Page 13 - LatAmOil Week 45

LatAmOil GUYANA LatAmOil

VP Bharrat Jagdeo (Photo: Headline News Guyana)

Guyana became an oil producer in December more than a dozen oil discoveries at Stabroek
2019, when the US super-major ExxonMobil and have sanctioned development at three sec-
brought the Liza-1 section of the Stabroek off- tions of the blocks: Liza-1, Liza-2 and Payara.
shore block on stream. Liza-2 is slated to begin production in 2022 and
The company and its partners have made Payara will follow suit in 2024. ™

SURINAME
Apache waxes enthusiastic about Block 58

US-BASED Apache indicated last week that it Additionally, it said it was proceeding with
remained enthusiastic about the prospects of exploration drilling at the Keskesi field, its
the offshore Guyana-Suriname basin, where it fourth target, and intended to sink its next well
has been leading development work at Block 58. at a section of the block known as Bonboni.
John J. Christmann IV, the company’s CEO Apache did not reveal when drilling might
and president, told analysts that this basin was begin at Bonboni.
one of his company’s top priorities. In fact, he
said, Apache views Block 58, the site offshore
Suriname where it has already made three oil
discoveries, as a higher priority than US shale.
“We’re making a long-term decision because
we think there’s going to be much, much greater
benefit,” he said during a conference call on
November 5.
Christmann spoke similarly in a press release
that Apache issued the following day.
“[We] are prioritising long-term returns over
growth, generating free cash flow, strengthening
our balance sheet through debt reduction and
advancing a large-scale opportunity in Suri-
name,” he said. “We are allocating capital to the
best return opportunities across our diversified
portfolio [and] aggressively managing our cost
structure.”
In the same press release, the company
reported that it had filed appraisal plans for two
of its discoveries at Block 58, Maka Central and
Sapakara. It also said it intended to take similar
steps for Kwaskwasi, its third (and, thus far, the
most promising) discovery, before the end of the
year. Four wells have been sunk at Block 58 (Image: Apache)

Week 45 12•November•2020 www. NEWSBASE .com P13