Guyana on track to produce 1.5M barrels of oil daily by 2030 - President Ali

Guyana on track to produce 1.5M barrels of oil daily by 2030 – President Ali

Oct 11, 2024 News

“Guyana on track to produce 1.5M barrels of oil daily by 2030 – President Ali said in his second address to the National Assembly”.

Kaieteur News – President Irfaan Ali in his second address to the National Assembly, since his inauguration on August 2, 2020, on Thursday announced that Guyana is on track to produce 1.5 million barrels of oil per day by 2030.

President Irfaan Ali during his address to the National Assembly on Thursday.

The Head-of-State noted that a seventh application has been submitted by the operator of the Stabroek Block, ExxonMobil Guyana Limited. In July, the Environmental Protection Agency (EPA) ordered an Environmental Impact Assessment (EIA) for the project. The seventh development- Hammerhead- seeks to produce 120,000 to 180,000 barrels per day (bpd). Only on Wednesday, Kaieteur News reported that the government commenced the search for consultants to review the Field Development Plan (FDP) for the project.

The President in his address noted that between 2020 and 2024, a remarkable 25 discoveries were made, with 22 of these occurring in the Stabroek Block alone. To this end, he revealed, “Looking ahead, the projection for the medium- and long-term plan from 2025 and beyond are ambitious. The sector is on track to exceed one million barrels per day by 2027 and reach 1.5 million barrels per day by 2030, supported by 10 production facilities, three active developments (presently) and the recent definition of a seventh project, alongside several others in development.”

Shifting his attention briefly to gas, the Head-of-State noted that two Gas-to-Energy facilities are expected to be operational by 2030. This will further be augmented by the establishment of associated industry – both upstream and downstream.

Notably, Ali also pointed to the measures in place to train Guyanese for jobs in the sector. He said, “To prepare our workforce for the growing oil and gas sector, my government announced last year the construction of the Guyana Technical Training College (GTTC) at Port Mourant, Berbice, an investment worth US$120M.”

He said construction of the facility has commenced with construction likely to be completed by 2025. In the interim, he noted that institution completed the commissioning of an on-land model Floating Production Storage and Offloading vessel (FPSO)- the factor simulator- geared at upskilling locals. He said the simulator results in annual cost savings associated with training personnel which would otherwise be done in Canada.

The National Assembly burst into loud applause as the President announced news of the facility being used as a hub for global training. He said, “It pleases me to announce that the Stabroek Block operator, ExxonMobil has communicated to the government, its intention to make GTTCI a hub for FPSO skills training for operations across the globe. This news is a realization of our vision of making Guyana an education hub for the world.”

To date, Exxon has obtained approval from the Government of Guyana for six development projects in the Stabroek Block – Liza Phase One, Liza Phase Two, Payara, Yellowtail, Uaru and Whiptail. The first three projects are already producing oil at a daily estimated rate of 640,000 barrels per day (bpd). Yellowtail is expected to come on stream by 2025, followed by Uaru in 2026 and Whiptail in 2027.

(Guyana on track to produce 1.5M barrels of oil daily by 2030 – President Ali)

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1.5 million barrels, Berbice, Canada, environmental, ExxonMobil, National Assembly, oil, Port Mourant, President Ali, President Irfaan Ali, Protection Agency, Stabroek Block, track

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