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ExxonMobil begins oil production in Guyana

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ExxonMobil begins oil production in Guyana

Postby neilsingh100 » December 21st, 2019, 7:40 am

Good times start in Guyana! Hope they save and invest their oil money like Norway and not waste it on imports like T&T.

IRVING, Texas – ExxonMobil today announced that oil production has started from the Liza field offshore Guyana ahead of schedule and less than five years after the first discovery of hydrocarbons, which is well ahead of the industry average for deepwater developments.

ExxonMobil begins oil production in Guyana
Production for Liza Phase 1 to reach full capacity of 120,000 barrels of oil per day in the coming months
Liza Phase 1 is the first of multiple offshore projects planned in the Stabroek Block
More than 1,700 Guyanese have worked on ExxonMobil activities in Guyana
Production from the first phase of the Liza field, located in the Stabroek Block, is expected to reach full capacity of 120,000 barrels of oil per day in coming months, and the first cargo is set to be sold within several weeks.

“This historic milestone to start oil production safely and on schedule demonstrates ExxonMobil’s commitment to quality and leadership in project execution,” said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation. “We are proud of our work with the Guyanese people and government to realize our shared long-term vision of responsible resource development that maximizes benefits for all.”

The concept design for the Liza Phase 1 development project features the Liza Destiny floating, production, storage and offloading (FPSO) vessel moored 190 kilometers offshore Guyana, and four subsea drill centers supporting 17 wells.

Approximately 1,700 of ExxonMobil’s employees and other workers supporting its activities in Guyana are Guyanese – more than 50 percent of the total workforce. This number will continue to grow as additional operations progress. ExxonMobil and its direct contractors have spent approximately $180 million with more than 630 local suppliers since the first discovery in 2015.

“Through our continued workforce development and community investments, we are making a positive impact in Guyana,” said Rod Henson, president of ExxonMobil’s Guyana affiliate. “We are committed to the use of technology and continued innovation to achieve the highest standards for safety and environmental performance.”

A second FPSO, Liza Unity, with a capacity to produce up to 220,000 barrels of oil per day is under construction to support the Liza Phase 2 development, and front-end engineering design is underway for a potential third FPSO, the Prosperity, to develop the Payara field upon government and regulatory approvals. ExxonMobil anticipates that by 2025 at least five FPSOs will be producing more than 750,000 barrels per day from the Stabroek Block. The timely development of these additional projects will ensure that the local workforce and the utilization of local suppliers will continue to grow.

The current estimated discovered recoverable resource for the Stabroek Block is more than 6 billion oil equivalent barrels. Esso Exploration and Production Guyana Limited is operator and holds 45 percent interest. Hess Guyana Exploration Ltd. holds 30 percent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 percent interest.


Source: https://corporate.exxonmobil.com/News/N ... -in-Guyana

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Re: ExxonMobil begins oil production in Guyana

Postby pugboy » December 21st, 2019, 7:47 am

they say exxon gipp the govt in that deal,
but they still will get a nice jackpot

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Re: ExxonMobil begins oil production in Guyana

Postby Chimera » December 21st, 2019, 7:50 am

The initial deal exxon got a sweet deal.

Things changed and will change after

Screenshot_20191221-075019_Chrome.jpeg
Screenshot_20191221-074952_Chrome.jpeg

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Re: ExxonMobil begins oil production in Guyana

Postby pugboy » December 21st, 2019, 7:58 am

history will be against guyana though
few countries starting from dirt poor and corrupt ever really benefit the entire population

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Re: ExxonMobil begins oil production in Guyana

Postby vaiostation » December 21st, 2019, 8:15 am

Guyana have the same political system like Trinidad, plus they behind us in infrastructural development by about 20 years. The most likely outcome is that the money is gonna get squandered, while certain people gonna become billionaires, and the majority of the population gonna suffer, similar to Trinidad. Plus they dealing with exxon, which is an american company, and we all know the history of that nation, when it comes to exploiting other people resources for their own gain.

But, hopefully de guyanese, vene and chinee in Trinidad see Guyana as prosperous, and leave here and go there instead.

Besides, crude is on its way out.

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Re: ExxonMobil begins oil production in Guyana

Postby antlind » December 21st, 2019, 8:35 am

vaiostation wrote:Guyana have the same political system like Trinidad, plus they behind us in infrastructural development by about 20 years. The most likely outcome is that the money is gonna get squandered, while certain people gonna become billionaires, and the majority of the population gonna suffer, similar to Trinidad. Plus they dealing with exxon, which is an american company, and we all know the history of that nation, when it comes to exploiting other people resources for their own gain.

But, hopefully de guyanese, vene and chinee in Trinidad see Guyana as prosperous, and leave here and go there instead.

Besides, crude is on its way out.


Hopefully when their infrastructure projects get approved they hire TT contractors. And hopefully the GY government pays these contractors in a timely manner, unlike the TT government.

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Re: ExxonMobil begins oil production in Guyana

Postby Cantmis » December 21st, 2019, 8:43 am

vaiostation wrote:Guyana have the same political system like Trinidad, plus they behind us in infrastructural development by about 20 years. The most likely outcome is that the money is gonna get squandered, while certain people gonna become billionaires, and the majority of the population gonna suffer, similar to Trinidad. Plus they dealing with exxon, which is an american company, and we all know the history of that nation, when it comes to exploiting other people resources for their own gain.

But, hopefully de guyanese, vene and chinee in Trinidad see Guyana as prosperous, and leave here and go there instead.

Besides, crude is on its way out.


They already like that due to gold etc.

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Re: ExxonMobil begins oil production in Guyana

Postby EFFECTIC DESIGNS » December 21st, 2019, 10:53 am

I still feel thee future is in renewable, only thing holding it back is battery technology. And while excellent battery exists, I think Elon Musk has patented the best of it. Then there is the issue of mining the raw materials for the battery which requires plenty of Diesel power along with pollution from people not properly disposing of old batteries.

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Re: ExxonMobil begins oil production in Guyana

Postby neilsingh100 » December 21st, 2019, 7:31 pm

President Granger proclaims December 20, 2019 ' ‘National Petroleum Day’.


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Re: ExxonMobil begins oil production in Guyana

Postby ProtonPowder » December 21st, 2019, 11:06 pm

i can only hope that they treat our plight as a cautionary tale

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Re: ExxonMobil begins oil production in Guyana

Postby nervewrecker » December 21st, 2019, 11:10 pm

antlind wrote:
vaiostation wrote:Guyana have the same political system like Trinidad, plus they behind us in infrastructural development by about 20 years. The most likely outcome is that the money is gonna get squandered, while certain people gonna become billionaires, and the majority of the population gonna suffer, similar to Trinidad. Plus they dealing with exxon, which is an american company, and we all know the history of that nation, when it comes to exploiting other people resources for their own gain.

But, hopefully de guyanese, vene and chinee in Trinidad see Guyana as prosperous, and leave here and go there instead.

Besides, crude is on its way out.


Hopefully when their infrastructure projects get approved they hire TT contractors. And hopefully the GY government pays these contractors in a timely manner, unlike the TT government.


Have TT contractors in there already.

I looking for a nice Guyanese wife yes.

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Re: ExxonMobil begins oil production in Guyana

Postby Dizzy28 » December 23rd, 2019, 9:33 am

Guyana will probably mirror T&T's history of corruption so much it would just be sad. The same two party system, more or less built along the same ethnic support base as here and they do have a prior history of corruption when they weren't as rich ad this could only get worse.

Whenever you all get time read up on their past Min of Finance Ashni Singh (who initially fled to Dubai when the PNC beat PPP) and the NICIL, their state corporation with responsibility for managing the state's interest in investment projects.

Just like NGC and the siphoning of their cash for a number of wasteful projects NICIL siphoned off the royalties from Mining primarily Bosai to build a failed Marriott. Even man like Derek Chin and his MT Guyana Project is part of that scandal (he is Guyanese though)

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Re: ExxonMobil begins oil production in Guyana

Postby De Dragon » December 24th, 2019, 10:16 pm

Seems like you can't dig even a latrine hole without striking oil in Guyana now!

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Re: ExxonMobil begins oil production in Guyana

Postby Duane 3NE 2NR » May 26th, 2022, 11:16 am

Every citizen of Guyana at present owes ExxonMobil $9M – IEEFA Financial Analyst

For every US dollar that Guyana earns per barrel of oil produced in the Stabroek Block, the Oil companies walk away with six dollars.

Compounding the situation is the fact that at present, given the developments already undertaken and underway, each citizen of Guyana owes the oil company some US$44,000 or GY$9.2m


Additionally, at the rate Esso Exploration and Production Guyana Limited (EEPGL)—ExxonMobil Guyana—has envisaged the developments, the ones already identified would see the country repaying ExxonMobil at least US$75B to develop which would mean that the country would be repaying debts on that amount until 2070.

These are among the conclusions of Tom Sanzillo, Director of Financial Analysis for the Institute for Energy Economics and Financial Analysis (IEEFA), who during a public webinar yesterday delved into the financial burdens Guyana has been left in as a result of the lopsided arrangement with EEPGL and the Government of Guyana under the Production Sharing Agreement.
The lopsided arrangement alluded to by Sanzillo is another in the long list of abuses of Guyana.

He used the occasion to posit that what each resident must pay is bad enough and that using all of the oil resources in the budget in order to fund a 37 percent increase in spending adds insult to injury. According to Sanzillo, the Guyana government is currently spending more than it is earning and reminded that the country has had to borrow billions, each year.

With this in mind, Sanzillo said, “Our concern is that Guyana will never see the revenues it was promised.”

https://www.kaieteurnewsonline.com/2022 ... l-analyst/

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Re: ExxonMobil begins oil production in Guyana

Postby timothymcdavid » May 26th, 2022, 1:04 pm

What is it they say "Par for the course" this is how things happen Guyana is a resource rich country and the average man/woman on the road got absolutely nothing to show for it.

One only has to look at various big investments (Bauxite, Gold and Timber) to realize the source of most of the Guyanese public's skepticism.

But then again Glen lall owner Kaietuernews got a bone to pick with the current administration so anything negative he will look to skew and highlight.

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Re: ExxonMobil begins oil production in Guyana

Postby agent007 » May 26th, 2022, 6:48 pm

Lmao ok. Once they have Jagdeo, Guyana will blow past Singapore in no time.

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Re: ExxonMobil begins oil production in Guyana

Postby pugboy » May 26th, 2022, 7:22 pm

so how much money did we pay bp,bg, amoco et al over the decades for each dollar of oil/gas they sold?

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Re: ExxonMobil begins oil production in Guyana

Postby bluefete » January 1st, 2023, 6:17 pm

De Dragon wrote:Seems like you can't dig even a latrine hole without striking oil in Guyana now!


https://oilprice.com/Energy/Energy-Gene ... -2023.html

Guyana’s Oil Boom Will Only Accelerate In 2023
By Matthew Smith - Dec 31, 2022, 1:00 PM CST


Guyana, believed by many to be the last great frontier of the offshore oil boom, is set for another big year in 2023.

The country’s Liza oilfield is already producing 360,000 barrels per day, and Exxon has already found 11 billion barrels in the Stabroek Block.

Guyana’s low break even prices, the quality of its oil, and the very favorable production-sharing agreement Exxon secured means development will be rapid.

Guyana’s offshore oil boom continues to gain momentum. It is the ExxonMobil-led consortium operating the 6.6-million-acre Stabroek Block offshore Guyana which stands to benefit the most from what analysts describe as the last great frontier offshore oil boom.

The global energy supermajor has made over 32 world-class discoveries in the Stabroek Block and is now pumping 360,000 barrels per day from the consortium’s operations in the Liza oilfield. This is a spectacular development considering that Exxon only made the first discovery in the Stabroek Block in May 2015.

The two latest discoveries were announced in October 2022 further underscoring the tremendous oil potential held by the Stabroek Block and offshore Guyana. While other drillers, like CGX Energy have found oil in Guyana’s waters, it is Exxon that is best positioned to fully benefit from the former British colony’s tremendous hydrocarbon potential.

Since 2015, 11% of the crude oil discovered globally has been found in Guyana, with the vast majority occurring in the Stabroek Block where Exxon has estimated that it has found more than 11 billion barrels of oil resources.

That number will keep growing as the global energy supermajor makes further discoveries in the prolific Stabroek Block. The tremendous success experienced by Exxon in Guyana is unmatched and saw the integrated energy company prioritize Guyana in its 2020 capital plan. The global energy supermajor’s CEO Darren Woods reiterated in February 2022 that offshore Guyana will form a key part of Exxon’s production growth with the current discoveries. Liam Mallon President of ExxonMobil Upstream stated that the supermajor is focused on acting as an essential partner for the government of Guyana to develop the country’s vast offshore hydrocarbon resources.

Exxon plans to invest $20 billion to $25 billion annually between now and 2027 with 70% of that spending to be allocated to upstream operations with the Permian, Brazil, Guyana, and LNG being the top priorities. Such a significant exploration plan will deliver dividends when the considerable petroleum potential of the Guyana-Suriname Basin is considered.

Exxon’s swathe of world-class oil discoveries in the Stabroek Block indicates that the U.S. Geological Survey grossly underestimated the basin’s petroleum potential. In a May 2001 report, the USGS calculated that the Guyana-Suriname Basin held mean undiscovered oil resources of 15 billion barrels which is only four billion barrels more than the 11 billion barrels found by Exxon since 2015. This along with the fact that many parts of the Guyana-Suriname Basin are under-explored indicates there is considerable potential for further world-class oil discoveries.

Exxon while focused on the prolific Stabroek Block has also acquired a 35% interest in the Canje and Kaieteur Blocks in offshore Guyana, where it is the operator. The supermajor plans to drill more than 60 wells in offshore Guyana over a six-year period as it seeks to exploit what is fast becoming a key driver of production growth. This includes a 35-well drilling campaign in the Stabroek Block starting during the third quarter 2023, when the current 25 wells being targeted are completed, with the plan expected to conclude by the end of 2028. Exxon also plans to drill 12 wells on the Canje Block and another 12 on the Kaieteur Block over the same period. Both blocks are believed to possess considerable petroleum potential despite recent non-commercial discoveries and dry holes. It has been estimated that Canje contains up to 10 billion barrels of undiscovered oil resources while Kaieteur could hold anywhere up to 2 billion barrels.

Exxon has a range of projects underway in offshore Guyana. The energy supermajor plans to expedite the development of those operations, as occurred with the Liza phase one and two developments that are now operating above nameplate capacity to be pumping 360,000 barrels of oil per day. The $9 billion Payara project, which will consist of 40 wells split between 20 production and 21 injection wells giving it a capacity of 220,000 barrels per day, is currently under development with first oil expected during 2023. There is also the $10 billion Yellowtail development which received a final investment decision (FID) from Exxon in April 2022. This will consist of 26 production and 25 injection wells which will add capacity of 250,000 barrels per day making it the largest project undertaken by Exxon to date in the Stabroek Block. Exxon envisions that those operations when they come online will boost production from offshore Guyana to over 850,000 barrels per day by 2027.

Guyana’s industry-low breakeven prices make it a highly profitable jurisdiction for Exxon which was able to secure a very favorable production-sharing agreement with the national government in Georgetown. Liza Phase 1, which produced first oil on 20 December 2019 less than five years after the first exploration well was drilled, one of the fastest ramp-up periods witnessed, breaks even at $35 per barrel Brent. That fell to $25 per barrel Brent for Liza Phase 2 which pumped first oil in February 2022. The Payara project which will come online during 2023 is forecast to have a breakeven price of $32 per barrel Brent, while the Yellowtail development is expected to break even at $29 per barrel Brent. Those numbers highlight just how profitable oil production in the Stabroek Block is for Exxon while underscoring the crucial role operations in Guyana will play in reducing the company-wide breakeven from $41 per barrel in 2021 to $35 a barrel by 2027. As drilling techniques improve and additional infrastructure is developed in offshore Guyana those breakeven prices will likely fall lower.

Another compelling reason for Exxon to prioritize developing its assets in offshore Guyana is the high-quality oil being discovered in the Stabroek Block and pumped from the Liza oilfield. Liza grade crude oil is light and sweet, with an API gravity of 32 degrees and 0.58% sulfur, meaning it is cheaper and easier to refine into high-grade fuels.

The oil being produced has a low greenhouse gas intensity to extract, especially in comparison to heavier sourer varieties being produced in other South American countries, like Venezuela and Colombia. According to the Carnegie Endowment for International Peace, generally lighter sweeter grades emit a lower volume of greenhouse gases when produced and refined. As the world pushes to decarbonize the global economy there is growing pressure on energy companies to cut the volume of greenhouse gases emitted when extracting and refining crude oil. Exxon, as part of its 2023 to 2027 Corporate Plan, intends to reduce the carbon intensity of upstream operations by 40% to 50%, with growing production in Guyana slated to play a key role with those operations to have a greenhouse gas intensity that is 30% less than the upstream average by 2027.

It is not difficult to see why Exxon has prioritized its assets in Guyana for further development. Not only was Exxon able to secure a very favorable production sharing agreement with Georgetown which contributed to industry-low breakeven prices, but production will keep expanding at a rapid clip making Guyana an important profit center. After a substantial outcry, such an extremely beneficial production-sharing agreement will likely never be secured by any other energy company in Guyana. The low carbon intensity of the petroleum produced in Guyana amplifies the importance of those operations in a world seeking to sharply reduce greenhouse emissions in the fight against climate change. For those reasons, Exxon is poised to benefit significantly from its investment in offshore Guyana and unlock considerable value for shareholders.

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Re: ExxonMobil begins oil production in Guyana

Postby pugboy » January 1st, 2023, 6:30 pm

is pure excitement over there
somebody I know there say all kinda sharks hoping to get a bite out of any deal
you just have to look foreign and walk in a hotel and some local in a bad fitting suit will approach you

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Re: ExxonMobil begins oil production in Guyana

Postby gastly369 » January 1st, 2023, 7:21 pm

Heading up this year... Some business expansion

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Re: ExxonMobil begins oil production in Guyana

Postby AbstractPoetic » January 1st, 2023, 8:01 pm

gastly369 wrote:Heading up this year... Some business expansion


Many of my school colleagues are leaving Trinidad for Guyana, and I don't blame them. Best wishes in your new ventures!

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Re: ExxonMobil begins oil production in Guyana

Postby Kickstart » January 1st, 2023, 9:40 pm

AbstractPoetic wrote:
gastly369 wrote:Heading up this year... Some business expansion


Many of my school colleagues are leaving Trinidad for Guyana, and I don't blame them. Best wishes in your new ventures!
You should blame them , cause they voted for PNM and made a mess for themselves and this country.

Amazing that PNM people blame Indians but run to Guyana. Indian Guyanese will not tolerate PNM people

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Re: ExxonMobil begins oil production in Guyana

Postby VII » January 2nd, 2023, 12:17 am

Guyanese bandit and robbery different eh bannuhs..good luck ...

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Re: ExxonMobil begins oil production in Guyana

Postby bluefete » January 2nd, 2023, 1:16 am

So the previous government got outsmarted by Exxon-Mobil or maybe they were planning for some massive corruption down the road.

ExxonMobil unhappy with Guyana government’s plans to review oil agreements

ExxonMobil has said that it is open to the new Guyana government’s interest in increasing the local content of its operations but not to any renegotiation of its controversial 2016 production sharing content negotiated with the former APNU+AFC government.

The comment by Alistair Routledge, the newly appointed President of ExxonMobil Guyana, follow indications that the country’s government intends reviewing existing and future arrangements with Exxon.

https://www.caribbean-council.org/exxon ... greements/

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Re: ExxonMobil begins oil production in Guyana

Postby bluefete » January 2nd, 2023, 1:21 am

Guyana's government is very open and transparent.

Go to - http://www.resourcecontracts.org and you will get the production sharing contracts between Exxon-Mobil and the Guyana Government.

There are productions contract there for 99 countries but T&T only has a draft of 2.

Fascinating reading as to how small countiris with corrupt governments make deals that profit the oil companies and not the people of the country.

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