HOUSTON, TEXAS (Pietro D. Pitts, Energy Analytics Institute, 13.Nov.2024) — ExxonMobil Guyana Limited and its Stabroek Block co-venturers, Hess Corporation and CNOOC reached an offshore oil production milestone of 500 million barrels of oil in under 5 years.
“Our unrivaled success in developing Guyana’s oil resources at an industry-leading pace, cost and environmental performance is built on close collaboration with the government of Guyana, as well as our co-venturers, suppliers and contractors,” ExxonMobil Guyana President Alistair Routledge said 13 Nov. 2024 in an official statement.
“We remain committed to Guyana for the long-term and look forward to continue delivering for the country,” Routledge said.
ExxonMobil affiliate ExxonMobil Guyana Limited operates Stabroek with a 45% interest. Hess Guyana Exploration Ltd. has a 30% interest while CNOOC Petroleum Guyana Limited has the remaining 25% interest.
The three companies have committed nearly $55bn to develop 6 government-sanctioned projects in Stabroek. The first three projects –Liza Phase 1, Liza Phase 2 and Payara– are producing an average of just over 650,000 b/d.
Looking ahead, plans are in place to grow production capacity to over 1.3 MMb/d by year-end 2027, when the ExxonMobil Guyana-led consortium anticipates having all 6 projects up and running offshore.
Local impact
Guyana’s oil production will generate tens of billions of dollars of revenue and significant economic development for Guyana, a small country with just around 800,000 citizens.
Since first production in Dec. 2019, over $5.4bn in oil revenues and royalties have been paid into the Guyana Natural Resource Fund, Exxon said in the statement.
Over 6,000 Guyanese support operations in Stabroek, which is nearly 70% of the industry workforce locally.
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By Pietro D. Pitts, guest contributor. © Energy Analytics Institute (EAI). All Rights Reserved.
