Guyana’s Central Bank recently disclosed that Guyana lifted approximately five cargoes, each with one million barrels of oil during the second quarter of 2023. In the bank’s report which documents the performance of inflows into the Natural Resource Fund, the bank said the five million barrels is an increase over the two lifts received for the previous quarter.
The bank said the country is expected to benefit from 10 more lifts as seventeen were projected for 2023. To date, Guyana obtained 29 lifts of profit oil since the inception of the Fund.
Since 2015, 41 discoveries have been made offshore Guyana. Thirty-six (36) of those discoveries were made at the Stabroek block, 2 at the Orinduik block, 1 at the Kanuku block and 2 at the Corentyne block. Of these discoveries, two were made during the quarter, one being at the prolific Stabroek block and the other at the Corentyne block.
In the Stabroek block, the Liza Phase 1 Development began production in late 2019 and reached its peak capacity of 120,000 barrels per day (bpd) in December 2020.
Production from Liza Phase 2 began in February 2022 and the project reached its full production capacity of 220,000 barrels per day (bpd) by the end of December 2022. On September 30, 2020, the Government of Guyana announced its approval of the Payara Offshore Development Project.
With an estimated resource base of approximately 600 million oil-equivalent barrels, production of up to 220,000 bpd is expected to begin in 2023. Plans are in order for ExxonMobil’s 4th project – the Yellowtail Development project – which is expected to start production of 250,000 bpd in 2025 taking Guyana to a production level of 810,000 bpd. It is projected that by 2027, 6 to 7 projects will be in operation and that by the end of the decade, and Guyana’s oil production will increase to more than 1 million bpd.
During April 2023, authorities also approved the Uaru project – Guyana’s 5th development project offshore. Additionally, approval for development of a sixth project – Whiptail is expected to be addressed later this year.
The Stabroek Block is estimated to contain resources of approximately 11 billion oil equivalent barrels and is operated by ExxonMobil affiliate, Esso Exploration and Production Guyana Limited which holds a 45% interest in the block while Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds the remaining 25%.
