Page 5 - LatAmOil Week 43 2022

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