ExxonMobil remains bullish on exploration – Country Manager
DPI, Guyana, Monday, July 23, 2018
ExxonMobil is quite bullish to continue exploration and evaluation of the resources in the Stabroek Block, Country Manager Rod Henson said.
Today, ExxonMobil announced the recoverable resources in the Stabroek Block increased to 4Billion oil-equivalent barrels following the completion of testing at the Liza-5 appraisal well, a discovery at Ranger, incorporation of the eighth discovery, Longtail, into the Turbot area evaluation and completion of the Pacora discovery evaluation.
“We’re quite bullish to continue exploring to work with the government to evaluate this resource,” Henson told the Department of Public Information (DPI) today.
ExxonMobil has had an 80 percent success rate in its exploration. “In my 30 years it is pretty unprecedented,” Henson added. He said the future for Guyana is bright as the company envisions five developments which could push production to 750,000 barrels per day by 2025.
It will begin production at the Liza phase one development in early 2020 and is currently perusing permits for Liza phase two development.
The company is eyeing a third development for production in 2023. The third development will be in the Payara field. It will begin perusing the developments next year.
A fourth development is expected in the Longtail-Turbot fields. “It looks like they could be a hub for a potential fourth development. We see the potential for a fifth development,” Henson noted.
By: Tiffny Rhodius
Image: Jameel Mohamed