23/07/2024 by Richard
The government of Guyana has disclosed that ExxonMobil plans to develop a seventh project offshore of the South American country.
The project will be based on the Hammerhead discovery. If it gains government approval and ExxonMobil decides to proceed with a final investment decision, the project will involve drilling as many as 30 wells to achieve a daily crude oil production of 120,000–180,000 million barrels per day (bpd).
While this is less than some of the other vessels in the area, it will be enough to take Guyana’s current production rate to over 1.4 million bpd when it comes online in 2029.
ExxonMobil, which also makes the Mobil SHC gear oil, leads a consortium that also includes China’s CNOOC and the American Hess Corporation. It is responsible for the country’s entire oil output, having become an oil-producing country in 2019, with production currently in excess of 600, 000 bpd.
Nevertheless, the consortium has already committed to enough projects to get total production to around 1.3 million bpd. ExxonMobil Upstream Company’s president, Liam Mallon, said when a final investment decision was made for the sixth project:
“Our unrivalled success in developing the Guyana resource at industry-leading pace, cost and environmental performance is built on close collaboration with the government of Guyana, as well as our partners, suppliers and contractors. The Stabroek block developments are among the lowest emissions intensity assets in ExxonMobil’s upstream portfolio…”
Environmental reviews now need to be conducted before the Hammerhead project can be put to the Guyanese Government for approval.
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