Natural Resources Minister, Vickram Bharrat disclosed on Wednesday that while the government is pleased with the latest discoveries in the Stabroek Block, it was all possible due to the State’s intervention to ensure all drilling programmes are expedited.
Bharrat said the petroleum Sector regulatory agencies were “mandated to enhance collaboration with all other operators” to expedite their drill programmes as the administration seeks to increase the nation’s recoverable hydrocarbons.
Additionally, Bharrat said 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.
Currently, the first two offshore projects, Liza Phase 1 and Liza Phase 2, are now producing above design capacity and 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 expected to start up in 2025. Further, ExxonMobil is also pursuing environmental authorization for a fifth project, Uaru. By the end of the decade, ExxonMobil expects Guyana’s oil production capacity to be more than one million barrels a day.
Guyana Standard reported earlier today that ExxonMobil Corporation through its affiliate, Esso Exploration and Production Guyana Limited made two discoveries at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, adding to its extensive portfolio of development opportunities. ExxonMobil has now made more than 30 discoveries on the block since 2015, and it has ramped up offshore development and production at a pace that far exceeds the industry average.
The Sailfin-1 well encountered approximately 312 feet (95 meters) of hydrocarbon-bearing sandstone and was drilled in 4,616 feet (1,407 meters) of water. The Yarrow-1 well encountered approximately 75 feet (23 meters) of hydrocarbon-bearing sandstone and was drilled in 3,560 feet (1,085 meters) of water. Both wells were drilled by the Stena Carron drillship.
Guyana’s Stabroek block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate holds a 45% interest in the block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.
