Latest update July 7th, 2024 12:59 AM
Dec 13, 2023 News
Kaieteur News – Daniel Yergin, Chairman of American analytics firm S&P Global, recently described Guyana as being very important to the energy market as it is “the fastest offshore oil development in the history of the world.”
During an interview with CNBC, Yergin said he believes Guyana’s exceptional oil growth is what piqued the interest of Venezuelan leader, Nicolas Maduro. He said, “…Nicolas Maduro, the dictator president of Venezuela, had this farcical referendum (on December 3, 2023) where maybe 10 percent of the people voted to claim two-thirds of Guyana but what has really piqued his interest is the offshore oil.”
Yergin said the US has strongly indicated its support for Guyana, reminding that the US South Command recently partnered with Guyana for military drills near the border. Yergin said, “Maduro is in a weak position. A quarter of the people of Venezuela have become refugees.” Be that as it may, he said there must be careful attention to his threats to annex Essequibo as well as his close relationship with allies such as Russia, Cuba, and increasingly, Iran.
Since Guyana’s announcement of oil being discovered in the Stabroek Block, Venezuela has engaged in a series of aggressive tactics which have increased in recent times. These actions included the deployment of troops near the border and threatening statements to deter investors from partaking in Guyana’s maiden auction.
Irrespective of Venezuela’s posture, Guyanese authorities have maintained that they will zealously protect, every inch of the nation. They have also stressed that nothing shall stymie Guyana’s development. ExxonMobil, in partnership with Hess Corporation and CNOOC Petroleum Guyana Limited, has been able to bring three oil-producing projects on stream. The Liza Phase One and Liza Phase Two Projects currently produce about 400,000 barrels of oil. The Payara Project which started producing in November, is expected to push the nation’s output to 600,000 barrels of oil per day.
Yellowtail and Uaru, the fourth and fifth projects, are in progress and will each have a production capacity of approximately 250,000 gross barrels of oil per day. The operator is currently working with the Government of Guyana to secure regulatory approvals for a sixth project at Whiptail.
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.
Stand up for your children, please.
Jul 07, 2024
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