Former gov’t minister celebrates new ExxonMobil announcement – calls on Guyana to be ready for economic boom

DPI, Guyana, Monday, July 23, 2018

Former Minister of Natural Resources and the Environment, Robert Persaud has celebrated the recent announcement by ExxonMobil and has called on all of Guyana to be ready for what is to come.

Following the announcement by the oil and gas exploration company this morning, Persaud took to his Facebook page, giving kudos to the expected economic boom.

Former Minister of Natural Resources and the Environment, Robert Persaud

According to him, in less than seven years, Guyana’s economy will jump from US$3.68Billion to close to a US$15Billion (more than GYD$3Trillion). This would mean that individual worth would increase by as much as 400 percent.

He said there is no other country whose wealth is projected to expand by over 400 percent in the next seven years.

The former minister said news like this should motivate Guyanese to do less bickering, finger-pointing and move ahead with the task of getting the country ready for what he described as “real prosperity.”

Persaud said: “We are on the way to phenomenal prosperity and don’t let the naysayers hold us back from getting ready, they all have their own agendas!”

ExxonMobil announced this morning that its Stabroek Block has been confirmed to have more than four billion oil-equivalent barrels and has increased its estimate of the discovered recoverable resources from a previous estimate of 3.2 billion oil-equivalent barrels.

According to ExxonMobil’s Senior Vice President, Neil Chapman, continued success in “Guyana and progress in other upstream growth projects in the U.S. Permian Basin, Mozambique, Papua New Guinea and Brazil are giving us additional confidence in achieving our long-term earnings growth plans that we outlined in March.”

In addition, it was outlined that the Liza-5 well successfully tested the northern portion of the Liza field and, along with the giant Payara field, will support the third phase of development in Guyana. The Payara development will target sanctioning in 2019 and will use an FPSO vessel designed to produce approximately 180,000 barrels of oil per day, as early as 2023.

The Longtail Well established the Turbot-Longtail area as a potential development hub for recovery of more than 500 million oil-equivalent barrels. Additional prospects to be drilled in this area could increase this estimate.

By: Alexis Rodney

Image: Guyana Chronicle