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$100M approved to review Exxon’s seventh project
Minister of Natural Resources, Vickram Bharrat
Kaieteur News – The Committee of Supply on Wednesday afternoon, approved $100 million to review ExxonMobil Guyana Limited (EGML) and its Stabroek Block partners Field Development Plan (FDP) for the seventh project.
Minister of Natural Resources, Vickram Bharrat made the disclosure in the National Assembly as he disaggregates the allocations under his ministry. Minister Bharrat also disclosed that an additional $5 million will be spent on advertisements.
It should be noted that while the Government of Guyana (GoG) anticipates a seventh project from the oil majors, the sixth development – Whiptail– is yet to receive the necessary regulatory approvals. Minister Bharrat said, “It has been a trend by Exxon and partners that for the last three years they have submitted FDPs. We have dealt with Payara, Yellowtail, Uaru, now we are dealing with Whiptail and we are anticipating that another FDP will come at some point in time this year.”
Notably, he added that whether the FDP is in relation to oil or gas, the government is taking the safe route to ensure that there is monies to pay a consultant to review the FDP whenever it is submitted, before a production license is issued. In the Ministry of Finance Mid-Year Report 2023, it was revealed that ExxonMobil has already commenced appraisal works on the seventh project in the Stabroek Block.
Notably, government approved the FDP and issued the Petroleum Production Licence for Exxon’s fifth project, Uaru in April 2023. The government has not been shy about its intent to ramp up production activities over the coming years though countries have been urged to scale back on oil and gas activities to combat global warming.
This publication reported this week that recent updates from the Ministry of Natural Resources reveal that ExxonMobil’s offshore oil projects are producing significantly more oil than their stated capacities. This observation in the Liza 1 and Liza 2 projects indicates that ExxonMobil may very well continue this trend moving forward.
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