Gov’t say increase oil estimate is “good news”

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See below a statement issued by the Government of Guyana: 

The Government of the Cooperative Republic of Guyana is most pleased with the announcement today by ExxonMobil and its partners, Hess Guyana and CNOOC Nexen Petroleum, of the increase in the estimate for the Stabroek Block to over 4 BILLION barrels.

ExxonMobil has made eight discoveries in Guyana’s waters to date – Liza, Payara, Liza Deep, Snoek, Turbot, Ranger, Pacora and Longtail.

“Confidence and investor interest in Guyana will continue to grow as a result of this most recent and exciting announcement by ExxonMobil,” Minister of Natural Resources Raphael Trotman said.

The previous estimate by ExxonMobil was 3.2billion barrels. This announcement, therefore, increases the estimate by over 800 million barrels.

Production is expected to commence in the first quarter of 2020 with an estimated 120,000 barrels per day. This should increase to 220,000 barrels per day by 2022.

PLANS FOR RAPID EXPLORATION
In its announcement ExxonMobil said, “[t]he collective discoveries on the Stabroek Block have established the potential for up to five FPSOs (Floating Production Storage and Offloading vessels) producing over 750,000 barrels per day by 2025.

Significantly, ExxonMobil also said in its release that, “[t]here is potential for additional production from significant undrilled targets and plans for rapid exploration and appraisal drilling, including at the Ranger discovery.”

GOOD NEWS CONTINUES TO FLOW
“The good news continues to flow for the people of Guyana and for future generations. Citizens can be assured that the management of the oil and gas industry is in prudent and capable hands, who will take the time and solicit the expertise needed in ensuring that all aspects of this industry is managed in the best interest of the people of Guyana,” Minister Trotman said.

“We understand the anxieties and concerns of persons both in wanting to see the revenues to be derived, allocated now and the judicious management of the oil wealth. We are confident that this government will not take any action to either fritter away or mismanage these revenues. They belong to the people of Guyana and it is the people who must benefit first and foremost,” Minister Trotman added.

DEPARTMENT OF ENERGY
The Department of Energy, which is imminently being established, will continue the work for the efficient development of the resources on the firm foundation that has already been laid down.

“We have major infrastructural, economic and social transformation projects and programmes which are being developed in consultation with the people of Guyana. We have initiatives such as the paving of the Linden-Lethem trail and the bridging of the Essequibo river which must be pursued as matters of urgent national priorities,” Minister Trotman said.

“What the oil revenues will allow us to do is to fulfil these dreams of the Guyanese people and to ensure that the quality of life for every citizen dramatically improves over a period of a few short years,” Trotman said.

INDOMITABLE GUYANESE SPIRIT WILL PREVAIL
“Guyana has recently attracted prominent international media attention which fell short of fair and balanced reportage but we are confident that after decades of under-development and despite the challenges that lie ahead, the indomitable spirit of the Guyanese people will rise to the occasion and prevail as Guyana is poised at the entrance of a new dimension of national and human development, the likes of which we have never experienced,” Minister Trotman added.

The Stabroek Block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate, Esso Exploration and Production Guyana Limited (EEPGL), is operator and holds 45 percent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.

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