Guyana exceeding nine billion barrels of oil equivalent resources
- Following new Pinktail discovery, appraisal of Turbot wells
Guyana is now expected to exceed nine billion barrels of oil equivalent resources from its oil reserves offshore Guyana following the additional discovery of high quality oil resources at the Pinktail well.
The discovery was made by Esso Exploration and Production Guyana (EEPGL) and partners which are engaged in oil exploration and production offshore Guyana in the Stabroek Block.
The Pinktail well encountered high-quality hydrocarbon-bearing sandstone reservoirs at 67 meters within the Stabroek Block offshore Guyana. This discovery is accompanied by EEPGL’s successful appraisal of the Turbot-1 and Turbot-2 discoveries at 13 meters and 23 meters respectively, which also encountered high-quality hydrocarbon.
In a statement, the Ministry of Natural Resources highlighted that these additional discoveries will “further catapult Guyana’s monumental transition as a country”.
Previously, it was estimated that the gross discovered recoverable resource estimate for the Stabroek block was over 9 billion oil-equivalent barrels. With the newer discoveries, it is estimated that Guyana will indeed exceed this amount of recoverable resources.
And, the statement noted: “… the Government of Guyana remains committed and persistent in engaging all stakeholders towards the beneficial development of these resources for all Guyanese in a sustainable and responsible manner.”
It was also highlighted that the government has mandated the Ministry of Natural Resources and the Petroleum Sector regulatory agencies to enhance the oversight and management of the exploration programmes of all operators as we seek to further expand the sector through advancing commercial discoveries.
On Thursday, it was also announced that the Liza Unity floating, production, storage and offloading (FPSO) vessel, which will operate in the oilfields offshore Guyana, has set sail from Singapore and is on its way to Guyana.
The government said that this vessel is expected to arrive offshore Guyana in mid-November, 2021 with an anticipated startup of production in early 2022. The Liza Unity FPSO has a capacity of approximately 220,000 barrels of oil per day, which will complement the Liza Density FPSO which is currently producing approximately 120,000 barrels of oil per day.
Importantly, the ministry said that the government remains committed to the sustainable exploration and development of Guyana’s oil and gas resources. And, it was emphasised that this development will be undertaken in keeping with international best practices for compliance and transparency within the petroleum sector and to ensure benefits are derived for all Guyanese.