Minister of Natural Resources, Vickram Bharrat disclosed this morning that the latest discoveries by ExxonMobil’s affiliate, Esso Exploration and Production Guyana (EEPGL) and partners at the Fangtooth-1 and Lau-Lau-1 wells solidify the country’s position as a world class hydrocarbon play.
He noted that the Fangtooth-1 well encountered approximately 194 feet (59 meters) of high-quality oil-bearing reservoirs. The well was drilled in 6030 feet (1838 meters) of water and is located approximately 11 miles (18 kilometers) west of the Liza and Payara fields.
As for the Lau-Lau-1 well, it encountered approximately 302 feet (92 meters) of high-quality hydrocarbon-bearing reservoirs. The well was drilled in 4793 feet (1461 meters) of water and is located approximately 41 miles (68 kilometers) southeast of the Liza field.
Bharrat said the Government of Guyana remains confident that these two additional discoveries, which add to the 26 commercially feasible finds, will further strengthen Guyana’s position while adding that the Government will continue engaging all stakeholders towards the exponential development of these resources for all Guyanese.
In addition, he said the Government of Guyana is continually examining possibilities to strengthen oversight and management of the exploration programmes of all operators to further expand the sector through commercial discoveries.
Further to the discoveries, Bharrat said that the government also welcomes the announcement that the Liza Unity FPSO is on track to commence production in early 2022, while the Prosperity FPSO vessel for the Payara field is undergoing construction in Singapore for a planned production start-up date in 2024. The Liza Unity FPSO has a capacity of approximately 220,000 barrels of oil per day, which will complement the Liza Density FPSO currently producing approximately 120,000 barrels of oil per day, taking Guyana to approximately 340,000 barrels of oil production per day in 2022.
In closing, Bharrat said, “I would like to reassure all Guyanese and stakeholders that this will be undertaken in keeping with international best practices for compliance and transparency within the petroleum sector and to ensure benefits are derived for all Guyanese.”
