Monday, September 25, 2023

Oil production offshore Guyana continues but project delays triggered by COVID-19 unavoidable

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Chairman and Chief Executive Officer of Exxon Mobil Corporation, Darren Woods told investors Friday that Guyana remains a key part of the oil major’s long-term growth plans. Although faced with the drop in oil prices and challenges resulting from the coronavirus pandemic, the company intends to forge ahead with its operations in the South American country.

“Guyana remains an integral part of our long-term growth plans and as such is a high priority. Our Liza Phase One operations have been largely unaffected by the pandemic. We have also managed the impact on Liza Phase Two, keeping this project on schedule for 2022 start up,” Woods said.

He said the challenges of crew rotations due to the global lockdown in response to COVID-19 have slowed down the drill campaigns at the Stabroek Block.

“As a result, we expect a delay in our future developments of roughly 6 to 12 months…pushing our production objective of more than 750,000 barrels per day into 2026,” Woods said.

The company has said efforts are being made to limit the disruption of the pandemic to its operations, but travel restrictions have impacted its ability to move workers into Guyana.

ExxonMobil began producing oil at the Liza Phase 1 Development last December.

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