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All oil projects in Guyana performing above expectation in the world’s premier deepwater zone- Exxon CEO tells shareholders
“Our Payara project, which remained online during the tie-ins, continues to perform above investment basis – as has been the case with all the projects we’ve brought online in the world’s premier deepwater development,”- Exxon CEO, Darren Woods.
ExxonMobil Corporation, CEO, Darren Woods
Kaieteur News- Darren Woods, Chief Executive Officer (CEO) of one the world’s largest and most successful oil and gas companies, ExxonMobil recently boasted about the world class performance of the company’s assets in Guyana.
During the company’s third quarter Earning’s Call earlier this month, Woods updated shareholders of the company that Exxon completed tie-in for the country’s Gas-to-Energy (GTE) project. This was completed on budget and schedule with the company already back to full production activities. Exxon had taken the Liza One and Liza Two projects offline for a period of two weeks each to facilitate the tie-in works.
Meanwhile, Woods said, “Our Payara project, which remained online during the tie-ins, continues to perform above investment basis – as has been the case with all the projects we’ve brought online in the world’s premier deepwater development.”
ExxonMobil is the operator of the oil rich Stabroek Block with a 45% interest, while Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.
Currently, ExxonMobil Guyana Limited (EMGL) has three projects producing oil in Guyana. It should be noted that each of these developments have been pushed to produce above the limits outlined in project documents submitted to Guyanese regulators.
The company has been able to increase capacity of the three Floating Production Storage and Offloading vessels (FPSOs) through a process called debottlenecking. Exxon previously explained that the company would assess the projects for bottlenecks to improve recovery of the resources. The company would then submit its findings to the Environmental Protection Agency (EPA) and the Ministry of Natural Resources for consideration and approval. Following its independent assessment, the regulator would then issue its blessings for the optimization activities, allowing Exxon to increase production on the vessels.
The Government of Guyana in its 2024 Mid-Year Report confirmed that all three projects underwent optimisation and topsides debottlenecking activities in the first half of the year.
Presently, Liza One and Liza Two are producing about 160,000 bpd and 250,000 barrels per day (bpd) respectively. The Environmental Impact Assessments (EIAs) each specifically outline 120,000 and 220,000 bpd, as the safe operating limit for Liza One and Two, respectively. Similarly, the third oil project- Payara- is also producing approximately 250,000 bpd even though the vessel’s nameplate capacity is 220,000 bpd.
The company is however looking to further increase the daily rate of resource recovery at the Liza Two project. During a media conference last month, EMGL’s President, Alistair Routledge told reporters, “We are ongoing discussions review with various agencies including the EPA and with the Ministry of Natural Resource on whether to increase the production on the Unity FPSO above the 252,000.”
Routledge said Exxon believes the Liza Unity can be increased to 270,000 bpd.
(All oil projects in Guyana performing above expectation in the world’s premier deepwater zone- Exxon CEO tells shareholders)
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