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

Must Read

South America’s emerging deepwater oil giants pledge strategic alliance

Following discussions over the last 24-hours between the newly elected Presidents of Guyana and Suriname, the two leaders announced...

Stena Carron set to arrive at Tanager-1 today as search for more oil in Guyana continues

The hunt for more hydrocarbons continues offshore Guyana, this time outside of the prolific Stabroek Block, as ExxonMobil prepares...

Liza and Kwaskwasi are giants in the prolific Guyana-Suriname basin

The Guyana-Suriname basin has been the subject of much discussion since US oil major ExxonMobil made its world class...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

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.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

South America’s emerging deepwater oil giants pledge strategic alliance

Following discussions over the last 24-hours between the newly elected Presidents of Guyana and Suriname, the two leaders announced...

Liza and Kwaskwasi are giants in the prolific Guyana-Suriname basin

The Guyana-Suriname basin has been the subject of much discussion since US oil major ExxonMobil made its world class Liza discovery in 2015 at...

Stena Carron set to arrive at Tanager-1 today as search for more oil in Guyana continues

The hunt for more hydrocarbons continues offshore Guyana, this time outside of the prolific Stabroek Block, as ExxonMobil prepares to conduct a new drill...

Principles for natural gas agreement with the Government of Guyana

The Guyanese government under the contract is likely to have its own share of profit hydrocarbons to lift, including natural gas. A state-owned oil...

Oil giants’ production cuts come to 1 million bpd as they post massive write-downs

(Reuters) - The world’s five largest oil companies collectively cut the value of their assets by nearly $50 billion in the second quarter, and...

More Articles Like This