Now that Guyana is officially an oil-producing State, Director of the Department of Energy, Dr. Mark Bynoe says that the nation’s future looks “bright.” He was keen to note, however, that that future can only be realized or secured by strengthening legislation, conducting due diligence, emphasizing education, following a balanced development paradigm and utilizing the best skills in the industry through partnerships.
In a statement to the press moments ago, the official said that it is also imperative that as Guyanese “we begin to appreciate that the direct and indirect benefits from this sector will go far beyond anything that we have seen to date.” He said that the Department of Energy, therefore, will continue to utilize prudence and best practices to ensure that the nation gets the best value for its people. “This for us is a dream realized,” Dr. Bynoe said.
Further to this, he explained that production from the first phase of the Liza field, located in the Stabroek Block, is expected to reach full capacity of 120,000 barrels of oil per day in coming months with the first cargo set to be sold sometime in January 2020.
Guyana Standard understands that the Liza Phase One development project features the Liza Destiny floating, production, storage and offloading (FPSO) vessel moored 190 kilometres offshore Guyana, and four subsea drill centres supporting 17 wells.
The Liza Unity, a second FPSO with a capacity to produce up to 220,000 barrels of oil per day is being constructed to support the Liza Phase Two development. Front-end engineering design is underway for a potential third FPSO, the Prosperity which is geared at developing the Payara field upon Government and regulatory approvals.
The current discovered recoverable resource for the Stabroek Block is more than six billion oil-equivalent barrels. It is anticipated that by 2025 there would be at least five FPSOs producing more than 750,000 barrels of oil daily from the Stabroek Block.
Esso Exploration and Production Guyana Limited is the operator and holds a 45 per cent interest. Hess Guyana Exploration Limited holds 30 per cent interest and CNOOC Petroleum Guyana Limited holds 25 per cent interest.
