‘Guyana’s growing legacy as an oil producer will help realise higher standard of living’ – Bharrat
ExxonMobil on Tuesday announced three new oil discoveries in the Stabroek Block offshore Guyana and Natural Resources Minister Vickram Bharrat says that these oil discoveries will help the country realise a higher standard of living.
See below the full statement from Minister Bharrat:
The Government of Guyana through the Ministry of Natural Resources, in compliance with the principles of transparency and accountability, is pleased to announce three new oil-field discoveries by Exxon Exploration and Production Guyana (EEPGL) and partners at Barreleye, Patwa-1, and Lukanani-1 Wells Offshore Guyana in the southeast portion of the Stabroek Block.
The GoG welcomes the continued success of exploration and discovery work by EEPGL and its partners within the Stabroek Block which has now produced five discoveries in total offshore Guyana thus far in 2022.
The Barreleye-1 well encountered approximately 230 feet (70 meters) of hydrocarbon-bearing sandstone and was drilled in 3,840 feet (1,170 meters) of water. A second well, Patwa-1, encountered 108 feet (33 meters) of hydrocarbon-bearing sandstone and was drilled in 6,315 feet (1,925 meters) of water. The Lukanani-1 well encountered 115 feet (35 meters) of hydrocarbon-bearing sandstone and was drilled at a water depth of 4,068 feet (1,240 meters). Operations are ongoing at both Barreleye-1 and Lukanani-1.
Natural Resources Minister, Hon. Vickram Bharrat, MP; stated that the new discoveries add to Guyana’s growing legacy as an oil-producing and exporting nation with ‘medium sweet crude,’ which will catalyze the One Guyana goal of enhanced infrastructure, world-class health care, and education realizing a higher standard of living and better quality of life for all Guyanese.
The Government of Guyana remains vigilant and committed to ensuring the benefits of Guyana’s petroleum resources benefit all Guyanese paving the way for a thriving future for generations ahead, said Minister Bharrat.
Additionally, the Ministry would like to highlight that currently ExxonMobil has four projects developing the recoverable resource offshore Guyana. Liza Phase 1 is producing approximately 130,000 barrels per day utilizing the Liza Destiny floating production storage and offloading (FPSO) vessel. Liza Phase 2 is steadily ramping up towards its capacity of 220,000 barrels per day using the Liza Unity FPSO. The third project, Payara, is scheduled to begin production at the end of 2023 with a capacity of 220,000 barrels per day from the Prosperity FPSO, which is currently under construction in Singapore. The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the ONE GUYANA FPSO comes online in 2025.
The Ministry of Natural Resources and the Government of Guyana welcome these three new discoveries offshore Guyana, totaling 31 discoveries within the Stabroek Block and 36 discoveries overall, which will strengthen Guyana as a petroleum-producing country, while at the same time be guided by good international oil field practices for effective and efficient governance.