Guyana: Oil production expected to reach 1M barrels per day by 2030
Guyana is expected to be one of the world’s largest oil producers by the end of this decade. New hydrocarbon discoveries put Guyana on track to produce over 1 million barrels of oil per day.
Yesterday, ExxonMobil and its partners in the Stabroek Block announced that two of its exploration wells contain levels of hydrocarbon that were commercially viable. Drillers encountered approximately 312 feet (95 meters) of hydrocarbon-bearing sandstone at the Sailfin-1 well and about 75 feet (23 meters) at the Yarrow-1 well.
Liam Mallon, president of ExxonMobil Upstream Company, commented: “Our unrivalled exploration success and accelerated pace of development in Guyana are a testament to our people, decades of experience, technology capabilities and steadfast focus on optimising all aspects of operations.”
“We are committed to responsibly and safely developing this world-class resource to help meet global demand for secure, reliable and lower-emission energy. Our investments through the pandemic have allowed us to increase supply at this critical time while creating value for the people of Guyana, our partners and shareholders.”
These wells, when added to the developments taking place at ExxonMobil’s Guyanese projects, will mean Guyana will produce over 1 million barrels of oil per day by 2030.
ExxonMobil said its first two offshore projects, Liza Phase 1 and Liza Phase 2, are now producing above design capacity. They achieved an average of nearly 360,000 barrels of oil per day in the third quarter.
A third project, Payara, is expected to start up by the end of 2023, and a fourth project, Yellowtail, is scheduled to start up in 2025.
ExxonMobil is pursuing environmental authorisation for a fifth project, Uaru.
In a statement yesterday, Minister of Natural Resources Vickram Bharrat said the government is committed to working with ExxonMobil and other players in the oil and gas industry to ensure continued profitability in the sector.
“Petroleum Sector regulatory agencies were mandated to collaborate with all other operators to expedite their drill programmes as we seek to further expand the sector through the discoveries of recoverable high-quality hydrocarbon,” he said.
“Additionally, the much-anticipated bidding round for the oil blocks offshore Guyana is expected to bring new and emerging major petroleum companies to further increase Guyana’s oil and gas potentials.”
He noted the ministry and its regulatory agencies are continuing to build capacity to enhance monitoring and exploration activities as Guyana’s offshore development and production accelerate at a pace that exceeds the petroleum industry average.
Guyana is expected to be one of the world’s largest oil producers by the end of this decade. New hydrocarbon discoveries put Guyana on track to produce over 1 million barrels of oil per day.
Yesterday, ExxonMobil and its partners in the Stabroek Block announced that two of its exploration wells contain levels of hydrocarbon that were commercially viable. Drillers encountered approximately 312 feet (95 meters) of hydrocarbon-bearing sandstone at the Sailfin-1 well and about 75 feet (23 meters) at the Yarrow-1 well.
Liam Mallon, president of ExxonMobil Upstream Company, commented: “Our unrivalled exploration success and accelerated pace of development in Guyana are a testament to our people, decades of experience, technology capabilities and steadfast focus on optimising all aspects of operations.”
“We are committed to responsibly and safely developing this world-class resource to help meet global demand for secure, reliable and lower-emission energy. Our investments through the pandemic have allowed us to increase supply at this critical time while creating value for the people of Guyana, our partners and shareholders.”
These wells, when added to the developments taking place at ExxonMobil’s Guyanese projects, will mean Guyana will produce over 1 million barrels of oil per day by 2030.
ExxonMobil said its first two offshore projects, Liza Phase 1 and Liza Phase 2, are now producing above design capacity. They achieved an average of nearly 360,000 barrels of oil per day in the third quarter.
A third project, Payara, is expected to start up by the end of 2023, and a fourth project, Yellowtail, is scheduled to start up in 2025.
ExxonMobil is pursuing environmental authorisation for a fifth project, Uaru.
In a statement yesterday, Minister of Natural Resources Vickram Bharrat said the government is committed to working with ExxonMobil and other players in the oil and gas industry to ensure continued profitability in the sector.
“Petroleum Sector regulatory agencies were mandated to collaborate with all other operators to expedite their drill programmes as we seek to further expand the sector through the discoveries of recoverable high-quality hydrocarbon,” he said.
“Additionally, the much-anticipated bidding round for the oil blocks offshore Guyana is expected to bring new and emerging major petroleum companies to further increase Guyana’s oil and gas potentials.”
He noted the ministry and its regulatory agencies are continuing to build capacity to enhance monitoring and exploration activities as Guyana’s offshore development and production accelerate at a pace that exceeds the petroleum industry average.
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