ExxonMobil Guyana said more than 5,000 Guyanese nationals are supporting its operations as its projects continue to drive growth in the world’s fastest growing economy. Exxon said too that its operations, including the work of its key contractors, are utilising the services of nearly 1,000 unique local Guyanese suppliers.
This comes as the government is gearing up to amend the Local Content Act to secure more participation for Guyanese businesses and nationals in the oil and gas value chain.
Update to Local Content Act could bring in US$350 million more annually – Dr. Pertab | OilNOW
Exxon highlighted its local content achievements last week, as it announced a discovery at Lancetfish-1 on the Stabroek block offshore Guyana. Lancetfish-1 is its second discovery so far this year. The Fangtooth SE-1 discovery was announced in late January. These discoveries will bolster Exxon’s road to achieve an output in excess of 1.2 million barrels of oil per day (bpd) by 2027.
“Initial results from the Lancetfish-1 well are encouraging and demonstrate the Stabroek block’s continued exploration potential,” said Alistair Routledge, President of ExxonMobil Guyana. “We continue to increase our understanding of Guyana’s offshore resources with each new discovery.”
Lancetfish-1 was drilled by the Noble Don Taylor, one of six drillships supporting ExxonMobil Guyana’s exploration and appraisal activities.
Exxon strikes oil at Lancetfish-1 well | OilNOW
Separately, progress continues on infrastructure for future field development. The Prosperity floating production, storage and offloading (FPSO) vessel arrived in Guyanese waters on April 11 and is targeted for production start-up later this year. It will join the Liza Destiny and Liza Unity FPSOs, which together produced 375,000 barrels a day in the first quarter of 2023.
ExxonMobil Guyana is operator of the Stabroek Block and holds 45% interest. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.
