Latest update February 6th, 2025 7:27 AM
ExxonMobil has an “astounding record” bringing oil projects into production in Guyana – S&P Global
Kaieteur News – During a podcast which was focus on Guyana’s oil boom, S&P Global Commodity Insights’ oil pricing and news expert, Starr Spencer, highlighted that ExxonMobil Guyana has an “astounding record” of bringing oil projects in Guyana into production.
An Exxon official receiving the OTC award (KN file photo)
S&P Global provides essential intelligence by enabling governments, businesses and individuals with the right data, expertise and connected technology so that they can make decisions with conviction.
During the podcast titled, “Guyanese Dream: Oil boom in Guyana could transform global crude market,” Spencer underscored that Exxon only discovered oil offshore Guyana in 2015. She added that, four years after discovering oil, the company was able to start production at its Liza Phase 1 project located in the prolific Stabroek Block – which holds an estimated 11 billion barrels.
“And the ones that are being sanctioned, the subsequent ones, Liza 2 only took three years from sanction to first oil, and Payara is going to take about three years, from sanction to the first oil also. So that’s an astounding record,” she added.
Notably, she underscored that some oil projects take as long as a decade to move from discovery to coming online into the production stage.
Furthermore, she stated that while it may not be a technical problem for the oil projects that are still not into production stage; she said it requires the technical know-how to be able to bring oil projects into production in a timely manner.
Moreover, she highlighted, “And there’s been a couple of discoveries elsewhere than the Stabroek block that were made, well, years ago, anyway, say, six or seven years ago, and they still haven’t been brought on and I think it’s because the companies are just small companies, and they just don’t really have that technical know-how just yet.”
A few months ago, ExxonMobil won an award for the rapid speed its affiliate ExxonMobil Guyana was able to develop Liza Phase 1 in Stabroek Block. On Sunday April 30, Exxon received the Offshore Technology Conference (OTC) Distinguished Achievement Award 2023 for companies, organizations, and institutions.
Liza Phase 1 Development offshore Guyana (KN file photo)
OTC in a statement said that ExxonMobil received the award for their innovative work that has resulted in Liza Phase 1 being one of the fastest projects of its type in the industry, cycling from discovery to production in less than five years, compared to the historical 10-year timeline for projects of this magnitude.
Also, it was added that Liza Phase 2 then came online about two years after Liza Phase 1 and within eight years of discovery, total production from the Liza field is approaching 400,000 barrels per day — helping to responsibly meet the world’s energy needs at a critical time.
Back in February, President of ExxonMobil’s Upstream Company, Liam Mallon had boasted about the breakneck speed with which ExxonMobil, Guyana was able to cut the time in half to move from exploration to production in a deepwater project.
“In total we’ve made more than 30 discoveries, and we’re still exploring Guyana’s vast potential,” Mallon added.
Mallon continued, “And really critically, we moved from the very first Liza 1 exploration well to first production nearly three years ago in under five years. That is roughly half the industry average time for a typical deep water development.”
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Land, taxes and penalties
Peeping Tom… Kaieteur News-The American humorist Will Rogers once remarked that the best investment on earth is earth... more
OAS Secretary General Election and renewed OAS Consensus
Antiguan Barbudan Ambassador to the United States, Sir Ronald Sanders By Sir Ronald Sanders Kaieteur News- The upcoming election... more
Weekend Cartoon
