ExxonMobil reports ‘record September’ to shareholders as production peaks to 660,000 barrels

Nov 27, 2024 News

Exxon Mobil Corporation CEO, Darren Woods (ExxonMobil reports)

Kaieteur News- As ExxonMobil Guyana Limited (EMGL) continues to push production to new heights in the Stabroek Block, the company recently reported a ‘record September’ to its shareholders.

During the Corporation’s third quarter Earnings Call, the company reported US$8.6B in profits. Notably, ExxonMobil highlighted that 4.6 million oil equivalent barrels per day (moebd) was produced- the highest since 2011.

Key among its highlights to shareholders was the production capacity delivered by the three projects in Guyana. Exxon said it had a “Record September in Guyana with 660,000 barrels per day” produced.

The oil giant lauded Guyana for supporting its strong earnings over the period. “Strong earnings growth (was) driven by record Guyana and Permian volumes, including $1.2 billion contribution from Pioneer,” the company outlined.

EMGL presently has three projects producing oil in Guyana. It should be noted that each of these developments have been pushed to produce above the limits outlined in project documents submitted to Guyanese regulators.

The company has been able to increase capacity of the three Floating Production Storage and Offloading vessels (FPSOs) through a process called debottlenecking. Exxon previously explained that the company would assess the projects for bottlenecks to improve recovery of the resources. The company would then submit its findings to the Environmental Protection Agency (EPA) and the Ministry of Natural Resources for consideration and approval. Following its independent assessment, the regulator would then issue its blessings for the optimization activities, allowing Exxon to increase production on the vessels.

The Government of Guyana in its 2024 Mid-Year Report confirmed that all three projects underwent optimisation and topsides debottlenecking activities in the first half of the year.

Presently, Liza One and Liza Two are producing about 160,000 bpd and 250,000 barrels per day (bpd) respectively. The Environmental Impact Assessments (EIAs) each specifically outline 120,000 and 220,000 bpd, as the safe operating limit for Liza One and Two, respectively. Similarly, the third oil project- Payara- is also producing approximately 250,000 bpd even though the vessel’s nameplate capacity is 220,000 bpd.

The company is however looking to further increase the daily rate of resource recovery at the Liza Two project. During a media conference last month, EMGL’s President, Alistair Routledge told reporters, “We are ongoing discussions review with various agencies including the EPA and with the Ministry of Natural Resource on whether to increase the production on the Unity FPSO above the 252,000.”

Routledge said Exxon believes the Liza Unity can be increased to 270,000 bpd.

(ExxonMobil reports ‘record September’ to shareholders as production peaks to 660,000 barrels)

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