‘New oil discoveries will strengthen Guyana’s global position’ – Bharrat

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Two more commercially-viable oil discoveries were announced by oil giant ExxonMobil on Wednesday and Guyana’s Minister of Natural Resources Vickram Bharrat says that the new discoveries will strengthen Guyana’s global position.

He said this in a statement released on Wednesday where he reassured Guyanese that the country’s oil resources will be transparently managed.

See below full statement from Minister of Natural Resources Vickram Bharrat:

In keeping with the principles of transparency and accountability, the Ministry of Natural Resources on behalf of the Government of Guyana is once again pleased to announce two new economically viable oil discoveries by Exxon Exploration and Production Guyana (EEPGL) and partners at Fangtooth-1 and Lau-Lau-1 Wells Offshore Guyana within the Stabroek Block.

The Fangtooth-1 well encountered approximately 194 feet (59 meters) of high-quality oil-bearing reservoirs. The well was drilled in 6030 feet (1838 meters) of water and is located approximately 11 miles (18 kilometers) west of the Liza and Payara fields. While the Lau-Lau-1 well encountered approximately 302 feet (92 meters) of high-quality hydrocarbon-bearing reservoirs. The well was drilled in 4793 feet (1461 meters) of water and is located approximately 41 miles (68 kilometers) southeast of the Liza field.

As such, the Government of Guyana remains confident that these two additional discoveries, which add to the twenty-six commercially feasible finds, will further strengthen Guyana’s position as a country with world-class discoveries of high-quality hydrocarbon. Therefore, the Government will continue engaging all stakeholders towards the exponential development of these resources for all Guyanese while maintaining a social, economic, and environmental balance. In addition, the Government of Guyana is continually examining possibilities to strengthen oversight and management of the exploration programmes of all operators to further expand the sector through commercial discoveries.

The Government also welcome the announcement that the Liza Unity FPSO is on track to commence production in early 2022, while the Prosperity FPSO vessel for the Payara field is undergoing construction in Singapore for a planned production start-up date in 2024. The Liza Unity FPSO has a capacity of approximately 220,000 barrels of oil per day, which will complement the Liza Density FPSO currently producing approximately 120,000 barrels of oil per day, branding Guyana as an oil- producing economy to approximately 340,000 barrels of oil per day in 2022.

The Ministry of Natural Resources and the Government of Guyana welcome these two new discoveries offshore Guyana and remain even more committed to the sustainable exploration and development of Guyana’s oil and gas resources. In this regard, I would like to reassure all Guyanese and stakeholders that this 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.

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