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ExxonM begins work on 7th oil project and 6th not yet approved
Kaieteur News – The Environment Protection Agency (EPA) is still processing an application made by ExxonMobil Guyana Limited (EMGL) for the sixth project in the Stabroek Block; however, the oil company has already commenced work for its seventh planned project.
Minister with responsibility for Finance, Dr. Ashni Singh
This information is contained in the Ministry of Finance Mid-Year Report. In providing an update on production activities in the document, the government explained, “In June 2023, appraisal work commenced and is ongoing to define the seventh project in the Stabroek Block.”
Even as the company engages in activities to prepare for a seventh development, it is yet to receive the necessary regulatory approvals for its sixth deepwater project, Whiptail.
The Government of Guyana (GoG) has not been shy about its intent to ramp up production activities over the coming years though countries have been urged to scale back on oil and gas activities to combat global warming.
According to the Mid-Year report, actions taken during the first six months of 2023 are likely to further drive up production in the next few years. “These include the Yellowtail One Guyana FPSO (Floating Production Storage and Offloading vessel) hull arriving in drydock in Singapore ahead of schedule in March 2023.” This triggered other activities such as works on the vessel and the installation of mooring structures and a riser balcony. These activities are ongoing and projected to be completed in the fourth quarter of 2023.
Meanwhile, on the fifth project, Uaru, the government approved the Field Development Plan (FDP) and issued the Petroleum Production Licence in April 2023.
When it comes to the sixth project, it was explained that the government participated in two pre-FDP engagements on Whiptail, in April 2023 and June 2023, respectively. According to the report, “The project’s FDP submission to government for review is anticipated for October 2023.”
Guyana currently has two FPSOs producing oil at the Liza One and Two fields, operated by Exxon. The total production, approximately 400,000 barrels per day, often exceeds the safe operating limits outlined in the Environmental Impact Assessments (EIAs).
In the meantime, a third offshore project- Payara- is expected to start up before the end of 2023, while the fourth project, Yellowtail, is likely to come on stream the following year. The fifth project is aiming for startup by 2026.
The government said it aims to produce a million barrels of oil per day by 2027.
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