Page 4 - LatAmOil Week 08 2023

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