30/01/2024 by Richard
Having already established oil production offshore of Guyana, ExxonMobil is now looking to explore opportunities to develop natural gas fields in the Stabroek Block that it operates.
In just five years of operations, the company has discovered some 11 billion barrels in recoverable oil reserves. Production is already over 500,000 barrels per day (bpd), with a string of further projects in the pipeline.
Nevertheless, Guyana is keen to exploit its resources before the transition to low-carbon energy causes a drop in the demand for fossil fuels. Developing natural gas resources, according to interviews reported in Energy Intelligence, is a key part of this for both the Guyanese Government and ExxonMobil, which also makes Mobil gear oil and grease products.
Alistair Routledge, Exxon’s president for Guyana operations, said the company’s aim was to first ensure that it had a good comprehension of the resources, and:
“…that we have the right scale, that we understand the fluids and the reservoirs in order to progress concepts. Between the exploration and appraisal activity, and the concept work we’re doing, we’ll have a better feel for the timeline to develop the gas around the end of this year.”
Exploration will focus on the eastern section of the Stabroek Block, which is believed to hold more gas than the western part where Exxon’s oil-centric operations are located. The produced gas could be reinjected to support oil production, used to power industrial development and homes, or exported as liquefied natural gas (LNG), given that there is currently limited domestic demand for natural gas.
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