A worrying aspect of the global energy transition now gathering pace is how impoverished countries with large oil and gas discoveries react to wealthy nation rhetoric telling them that they should kiss the chance of making $billions goodbye before they’ve even started harvesting the resource.
The president has given companies operating in Essequibo three months to withdraw. ExxonMobil's Stabroek block is at least partly within the Essequibo marine territory.
The company said it would carry out work with its FDS2, Constellation and Castorone vessels. It will carry out work from its Port of Georgetown base.
“Each new project supports economic development and access to resources that will benefit Guyanese communities while also helping to meet the world’s energy demand.”
These low-liquid yield finds trap a “large proportion” of the discovered oil. These resources “will not be able to be developed and monetised unless infrastructure solutions for the evacuation of gas are put in place in tandem with the associated gas that is being recycled today in the current production operations”.
Lancetfish-2 found around 20 metres of net oil pay in a new interval, the government said.
Based on the IEA’s STEPS baseline scenario, Guyana will increase production to around 2mn bpd by the mid 2030s. Under the more conservative APS scenario, the IEA sees Guyana reaching 1.3mn bpd by 2035.
The builder said the FEED contract would provide an initial release of funds and would also commit a Fast4Ward hull for Whiptail.
Tullow Oil has announced the sale of its total interest in Tullow Guyana B.V. which includes its 60% operated stake in the Orinduik licence.
Drilling costs have been an issue at the Wei well. In June, CGX reported these had risen to $190-195mn. Before drilling, the companies had predicted $130-140mn.
SLB’s (NYSE: SLB) chief executive has told the JP Morgan Energy Power and Renewable Conference that offshore spending will increase by 20% in 2023.
SBM said it would operate the units via an Integrated Operation Model. This will involve seconding ExxonMobil Guyana employees to some onshore and offshore positions.
Six FPSOs could be producing on Stabroek by the end of 2027, with capacity of more than 1.2 million bpd. The number of FPSOs could rise to 10, aiming to produce the more than 11 billion barrels.
The Prosperity FPSO will be the third of four FPSOs Keppel is undertaking for deployment in Guyana.
Explorers are “taking a measured view and holding budgets and activity steady whilst trying to improve overall exploration efficiency”, Westwood said.
ExxonMobil has set out plans to focus on high return, low cost projects in the Permian Basin, Guyana, Brazil and LNG internationally.
A total of 14 oil blocks offshore Guyana are to be put up for auction next year, marking the country’s first competitive licensing round.
ExxonMobil has scored another two finds offshore Guyana its incredibly prolific Stabroek block.
ExxonMobil has made another two discoveries in the Stabroek block, bringing the total number of its finds offshore Guyana to more than 25.
Eco Atlantic Oil & Gas has struck a deal to buy another 6.25% stake in a South African block, while also raising $12.3 million.
Eco Atlantic Oil & Gas has dropped its plans to acquire JHI Associates, which has a 17.5% stake in a Guyana block.
A small group of deep-pocketed companies increasingly dominates exploration and, as yet, they are avoiding the boom-and-bust mentality of previous oil cycles.
ExxonMobil has made a trio of new discoveries offshore Guyana, boosting recoverable resources from the prolific Stabroek Block to nearly 11 billion barrels of oil equivalent.
SBM Offshore has won work on the One Guyana vessel for ExxonMobil’s Yellowtail project, offshore Guyana.
ExxonMobil has taken its fourth final investment decision (FID) in Guyana on the Yellowtail project.