Latest update December 17th, 2024 3:32 AM
Jun 11, 2023 ExxonMobil, News, Oil & Gas
Kaieteur News – In the last seven years, Guyanese stakeholders have had to rely on oil companies in the Stabroek Block to know just how much they are investing offshore, instead of their government which receives those projected expenditures on a monthly, quarterly, and annual basis.
The situation is one that has motivated calls by several sections of society for the government to be more proactive in their disclosures on costs incurred or forecast to be incurred so that citizens may be able to keep track of these expenses which run into the billions of dollars.
The APNU+AFC regime never released any data in this regard and for five years, ignored numerous calls for greater disclosures.
Since assuming office, Kaieteur News has asked the People’s Progressive Party Civic (PPP/C) Administration if it is open to changing this state of affairs. Specifically, Vice President, Dr. Bharrat Jagdeo who sits at the helm of the oil and gas sector indicated that he is not so inclined to release such information as he believes Kaieteur News would use same to “nitpick”. He did commit however to lending some consideration to the merits of such disclosures and the extent to which they would improve transparency and accountability.
With calls for disclosures still mounting, Dr. Jagdeo was recently asked to respond to criticisms that the administration is slow to action and that more needs to done. He maintained that his government is dedicated to this matter once it gets past its current wave of activities which include the auction of 14 blocks and amendments the legislative framework for the sector.
Jagdeo noted that in the interim, there is quite a bit of information flow already about the monthly production of oil and gas. He noted as well that the new Production Sharing Agreements being worked on will see a significant enhance
ment in government’s monitoring of costs and the transparency that would occur therein.
Jagdeo agreed that the government does have to do more work on increasing information flow about the oil and gas sector into the public domain.
At the Stabroek Block, ExxonMobil Corporation’s affiliate, Esso Exploration and Production Guyana Limited (EEPGL) is the operator alongside Hess Guyana Exploration Limited and CNOOC Petroleum Guyana Limited.
The partners now have over US$40B in oil projects, two of which are in operation. Specifically, the Liza Phase One and Liza Phase Two Projects are producing approximately 400,000 barrels of oil per day.
The third oil project, Payara is on track for start-up in the third quarter. The fourth sanctioned development, Yellowtail, is expected to come online in 2025 with a gross production capacity of approximately 250,000 barrels of oil per day. A sixth development, Whiptail, is expected to be submitted for government and regulatory approval later this year.
In total, six FPSOs with a gross production capacity of more than 1.2 million barrels of oil per day are expected to be online on the Stabroek Block by the end of 2027, with the potential for up to 10 FPSOs to develop the estimated gross discovered recoverable resources of more than 11 billion barrels of oil equivalent.
Dec 17, 2024
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