Page 4 - LatAmOil Week 08 2023
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LatAmOil                                      COMMENTARY                                            LatAmOil



































                                              Ranger (marked here with 6) is relatively isolated from the other oilfields discovered at Stabroek (Image: Hess)

       Filling in the empty





       spaces at Stabroek







       As Guyana plans to reclaim 20% of the country’s only producing block, ExxonMobil

       looks into using the isolated Ranger oilfield as the basis for a development project



                         EXXONMOBIL, the US-based super-major,   Threat of relinquishment
                         stands at the head of the group of international   But EEPGL’s operational and financial suc-
       WHAT:             oil companies (IOCs) investing in Guyana   cesses have not rendered it immune from con-
       Guyana’s government   thanks to its position as operator of Stabroek,   sequences. Guyanan Vice President Bharrat
       says EEPGL must   the offshore block that is home to the country’s   Jagdeo told Reuters late last week that George-
       relinquish a section   only producing sites.           town intended to impose certain penalties on
       of Stabroek, as it has   The company’s local subsidiary, Esso Explo-  the company because of its failure to start explo-
       missed deadlines for   ration & Production Guyana Ltd (EEPGL), has   ration and development within large portions of
       starting exploration and
       development.      already brought the Liza-1 and Liza-2 fields on   the Stabroek block.
                         stream and aims to launch production at the   In an interview with the news agency, Jagdeo
       WHY:              Payara field before the end of this year. It will   said that EEPGL’s contract allowed the govern-
       The Exxon subsidiary may   then follow with the Yellowtail field in 2025 and   ment to reclaim at least 20% of the block, which
       see the development of   is seeking government approval for its plan to   covers an area of 6.6mn acres (2.67mn hectares)
       Ranger and neighbouring   launch Uaru in 2026 and Whiptail in 2027 or   in Guyana’s offshore zone. Georgetown can
       fields as a means of   2028.                           require the ExxonMobil subsidiary to surren-
       staving off additional   Altogether, these six fields are expected to   der unexplored portions of the licence area,
       relinquishment.   bring Guyana’s crude oil output up from the   which is known to contain at least 11bn barrels
                         current level of about 360,000 barrels per day to   of oil equivalent (boe) in recoverable reserves,
       WHAT NEXT:        1.2mn bpd within less than six years. In turn, oil   he stated.
       EEPGL’s tie-back strategy   export revenues are anticipated to swell the Guy-  He indicated that Guyanese authorities
       would probably leave a   anese government’s coffers, pumping money   wanted to regain authority over unexplored sec-
       large portion of the block   into the economy and supporting economic   tions of Stabroek so that they could offer them to
       still undeveloped.  growth.                            other investors.



       P4                                      www. NEWSBASE .com                    Week 08   22•February•2023
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