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6th oil project to be approved in first quarter – VP Jagdeo
Kaieteur News – Vice President, Bharrat Jagdeo confirmed on Thursday that ExxonMobil Guyana’s sixth oil project in the Stabroek Block is on track for government approval this quarter.
During his first press conference for the year at Office of the President, Jagdeo said he could not confirm a specific date for the approval but assured that it remains on schedule. “I know the assessment is being done by our external consultants,” he said while cautioning that the process could see Exxon being asked to supply additional information. “I can’t tell you on a daily basis where they are because I don’t track that. But I think that it’s still on track so far for that, for the first quarter,” the Vice President added.
Vice President, Dr. Bharrat Jagdeo
ExxonMobil Guyana Limited’s Country Manager, Alistair Routledge had disclosed last year October that his company is expected to make a final investment decision (FID) for its sixth project called Whiptail in the oil-rich Stabroek Block by the first quarter of 2024. Routledge had said the field development plan was submitted on October 13, 2023. “…So all the permitting processes are now actively engaged,” he had said.
According to project documents, the Whiptail development project is pegged at US$13B and will develop the Whiptail, Pinktail, and Tilapia fields, along with potential additional resources, if determined to be feasible and economically viable. The current development plans for the project include drilling via drillships to produce oil from approximately 40 – 65 production and injection wells. Production is expected to begin between the fourth quarter of 2027 and the second quarter of 2028 with an expected field life of at least 20 years.
According to ExxonMobil, the project will be designed to add up to 275,000 barrels of oil a day to existing daily production volumes in Guyana with the associated additional revenues to the government of Guyana, while continuing a steady expansion of opportunities for Guyanese to participate in the petroleum industry.
The operator highlights that the Whiptail project has been designed for no routine flaring of associated gas, instead using the gas for fuel, or reinjecting it into reservoirs to improve oil recovery. This design is consistent with ExxonMobil’s plans to align with the World Bank’s initiative to eliminate routine flaring of associated gas by 2030.
Based on ExxonMobil’s plans, six oil ships 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 ten to develop the estimated gross discovered recoverable resources of more than 11 billion barrels of oil equivalent. The Stabroek block covers 6.6 million acres (26,800 square kilometers) and is operated by ExxonMobil’s affiliate with a 45% interest. The company’s partners in the block are Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%).
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