President of ExxonMobil Guyana, Alistair Routledge, on Tuesday, reaffirmed that the company and its partners are eagerly awaiting Government’s approval of the Payara development project which he said is set for a 2024 start-up.
Routledge was at the time delivering a presentation at the Caribbean Oil and Gas Virtual Summit which is being coordinated by Valiant Business Media UK. The event will run for three days and will see representatives from Governments and other stakeholders making presentations and engaging with each other.
Like the Liza Phase 2 project, the Payara development is expected to produce up to 220,000 barrels of the oil per day when it commences production.
“We are excited about this project and eager to move forward,” Routledge assured.
He noted that while investment projects in all sectors must compete for funding in these unprecedented times, Payara remains a top priority in the company’s global growth plans.
“We firmly believe that the Payara development concept maximizes value for our partners which include the people and Government of Guyana,” he told stakeholders.
The President of ExxonMobil Guyana explained that in a market where many projects have been postponed or cancelled, the company and its partners remain committed to new investments in Guyana.
Recently, the new PPP/C administration began to engage international experts with the aim of conducting a review of the project plan before final go-ahead is given. In this regard, Routledge said that his company is working with the Government to make sure they have all the information they need so that a decision could be made in good time.
The Guyana Government had stated several times before that while it wants investors to feel comfortable and confident here, its foremost interest lies in ensuring that Guyanese also enjoy maximum benefits from the country’s oil resources.
Meanwhile, Routledge said the foundation for the oil and gas sector in Guyana is truly impressive, and the company “has just gotten started”.
“The opportunities in Guyana are as good as the opportunities anywhere in the world. We are committed to building the foundation in place, translating the opportunities into safe sustainable growth,” he expressed.
The top official who served five years in oil-rich Qatar before coming to Guyana explained, that ExxonMobil and its partners, both local and overseas, are engaged in a set of complex projects, requiring the latest technology with the coordination of companies around the world.
“We expect to be here for several decades and that perspective guides our investment decision,” he asserted.
Routledge announced that the company started drilling at the Tanager-1 well in August. In addition to being the company’s first well on the Kaieteur block, it is the deepest in terms of water depth to be built in Guyana, he said.
“If we are successful, the Tanager well will open a new set of opportunities in the Guyana oil and gas sector,” he noted.
He also said that in addition to the Tanager well, the company is preparing for the first well in the Canje block which will be spud by early next year.
Just a few days ago, Exxon announced two discoveries in the Stabroek block – Yellow Tail 2 and Red Tail.
Routledge noted that for a long time, Brazil Mexico, Columbia, Venezuela and Argentina have been the regional giants of oil production, however, Guyana is now on a trajectory to join this group.