Guyana’s oil find now represents more than 10 percent of global discoveries

May 07, 2022 News

Kaieteur News – Guyana’s most recent oil discoveries in the lucrative Stabroek Block have significantly increased the country’s recoverable oil equivalent barrels so much so, that its fortunes represent more than 10 percent of all global finds since 2015. This was specifically outlined in ExxonMobil’s Energy Factor blog which was authored by Exxon’s Head of Upstream Oil and Gas, Liam Mallon.

Guyana’s oil find draws the country closer to ranks of top producing nations

The article also stated that Guyana’s Barreleye-1, Patwa-1 and Lukanani-1 discoveries took the country’s recoverable oil to nearly 11 billion barrels. “That’s more than 10 percent of all the new conventional resources discovered anywhere in the world between 2015 and the end of last year,” Mallon stated.
He said too that the company identifies its strengths in scale, advanced technologies, integration, operations excellence and highly skilled people as the enabler of its success in country. These strengths, it was noted, has also positioned the company to lead in the energy transition initiative.
Exxon is looking to increase its energy supply while reducing emissions. “Our plans include spending more than $15 billion through 2027 to reduce greenhouse gas emissions from company operations, and for investments in lower-emission business opportunities to help others reduce their emissions.”
The company said that some of that US$15 billion will be spent in Guyana, where by 2027 the company’s operations are expected to have about 30 percent lower greenhouse gas intensity than the average of upstream portfolio. “We’re looking at even more ways to reduce emissions in Guyana and in other operations around the world.”
In the Permian Basin in Texas and New Mexico, the company said it expects to produce 25 percent more oil and natural gas this year versus the last. “At the same time [we] are aiming to reach net-zero greenhouse gas emissions from our unconventional operations there by 2030.” This is a key part of ExxonMobil’s company-wide ambition to achieve net-zero emissions (Scope 1 and 2) from all operated assets by 2050.
Despite various changes taking place in the global oil industry, Exxon said it is investing billions of dollars into its business regardless of oil prices. It was noted that, “discovery and development of Guyana’s resources is an important part of ExxonMobil’s commitment to responsibly meeting the world’s energy needs – a commitment that requires billions of dollars in sustained investments, regardless of short-term swings in global oil prices. It also reflects our support for Guyana’s economic development, job creation and sustainability objectives.”
The company said too that it stayed focused on disciplined investing during the economic downturn from the pandemic, and retains that focus today. “We expect to invest between US$21 billion and US$24 billion this year, and between US$20 and US$25 billion annually through 2027 to deliver the products and energy resources the world needs and also to advance lower-emission solutions.”
Guyana investments have nonetheless yielded a growing source of energy for the world. ExxonMobil recently started producing oil from the second offshore development in Guyana, bringing the country’s capacity to more than 340,000 barrels a day, up from zero three years ago. By the end of the decade, oil production from Guyana, is expected to exceed one million barrels a day; enough to make it one of the world’s top 20 producers, the blog reported.
Furthermore, Exxon sees Guyana’s oil growth as being important since, “this oil will contribute to Guyana’s economy – and to the global oil market, where supply constraints resulting from industry underinvestment during the pandemic and Russia’s invasion of Ukraine have led to price volatility.”
The company said that oil still meets more than 30 percent of global energy demand and 90 percent of transportation needs, and remains virtually indispensable for powering larger vehicles like trucks, planes and ships.
“We’re excited about the growth and opportunity we see ahead for Guyana.” The company said that for nearly 140 years, it has supplied products that help people live healthy, prosperous lives and thrive in an ever-changing world. “We’re committed to continuing to create sustainable solutions that improve quality of life and meet society’s evolving needs.”