Latest update January 1st, 2025 1:00 AM
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Exxon says ad for developmental works at Banjo was mistakenly published
Kaieteur News- ExxonMobil Guyana Limited (EMGL), the operator of Guyana’s resource rich Stabroek Block has clarified that an advertisement for developmental works at the Banjo-1 Well Site was mistakenly published by the Maritime Administration Department (MARAD).
A map of the Banjo-1 Well Site that was published by MARAD
The oil major confirmed that there was no such discovery made in Guyana; as such, it explained that the notice was subsequently recalled and corrected after being published.
On Sunday Kaieteur News reported that according to the advertisement, Exxon was conducting developmental drilling at the site, located approximately 89.5 nautical miles or 165.75 kilometres off the coast of Guyana with an area of 0.29 square nautical miles or one square kilometre.
Notably, developmental drilling is conducted after exploration drilling. It is conducted to develop a field with proven reserves. In 2022, one of the Stabroek Block partners said in a public statement, “The Banjo-1 exploration well was drilled earlier in the third quarter and did not encounter commercial quantities of hydrocarbons.”
Before Exxon moves to production, the usual course of action involves obtaining an environmental permit from the Environmental Protection Agency (EPA) and a licence to operate from the Government of Guyana- none of which have been granted, or at least made public.
So far, Exxon has received approval for six offshore developments. Already, three projects are producing oil in the Stabroek Block, which is estimated to hold more than 11 billion barrels of oil. The Liza One, Liza Two and Payara projects are producing a daily average of 660,000 barrels per day. ExxonMobil is aiming to increase the country’s daily capacity to 1.7B barrels by 2030. The company has made more than 40 discoveries since its first successful find in 2015. Kaieteur News reported that on December 19, Exxon marked five years of oil production in Guyana. In just under five years, the oil giant reported that it reached 500 million barrels of oil output since the start-up of production activities offshore.
(Exxon says ad for developmental works at Banjo was mistakenly published)
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