Gov’t welcomes new offshore oil discoveries

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– new discoveries position Guyana to exceed a total of 9 billion oil-equivalent barrels

See statement from the Ministry of Natural Resources:

The Ministry of Natural Resources on behalf of the Government of Guyana is pleased to announce Guyana’s newest Oil Discovery by Exxon Exploration and Production Guyana (EEPGL) and partners at Pinktail Offshore Guyana, within the Stabroek Block.

The Pinktail well encountered high-quality hydrocarbon-bearing sandstone reservoirs at 67 meters within the Stabroek Block offshore Guyana.  This discovery is in addition to EEPGL’s successful appraisal of the Turbot-1 and Turbot-2 discoveries at 13 meters and 23 meters respectively, which also encountered high-quality hydrocarbon.

The Government of Guyana is confident that these additional discoveries will serve to further catapult Guyana’s monumental transition as a country with world-class discoveries of high-quality hydrocarbon. As such, the Government of Guyana remains committed and persistent in engaging all stakeholders towards the beneficial development of these resources for all Guyanese in a sustainable and responsible manner. Hence, the Government of Guyana has mandated the Ministry of Natural Resources and the Petroleum Sector regulatory agencies to enhance the oversight and management of the exploration programmes of all operators as we seek to further expand the sector through advancing commercial discoveries.

The Government also takes this opportunity to welcome the announcement by EEPGL that the Liza Unity FPSO departed Singapore on September 03, 2021, and is expected to arrive offshore Guyana in mid-November 2021 with an anticipated startup of production in early 2022. The Liza Unity FPSO has a capacity of approximately 220,000 barrels of oil per day, which will complement the Liza Density FPSO which is currently producing approximately 120,000 barrels of oil per day, bringing Guyana to producing approximately 330,000 barrels of oil per day in 2022.

The Ministry of Natural Resources and the Government of Guyana welcome these new discoveries offshore Guyana and remain committed to the sustainable exploration and development of Guyana’s oil and gas resources. In this vein, I would like to reassure all Guyanese and stakeholders that this will be undertaken in keeping with international best practices for compliance and transparency within the petroleum sector and to ensure benefits are derived for all Guyanese.