Little Guyana, a country of 800,000 inhabitants, has become the great promise of world oil. His short story in the world of oil is similar to that of a promising young soccer player who, despite being short, thin and weak, ends up triumphing due to his great skill with the ball. Guyana was a small countrypoor and geographically located far from the major centers of global crude oil consumption. However, the landing of ExxonMobil on its shores and the good work of the country’s Government are giving rise to a miracle that continues to surprise as new data becomes known.
The American company Exxon Mobil celebrated this Wednesday that it reached the production of 500 barrels of oil in the Stabroek block, off the coast of Guyana. That is to say, this small country whose population represents 0.01% of the total global population, has already managed to extract enough crude oil to feed the consumption of 8,000 million inhabitants for five days. Most impressively, in Guyana oil production started ‘four days’ ago. Oil was not extracted on a commercial level until December 2019.
“Our success lies in the development of Guyana’s petroleum resources at an industry-leading pace, cost and environmental performance and is based on close collaboration with the Government of Guyana, as well as our partners, suppliers and contractors,” he stated. in a statement the president of ExxonMobil Guyana, Alistair Routledge.
A great investment
The document, which was issued by the oil company and its partners in the block Stabroek, Hess and CNOOC, stressed their long-term commitment to Guyana and their desire to continue working for the country. The three companies said they have committed almost $55 billion to develop six projects authorized by the Guyanese government in the Stabroek block.
Likewise, they detailed that the first three projects – Liza Phase 1, Liza Phase 2 and Payara – are producing an average of more than 650,000 barrels of oil per day. “There are plans to increase production capacity to more than 1.3 million barrels of oil per day by the end of 2027, when the consortium led by ExxonMobil Guyana plans to have all six projects up and running offshore,” said the release.
“Since first production in December 2019, more than $5.4 billion in oil revenues and royalties have been paid to the Guyana Natural Resources Fund. More than 6,000 Guyanese support Stabroek’s operations, which is almost 70% of the local industry workforce“added the document.
The benefits of ExxonMobil
ExxonMobil, the oil company that is exploiting Guyana’s treasure, is gradually increasing deepwater production to an average of 660,000 barrels per day (b/d). Liza blocks 1 and 2 averaged approximately 160,000 b/d and 251,000 b/d, while Payara averaged 249,000 b/d, all belonging to the giant Stabroek block. These production levels resulted in a pumping of almost 19.79 million barrels in Septemberthe highest monthly production in its history.
In the first three quarters of 2024, ExxonMobil produced more than 165 million barrels of crude oil at an average rate of 604,000 b/d in the Stabroek block. All projects have produced above their planned objectives, thanks to the success of the decongestion activities. Liza 1 and 2 averaged 146,000 b/d and 227,000 b/d, while Payara averaged 231,000 b/d.
ExxonMobil continues to perform additional optimization work on the Liza 2 project since it partially closed in July. The company is expected to increase production in that block after obtaining the regulatory green light. The government projects that production in 2024 will total about 228 million barrels per day. This requires average production of 680,000 b/d in the fourth quarter, a new record.
This doesn’t end here. Next year, Exxon is expected to bring the Yellowtail project online, increasing production capacity to more than 900,000 barrels per day (b/d). Guyana’s oil boom is unmatched. Every forecast made by experts about future production levels is surpassed by ExxonMobil thanks to the investment in innovation and the permissiveness of the Government of Guyana to operate in the country’s large field.
Guyana has experienced an economic revolution since the discovery of oil off its coasts in 2015, whose reserves amount to more than 11 billion barrels, becoming the country with the highest economic growth in the world (with a projection of 26.6% in 2024). .
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