Hess hails “tremendous progress” extracting Guyana’s oil

Jul 11, 2022 News

Kaieteur News – Hess Exploration Guyana Limited’s Chief Executive Officer (CEO), John Hess is seeking to assure that not only is Guyana’s oil significant since it would still be in demand for decades to come, but its development was important to his company and was elated at the tremendous progress made in extracting the country’s crude thus far.

CEO of Hess Corporation, John Hes

Hess made the statements on Friday last during an event at State House, where he was at the time reiterating the importance of the need for the country to develop its natural resources for itself, and his company, in the presence of Head of State, President Irfaan Ali, and other government representatives.

“Development of this country’s natural resources,” he stressed, “is important to our company, important to Guyana and important to meet the world’s growing energy needs for many decades to come.”

The CEO in his brief remarks used the occasion to remind that his company was honoured to be investing in Guyana and helping to build the country’s oil and gas industry, pointing to the tremendous progress made since the company first discovered oil in 2015.

“It is a remarkable achievement that the company is already producing more than 300,000 barrels of oil for a day of some of the highest value, lowest carbon crude oil in the world with a line of sight to be producing over 1 million barrels per day by 2027,” he related.

The Hess boss said that by that time around, Guyana would become one of the largest crude oil producers in the world.

In highlighting the country’s progress, the CEO said that it is the testament to the leadership and support of the Government of Guyana and its joint venture with its partners, Exxon Mobil and CNOOC Petroleum.

“Exxon Mobil as operator has done an outstanding job with project management and project execution especially during the challenging times of COVID. Guyana has positioned to be a global leader in the strategic and transformative development of its natural resources to build long-term share prosperity for the people of Guyana,” he disclosed.

There are currently two Floating Production Storage and Offloading vessels in operation in the Stabroek Block at the Liza I and II oil field, namely the Liza Destiny, with a nameplate capacity of 120,000 barrels of oil daily (BOD), and the Liza Unity with a capacity of 220,000.

At a previous engagement, Hess had explained the third ship Payara was supposed to come on-stream at 220,000 BOD, in 2024 but that has since been moved up to the fourth quarter of 2023.

With regards increased production from those vessels beyond nameplate capacity, Hess said, “I would say both Liza Phase II, the second ship, and Payara, the third ship, both have the opportunity to debottleneck to go up maybe another 10 percent just like Liza Phase I.”

On the fourth project—Yellowtail—Hess told the confab that development which recently approved is currently having its Hull built to accommodate some 250,000 BOD nameplate capacity representing the largest of the vessels to be put in operations thus far.

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