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ExxonMobil took 179M barrels of oil in 2024, gave Guyana 26M barrels
Kaieteur News- In keeping with the provisions of the lopsided 2016 Production Sharing Agreement (PSA), ExxonMobil benefitted from a massive 179 million barrels of sweet light crude produced in Guyana’s resource-rich Stabroek Block, while the country merely collected 26 million barrels.
ExxonMobil Guyana President, Alistair Routledge
This information was presented by the Ministry of Natural Resources on Sunday, in an advertisement published in Kaieteur News. The ministry offered insight into the key achievements of not only the oil and gas sector, but the mining, and forestry industries as well.
One of the highlights for this year, under the petroleum sector, were the total lifts of crude exported as of November 30, 2024. It should be noted that each lift totals one million barrels of oil.
The ministry reported, “205 lifts of crude were exported as of 30th November, 2024. The GOG benefited from 26 lifts of profit oil executed at November 30.”
This means that the operator of the block, ExxonMobil Guyana Limited, and its partners, Hess Guyana Exploration Ltd and CNOOC Petroleum Guyana Limited enjoyed the bulk of oil produced during the period, amounting to 179 lifts, or 179M barrels of oil.
According to the 2016 PSA, 75% of the oil produced monthly shall be recovered by Exxon as cost. Exxon also benefits from another 12.5% of oil produced in Guyana, which is recorded as its profits.
Despite ongoing calls for the government of Guyana to renegotiate the terms of the oil deal with Exxon, the administration is reluctant to engage the companies, saying that to do so would be a breach of the ‘sanctity of contract’ principle and likely loss of future investments.
Minister of Natural Resources, Vickram Bharrat
Presently, EMGL is producing oil from three projects in the Stabroek Block including the Liza One, Liza Two and Payara. The ministry’s ‘achievements’ indicated that oil production surged to 624,000 barrels per day (bpd).
In the meantime, the ministry noted, “Guyana’s export value surged by a record 77% in 2024, powered by the country’s rapidly expanding oil and gas sector, according to the Economic Commission for Latin America and the Caribbean’s (ECLAC) latest trade report”.
Furthermore, the spotlight was placed on the capping stack that has been procured by Exxon as part of its oil spill readiness. According to the operator, this capping stack is one of only 13 in the world and one of the only two in Latin America.
A capping stack is a heavy piece of equipment that is placed over a blown out well. It acts as a cork to limit the flow of hydrocarbons.
(ExxonMobil took 179M barrels of oil in 2024, gave Guyana 26M barrels)
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