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Guyana welcomes new oil find

The Guyana government is welcoming the addition of two new discoveries offshore Guyana, totaling 33 discoveries within the Stabroek Block and 38 discoveries overall.

Natural Resources Minister, Vickram Bharrat, said the discoveries will further strengthen Guyana as a petroleum-producing economy, while at the same time be guided by good international oil field practices for effective and efficient governance.

On Tuesday, the authorities announced the two new oil-field discoveries by Exxon Exploration and Production Guyana (EEPGL) and partners offshore Guyana to the southeast of the Liza and Payara developments in the Stabroek block.

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They said the discoveries at Seabob and Kiru-Kiru are the sixth and seventh in Guyana this year, and as such the government welcomes the continued success of exploration and discovery work by EEPGL and its partners within the Stabroek Block which has now produced seven discoveries in total offshore Guyana thus far in 2022.

The Seabob-1 well encountered approximately 131 feet of high-quality hydrocarbon-bearing sandstone and was drilled in 4,660 feet of water by the Stena Carron drill ship. The Kiru-Kiru-1 well encountered approximately 98 feet of high-quality hydrocarbon-bearing sandstone and was drilled by the Stena DrillMAX in 5,760 feet of water. Drilling operations at Kiru-Kiru are ongoing.

“The new discoveries will continue to ascend Guyana as an oil-producing and exporting nation with the much internationally sought after ‘medium sweet crude,’ that will enhance the government’s efforts to diversify away from oil and focus on world-class health care, infrastructure, and other social services to enhance the lives of all Guyanese,” said Bharrat.

He said the government will continue to collaborate with local stakeholders and international partners to ensure all petroleum activities are conducted in keeping with the best environmental and sustainability practices.

Further, the Ministry of Natural Resources will continue to closely monitor exploration, drilling, and resource development in Guyana, where it is already increasing production with two floating production storage and offloading (FPSO) vessels operating offshore Guyana — Liza Destiny and Liza Unity — which have exceeded their initial combined production target of 340,000 barrels of oil per day.

The third project, Payara, is expected to produce 220,000 barrels per day. Construction on its production vessel, the Prosperity FPSO, is approximately five months ahead of schedule with startup likely before year-end 2023. The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the ONE GUYANA FPSO comes online in 2025.

 

CMC/

 

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