Page 10 - LatAmOil Week 03 2023

LatAmOil GUYANA LatAmOil

Brazil has become a major customer for Guy- The country became an oil producer in late
ana’s two grades of crude, receiving over 6mn 2019, when a consortium led by ExxonMobil
barrels in 2022. (US) brought the Liza-1 project on stream. The
Meanwhile, Guyana’s oil revenues in 2022 US super-major and its partners are using the
reached $1.1bn, up from its combined earn- Liza Destiny floating production, storage and
ings of $409mn in profit and royalties in 2021. off-loading (FPSO) vessel to extract 140,000
The increase was largely due to rising oil prices, bpd from Liza-1 and have installed the larger
which also caused revenues to exceed initial Liza Unity FPSO at Liza-2.
forecasts of $958mn. They have arranged to install the 220,000 bpd
Though it has long been among the small- Prosperity FPSO at Payara, which will begin
est and most underdeveloped nations in South production in late 2023, and the 250,000 bpd
America, Guyana is looking to become a major ONE Guyana FPSO at Yellowtail, which will
crude producer. It is looking to use oil revenues follow suit in 2025.
to foster economic growth and diversification Additionally, they have ordered two more
by advancing industrialisation, building new 250,000 bpd FPSOs for Uaru and Whiptail, the
roads and improving energy supplies through fifth and sixth development targets at Stabroek.
the construction of a gas-fired thermal power They have yet to take final investment decisions
plant (TPP) and solar energy facilities. (FIDs) for these projects, though. ™

Whiptail named as target for sixth

development project at Stabroek

EXXONMOBIL Guyana, a subsidiary of the US mobilisation and installation of subsea equip-
super-giant ExxonMobil, has named the Whip- ment, umbilicals, risers and flowlines (SURF);
tail oilfield as the main target of its sixth devel- the installation of a floating production, storage
opment project at the Stabroek block, OilNOW. and off-loading (FPSO) vessel; production oper-
gy reported on January 15. ations; and decommissioning activities.
In a notice, Guyana’s Environmental Pro- According to OilNOW.gy, ExxonMobil
tection Agency (EPA) said the company had Guyana has already signed a memorandum of
asked to begin the authorisation process for understanding (MoU) with SBM Offshore of the
work at Whiptail. The project will involve well Netherlands for the construction of the FPSO
drilling and completion, it noted, along with the for the Whiptail project.

Whiptail would be the sixth development project at Stabroek (Image: ExxonMobil)

P10 www. NEWSBASE .com Week 03 18•January•2023