Page 5 - LatAmOil Week 43 2022
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LatAmOil                                     COMMENTARY                                            LatAmOil


                         “Our unrivalled exploration success and accel-  whether it intends to carry out further appraisal
                         erated pace of development in Guyana are a   or exploration drilling at the Sailfin or Yarrow
                         testament to our people, decades of experience,   field.) Consequently it is not yet clear if the
                         technology capabilities and steadfast focus on   reserve estimate for Stabroek will have to be
                         optimising all aspects of operations,” Mallon   raised once again from the current level of 11bn
                         said. “We are committed to responsibly and   barrels of oil equivalent (boe).
                         safely developing this world-class resource to
                         help meet global demand for secure, reliable   Milestones ahead
                         and lower-emission energy. Our investments   In the meantime, EEPGL is working up to
                         through the [coronavirus (COVID-19)] pan-  another milestone: the launch of development
                         demic have allowed us to increase supply at this   operations at Payara, which is due to come on
                         critical time, while creating value for the people   stream in late 2023. This project will also see
                         of Guyana, our partners and shareholders.”  the company extract hydrocarbons from the
                           ExxonMobil also noted in its press release   Pacora field and use subsea tie-in systems so that
                         that the new finds brought the number of dis-  barrels from both fields can be delivered to the
                         coveries made at Stabroek since the beginning   Prosperity, the floating production, storage and  The US giant has
                         of the year up to nine. The company and its part-  off-loading (FPSO) vessel that will be installed
                         ners have “made more than 30 discoveries on the   at Payara.               a commanding
                         block since 2015, and [they have] ramped up   At the same time, EEPGL’s two working   lead as Guyana
                         offshore development and production at a pace   fields, Liza-1 and Liza-2, are continuing to per-
                         that far exceeds the industry average,” it added.  form well. Indeed, data published by Guyana’s   prepares to offer
                           Equity in the Stabroek project is divided   Petroleum Management Programme (PMP)
                         between EEPGL, with 45%; Hess Guyana   show that the Liza Destiny FPSO, which handles   unassigned
                         Exploration Ltd, a subsidiary of the US-based   crude and associated gas from Liza-1, processed
                         independent Hess Corp., with 30%; and   147,540 barrels per day of oil in the month of   offshore blocks
                         CNOOC Petroleum Guyana Ltd, a subsidiary   September, 5.4% above its design capacity   to investors
                         of state-run China National Offshore Oil Corp.   of 140,000 bpd. For its part, the Liza Unity
                         (CNOOC), with 25%. EEPGL is the operator of   FPSO, which handles oil and gas from Liza-2,
                         the consortium.                      processed 218,780 bpd in the same month, or
                                                              0.55% below its design capacity of 220,000 bpd.
                         Filling in the blanks                Altogether, though, the two vessels processed
                         There are still plenty of unanswered questions   366,310 bpd of oil, or 1.75% above their com-
                         about EEPGL’s latest finds at Stabroek.  bined design capacity of 360,000 bpd.
                           As mentioned previously, the company has   This represents an impressive performance –
                         not commented publicly on the location of the   even though, technically speaking, ExxonMobil
                         new discoveries relative to other oil-bearing sec-  does not have any direct competition, because it
                         tions of Stabroek. Instead, the information had   is the only company to have brought an offshore
                         to be inferred from data published by MARAD.  block into production offshore Guyana. It cer-
                           Additionally, EEPGL has not said anything   tainly gives the US giant a commanding lead as
                         about the size of the discoveries. (That is not   the Guyanese government prepares to offer its
                         surprising, given that it has also not revealed   unassigned blocks to investors. ™

































                                                                                        (Image: Hess)



       Week 43   26•October•2022                www. NEWSBASE .com                                              P5
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