Thursday, September 28, 2023

Stabroek partners pairing industry-leading production with environmental protection – Hess

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Considering their efforts at marrying environmental protection with accelerated production, ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL), along with its partners, have clearly satisfied the government’s request for stellar operational performance in the Stabroek Block.

This much was said by Hess Corporation’s Chief Executive Officer (CEO), John Hess who participated in the Barclays CEO Energy-Power Conference in New York, USA on Thursday.

Hess was in high praise of the Guyana government’s pro-business stance, adding that the President, Dr. Mohamed Irfaan Ali-led administration is very clear about the need for accelerated production.

With LCDS 2030, Guyana aligns oil sector with global climate ambitions | OilNOW

Hess said, “The government has been very clear about the only way to develop the economy and improve the standard of living for the people of Guyana is to accelerate the development of their resources. So, they are very pro-development of oil and obviously keeping environmental stewardship at the front of how they think about authorising and overseeing these developments.”

The CEO stressed that the partners, including CNOOC Petroleum Limited, share a “very good working relationship” with the government. He is also of the view that the government’s request for operational and environmental performance has been met.

Overall, he said all stakeholders involved share the need for the oil to be expeditiously developed so Guyana can get the cash resources it needs to develop the country.

Guyana’s oil sector grows 73.5% in first half of 2022, with 34.6 million barrels produced | OilNOW

Hess shared that while four projects have already been sanctioned, work is progressing on getting the fifth at the Uaru/Mako/Snoek fields approved by year-end.

With the Liza Phase 2 project on stream since February 2022, government projects oil funds will go beyond the US$1 billion mark.

Exxon’s 5th Guyana project targeting 3 of the world’s largest discoveries, totaling 1.3 billion barrels

The Stabroek Block is 6.6 million acres and holds some of the world’s most significant oil finds in the past decade. EEPGL holds 45% interest in the Stabroek Block while Hess and CNOOC hold 30% and 25% respectively.

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