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Tuesday, January 19, 2021

Stabroek block consortium looking to move forward expeditiously with Payara once Guyana elections impasse is resolved

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The Stabroek block consortium is looking to move ahead expeditiously with the third development offshore Guyana at Payara once the elections impasse in the South American country is resolved and final approval granted for the project.

Speaking on its Q2 earnings call on Wednesday, John Hess, Chief Executive Officer of Hess Corporation, a 30% stakeholder in the Stabroek block, said the company expects the will of the Guyanese people to prevail while pointing out that the leadership of both of the two major contesting parties has stated support for the Stabroek production sharing contract. “And in terms of Payara and moving the development forward, the joint venture is ready to move forward as expeditiously as possible as soon as the government is ready to do so,” he stated.

Hess said the extent of the delays on the ultimate development and production timing of Payara will be a function of the co-venturers working with the government, going forward. “So, I wouldn’t want to speculate more than that, but we’re ready to move forward as soon as the government is ready to move forward,” he told investors.

The Payara development, which is targeting 180,000 to 220,000 barrels of oil per day, was initially expected to be sanctioned last year, with a startup in 2023 but has been facing government approval challenges for several months as an electoral crisis in the South American country deepens.

Norway-based energy research and business intelligence company, Rystad Energy, has said a 24-month delay for the Payara development could see Guyana losing as much as 75 million barrels of oil, amounting to an estimated $1.6 billion loss.

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