Dear Editor,
Commentary surrounding Guyana’s oil and gas sector has continued into the new year. I refer to the article published in Kaieteur News on January 13 titled “Liza One & Two on track to dry up in three years”.
A fundamental fact omitted from the article is that oil wells are not, and have never been, expected to produce indefinitely. Estimates of field life are based on multiple variables and are subject to change over time. The claim that Liza One and Two could “dry up” in three years is based on an overly simplistic calculation that assumes current production levels remain constant until depletion. Oil fields do not operate in this manner. Production typically increases, stabilises, and then gradually declines, with reserve estimates continuously updated based on actual performance data.
Guyana’s oil production trajectory has been unprecedented from the outset. Oil was first discovered in 2015, and by December 2019 the country produced its first barrel. Since then, production has expanded rapidly, with output now approaching one million barrels of oil per day. Focusing solely on Liza One and Two, without acknowledging other producing and upcoming projects within the Stabroek Block, presents an incomplete picture of Guyana’s oil and gas landscape.
Considering this context, it is important that reporting on the sector is balanced and responsible. Thousands of Guyanese rely on the media daily for accurate and credible information, not sensationalised headlines that risk misleading the public or creating unnecessary alarm.
Yours faithfully,
Greg Lynch
