With the two discoveries made on the Stabroek Block during this quarter, that is to say, Yellowtail 2 and Redtail 1, the recoverable resource estimate at the offshore concession has jumped from 8 to 9 billion barrels of oil equivalent resources (oil and gas). As a result of this, ExxonMobil disclosed today that this now positions Guyana as the largest, new conventional liquids play in the last decade.
Specifically making this known to investors during the oil giant’s third-quarter earnings call was Senior Vice President, Jack Williams. In spite of the pandemic and its unprecedented effects on the industry, Williams noted that ExxonMobil will continue to aggressively invest in assets like Guyana, given the high value of the discoveries.
In providing a progress report to shareholders, Williams said that Exxon is proud of how much it has been able to accomplish in Guyana.
Expounding on the company’s position on various projects, he said that the Liza 2 project remains on schedule for 2022 start-up, while noting that the floating production storage and offloading vessel (FPSO) is under construction in Singapore. Williams said that the first offshore installation campaign is underway. Also in the third quarter, the Senior Vice President reminded that Exxon sanctioned the Payara project, the third major deepwater development on the Stabroek Block.
The ExxonMobil official said, “We anticipate first production in 2024 and we’ll have a capacity of 220,000 barrels of oil per day and a resource base of 600 million barrels of oil. The FPSO construction will follow Liza 2, utilizing many of the same contractors and fabrication yards. And we’re building out the in-country community required to be successful over the long term.”
In total, the Senior Vice President said there are now more than 2,000 Guyanese citizens supporting the project activities and more than 2,500 Guyanese companies registered with the projects center for local business development that is focused on building local business capacity.
