Latest update February 24th, 2025 9:02 AM
‘The world has rarely seen a place like Guyana for deep water projects’- ExxonM VP
…says epic underdog tale of country’s oil & gas development now beginning
By: Davina Bagot
Kaieteur News- ExxonMobil has been able to shift the norms in the oil and gas industry with the world-class assets the company discovered off the shores of Guyana in May 2015.
Senior Vice President, Deep Water, ExxonMobil, Hunter Farris delivering his presentation at the Guyana Energy Conference
With the oil giant jumping from discovery to production in less than five years, the company believes the world has rarely seen a place like Guyana for deep water developments.
This was explained by Hunter Farris, Senior Vice President, Deep Water, ExxonMobil during the fourth installment of the Guyana Energy Conference and Supply Chain Expo, hosted at the Guyana Marriott, between February 18 and 21.
This year’s premiere energy conference was held under the theme ‘Connecting the Dots: Integrating the Future’. Farris during a keynote presentation told conference delegates that thanks to the collective efforts of business partners, industry leaders and local contractors, we now witness what is rightly being described as “one of the most incredible success stories, the world has ever seen.”
“What you’re witnessing, which we’re living out in real time is the epic underdog tale of Guyana’s oil and gas development, development that has only just begun to transform this country and its economy and to benefit Guyana citizens in ways big and small,” the Vice President said.
He was keen to note that in practically no time, Guyana’s oil discoveries have catapulted the nation into the ranks of the world’s oil superpowers. According to him, “By the standards of our industry, which undertakes and executes projects with multi-decade timelines, this has happened practically overnight…traditionally it would take a decade or longer to produce the first barrels of oil from a significant deep water discovery, especially in a new country, but thanks to the dedication and focus of Guyana’s stakeholders, as well as skills and expertise of ExxonMobil’s scientists, engineers and business partners, we accelerated the process achieving first, oil safely and responsibly in December of 2019.”
Farris pointed out that this was less than five years from discovery to commercial production- unheard of in the industry.
He described the oil discoveries in Guyana as not just significant but “world-class” as he highlighted the company’s achievement of continuously growing production year over year.
“We’ve gone from discovery to over 650, 000 barrels a day in just 10 years, a place for deep water projects the world has rarely seen. We’re immensely proud of what we’ve been able to do, and there’s much more we can and will do,” the official committed.
The company aims to increase production to 1.3 million barrels per day by 2027, which means that approximately 500 million barrels of oil will be produced on an annual basis.
Farris said this will increase earnings for the country, not just through profit and oil payments, but through the hiring of locals to provide key goods and services.
He explained that since oil production commenced in 2019, the country’s Natural Resource Fund (NRF) has received US$6.2B in revenue. “That includes US$2.6 billion last year alone. I’ll note this annual payment is set to nearly quadruple to more than US$10 billion per year, by the end of this decade, as production continues to grow,” Farris noted.
He added that these “extraordinary sums” are sure to benefit every Guyanese in the years ahead.
(‘The world has rarely seen a place like Guyana for deep water projects’- ExxonM VP)
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