Guyana is on the cusp of becoming the world’s largest oil producer per capita next year, thanks to the cutting-edge technology being utilized by ExxonMobil and its partners Hess and CNOOC. This rapid ascent in oil production output, now over 640,000 bpd, is largely attributed to the technological advancements that have enabled the swift and efficient development of the Stabroek block.
In just five years, the Exxon-led consortium commenced oil production in December 2019 at the Liza Phase One project. This performance was unprecedented, surpassing the industry standard by two years. A critical factor in this success, as highlighted by Alistair Routledge, President of ExxonMobil Guyana, is the technological breakthroughs that have revolutionized deepwater oil extraction.
Speaking at the Offshore Technology Conference (OTC) on May 8, 2024, Routledge emphasized the importance of these advancements. “Fifteen to twenty years ago, the technology did not exist to develop the resource in the water depths offshore Guyana. So, everything has its time and place,” he said.
ExxonMobil has since leveraged state-of-the-art technology to drill wells as deep as 15,000 to 18,000 feet. Notably, the Yellowtail-1 well was drilled to a depth of 18,445 feet (5,622 meters) in 6,046 feet (1,843 meters) of water. This technological prowess has enabled ExxonMobil to achieve a remarkable series of discoveries in Guyana’s Stabroek Block, now totaling over 35.
With six sanctioned projects, ExxonMobil estimates that Guyana will be producing over 1.3 million barrels of oil by 2027. Next year, Guyana will commission the Yellowtail project, the fourth development in the Stabroek block. Alongside the three existing vessels – the Liza Destiny, Liza Unity, and Prosperity FPSOs – production is expected to reach approximately 870,000 barrels of oil per day. This milestone will make Guyana the world’s largest oil producer per capita.
“All these technologies have come together to enable us to find, deliver, and develop the resources in Guyana that we see today. It is quite a remarkable success,” Routledge remarked.
He also underscored the significance of events like the OTC, which showcase the latest technological developments and facilitate the exchange of ideas among geoscientists, engineers, and other industry experts. “A conference like OTC provides a platform for the sharing of technology and expertise, which can then be applied to Guyana’s operations,” Routledge explained.
In conclusion, Routledge affirmed that cutting-edge technology is unlocking Guyana’s hydrocarbon potential and will remain integral to the country’s long-term success in the oil industry. With the continued application of these advancements, Guyana is set to achieve unprecedented growth and prosperity in the global energy landscape.
