 barrels per day using the Liza Unity FPSO.

The third project, Payara, is scheduled to begin production at the end of 2023 with a capacity of 220,000 barrels per day from the Prosperity FPSO, which is currently under construction in Singapore.

The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the ‘ONE GUYANA FPSO’ comes online in 2025.

The discoveries, according to the Guyana Government, will “strengthen Guyana as a petroleum-producing country” and simultaneously be guided by good international oilfield practices for effective and efficient governance.

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