Vice President, Dr. Bharrat Jagdeo disclosed at a press conference today that the Petroleum Production Licence for the Stabroek Block’s fifth project at the Uaru field will be issued shortly.
He also noted that the Environmental Permit has been issued for the project by the Environmental Protection Agency. “…once the signature of the documents take place then both of these documents (The Environmental Permit and Petroleum Licence) will be uploaded to the ministry’s site,” the official said, adding that “It would be available to the public for commentary.”
Dr. Jagdeo said he has also received a report from the Environmental Protection Agency which states that the parent guarantee (a form of insurance to cover expenses related to the Stabroek Block) is practically negotiated and expected soon from ExxonMobil. He said the oil giant has to get approval from its shareholders on the amount to be provided to Guyana. He said this should be completed within a month.
The current cost of the project is set at US$12.7B. It is being led by ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL), in partnership with Hess Corporation and CNOOC Petroleum Guyana Limited.
EEPGL’s Environmental Impact Assessment on the Uaru project states that oil production will average at 250,000 barrels of oil per day. It was also noted that the project will be producing 540 million standard cubic feet of gas per day. It is set to come onstream in 2026.
