Latest update November 8th, 2024 1:00 AM
Latest News
‘Guyana is one of the most incredible success stories for Exxon’ – Upstream President
Liam Mallon, President of ExxonMobil Upstream Company (Photo: AMR ALFIKY/REUTERS)
Kaieteur News – Liam Mallon, the Upstream President of ExxonMobil Corporation, recently opined that Guyana is “one of the most incredible success stories”. Mallon was at the time speaking at the recently concluded CERAWeek hosted by S&P Global in Houston.
Upstream Online reported that Mallon told the attendees at a CERAWeek session, “In my 40-year career, I have never worked on anything so exciting and so prolific.”
Mallon’s enthusiasm for the Guyana was palpable as he further highlighted, “It is one of the most incredible success stories.”
The Upstream President’s declaration underscores the significance ExxonMobil attributes to its operations in Guyana, particularly within the prolific Stabroek block.
ExxonMobil Guyana announced the discovery of oil in 2015 and swiftly moved to commence production activities by December 2019. Production from the Stabroek Block developments sits above 600,000 barrels per day (bpd) – with Exxon having the Liza 1, Liza 2 and the Payara projects online. The oil companies have embarked on an aggressive drilling campaign in the Stabroek Block targeting three other developments: Yellowtail, Uaru and Whiptail projects. It should be noted that Yellowtail and Uaru have already been approved, while Whiptail is under review awaiting government approval any day now.
Situated in the northeastern offshore region of Guyana, the Stabroek Block boasts water depths ranging from 1,600 to 2,000 meters. The Stabroek Block is one of the largest exploration discoveries globally in recent years.
ExxonMobil holds a 45% interest, Hess Guyana Exploration Ltd. with 30% and CNOOC holds a 25% equity interest in this asset.
The Stabroek Block witnessed a remarkable discovery in 2023 with the unveiling of the Lancetfish field, located in ultra-deepwater and deep-sea layers. Lancetfish field is one of the eight discoveries made by Exxon in the Stabroek Block, since 2022, and according to CNOOC holds an estimated reserve of 746 million barrels of oil.
According to disclosures by the operator, the block has accumulated over 30 new discoveries, with a total estimated recoverable resource volume of approximately 11 billion barrels of oil equivalent.
In a recent development, ExxonMobil and its block partner CNOOC have both moved to arbitration to assert their rights over Guyana’s golden oil field, the Stabroek Block. This is as a result of Chevron’s US$53 billion takeover of Hess. Buying over Hess Corporation would give Chevron access to Hess’ most valuable asset in Guyana. The case was filed at the International Chamber of Commerce in Paris, arguing that Exxon and CNOOC have a right of first refusal over Hess’ stake.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
A lesson from the bread lines of America
…Peeping Tom Kaieteur News- If the American elections of 2024 delivered any one lesson to the rest of the world, it... more
Rising Gun Crimes in the Caribbean: Urgent Action required by all
By Sir Ronald Sanders Kaieteur News – There is an alarming surge in gun-related violence, particularly among younger... more
Weekend Cartoon
