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Exxon’s pace of development in Guyana is like cramming 30 years of work in 3 – Minister Indar
Kaieteur News – The breakneck pace of Guyana’s oil and gas industry is akin to cramming “30 years of development into three” Minister within the Ministry of Public Works Deodat Indar told participants at the recently concluded Offshore Technology Conference (OTC) held in Houston, Texas last week.
Minister within the Ministry of Public Works, Deodat Indar
Indar was at the time speaking during the Guyana Night aspect of the Conference, where he reminded the participants at the OTC of the Government of Guyana’s recent approval of the 6th oil project, called Whiptail as well as future prospects. The minister also referenced the interest shown by QatarEnergies and other companies.
Meanwhile, President of ExxonMobil Guyana Alistair Routledge in his presentation spoke to the future of Guyana’s industry, predicting that the country could be the largest oil producer in South America—second only to Brazil—within the next decade.
Even so, ExxonMobil’s focus has been on the Yellowtail, Uaru and Whiptail projects, with the latter two being the company’s fifth and sixth projects in the Stabroek Block.
The Yellowtail project includes a new FPSO, which is expected to come online in 2025, and joins the existing FPSOs—Liza Destiny, Liza Unity and Prosperity—as the company’s fourth vessel in the region. While Routledge only touched briefly on the details of the Uaru project, he had a prospective start date for the more recently announced Whiptail project: end-2027.
The cumulative production of all six projects is estimated at 1.3 MMbopd, once they are operational. Routledge also noted the addition of 500 km of new flowlines on the seabed and over 250 new wells by the time all six projects are operational.
Meanwhile, Chief Executive Officer for the Guyana Office for Investment (GoInvest) Dr. Peter Ramsaroop in his contribution shifted the conversation to Guyana’s strategy for the country’s recent influx of revenue.
He was emphatic that “the Dutch disease doesn’t apply to Guyana,” and he displayed strong optimism for the country’s current “tiger economy,” referencing GDP growth, at 60 percent in 2023 and a projected 43 percent growth or 2024—11 percent of which, Ramsaroop pointed out, is non-oil growth.
He used the occasion to also emphasize that in future conversations about climate, food and energy security, Guyana would “have a seat at the table,” and Ramsaroop cited various investments into infrastructure—including hotels, scholarships and hospitals—as evidence of the country’s dedication to create a stable environment for investment.
Featured speakers for the Guyana night included Kester Hutson and Richard Rambarran of the Georgetown Chamber of Commerce and Industry (GCCI) and Minister responsible for Guyana’s Natural Resources, Vickram Bharrat.
Hutson opened the panel, describing the initial 2015 discovery of Guyana’s reserves as a “monumental shift in economic fortunes” for the country. The pace of progress has been swift, with efforts underway to achieve 1.2 million barrels of oil per day production by 2030. The country also aims to establish a “monumental” gas project to make use of the natural gas resources and cut domestic electricity costs—a move that would pave the way for other projects and industry activities, he reminded.
- Guyana, Ministry of Public Works, natural resources, Offshore Technology Conference (OTC), Vickram Bharrat
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