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Guyana hits 668k barrels of oil in June
Map showing the three projects already producing oil in the Stabroek Block and the fourth planned development, Yellowtail
Kaieteur News – ExxonMobil Guyana Limited (EMGL), the operator of Guyana’s Stabroek Block recorded its highest production in June this year, after pushing the three Floating Production Storage and Offloading (FPSO) vessels to produce a combined 668,000 barrels of oil.
Data on the Ministry of Natural Resources website also shows that Guyana’s second oil project, Liza Two, recorded its highest daily production in June, reaching 260,000 barrels, well above the safety limit of the FPSO.
The Liza Unity FPSO was designed to safely produce at 220,000 barrels per day (bpd) but reached a new record of 260,000 barrels on June 4, 2024.
This milestone marks the highest production on record to date for a single project though the company did try to repeat this accomplishment. Data shows that the company recorded 258,000 and 257,000 barrels on June 8 and June 12 respectively at the Liza Two project.
According to the data, on June 30, the company reported a daily production of 668,000 barrels- the highest on record since the country commenced production activities in 2019.
Previously, the highest daily production was recorded on March 22, when the company pushed production to a whopping 651,000 barrels. In June the company broke its record with production reaching a high of 660,000 barrels of oil.
Presently, all three FPSOs are producing above the initial design capacity. Vice President, Bharrat Jagdeo said at a press conference in May that the ramping up of oil production beyond the safe operating limits is being done safely. The process according to him was analyzed by the technical staff of both the Environmental Protection Agency (EPA) and the Ministry of Natural Resources.
Experts previously warned however that the risk of an oil spill significantly increases with the accelerated production activities.
It was reported that the US$2B oil spill guarantee provided by the Stabroek Block Co-Venturers does not cover the ramping up of oil production.
The affiliate company guarantee, seen by this newspaper, makes it explicit “…the Operator is permitted to carry out the activities authorized by the Environmental Permits in accordance with their respective terms and conditions.”
The Environmental Permits granted by the EPA were approved based on EIAs conducted by Exxon. These documents outline the company’s plans to produce oil at a specific capacity and assess the damage of an oil spill accordingly. The FPSOs were also designed to produce crude oil in accordance with the EIAs. VP Jagdeo when asked if government considered this in granting the company’s approval to breach the safety limits said he has requested a full report from the technical staff in this regard.
- daily, FPSO, highest, production, record
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