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Depletion policy to come after elections – Energy Dept. says guidelines with IDB

Feb 11, 2020 News

It appears that Guyana will have to wait until the March 2020, General and Regional Elections are over to have a Depletion Policy in place. Kaieteur News became aware of this during a press conference that was held yesterday by Energy Department Head, Dr. Mark Bynoe.
At the media engagement, this newspaper asked Dr. Bynoe to provide an update on the policy which allows the leaders of the day to determine how fast or slow the oil and gas resources must be developed.
The Energy Department Head noted that since it is a policy issue, one would have to wait after March 2 for certain decisions to be made. Be that as it may, Dr. Bynoe did note that Depletion Policy Guidelines were completed since December last and submitted to the Inter-American Development Bank (IDB) which funded the exercise.
It was in early 2016 that talks emerged about the need for Guyana to have a depletion policy. Trinidadian Energy Expert, Anthony Paul would have cautioned in a previous interview that if Guyana wants to lengthen the life of its oil industry, then it urgently needs to put this policy in place.
In the absence of this crucial document, ExxonMobil and its partners, Hess Corporation and CNOOC/NEXEN, are steaming ahead with plans to extract Guyana’s oil as quickly as possible from the Stabroek Block. In fact, the International Monetary Fund (IMF) has said that ExxonMobil would be introducing five Floating Production Storage and Offloading (FPSOs) into the Stabroek Block, by 2025.
The first FPSO, Liza Destiny, has been in operation since December 2019. The second FPSO, Liza Unity, is projected for hook up by 2022. The FPSO for Payara has a 2023 deadline. The IMF noted that a fourth FPSO would be in Guyana’s waters in 2024 with the fifth vessel hooked up in 2025.
In a special report prepared for Guyana’s authorities, the IMF said that bringing five oil production projects on stream in five years is “unprecedented.” It said that if this were to be realized, Guyana would reach one of the highest ratios of oil daily production per capita in the world.

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