New hydrocarbon discoveries have put Guyana on track to become perhaps the largest producer of oil in the world. The oil-rich country could be able to produce more than over 1 million barrels of oil every day by 2030
According to reports from that country “ExxonMobil and its partners in the Stabroek Block announced that two of its exploration wells contain commercially viable levels of hydrocarbon”
Drillers, the reports say encountered approximately 312 feet (95 meters) of hydrocarbon-bearing sandstone at the Sailfin-1 well and approximately 75 feet (23 meters) at the Yarrow-1 well.
President of ExxonMobil Upstream Company, Liam Mallon, said his company’s “unrivaled exploration success and accelerated pace of development in Guyana are a testament to our people, decades of experience, technology capabilities and steadfast focus on optimizing all aspects of operations.”
“We are committed to responsibly and safely developing this world-class resource to help meet global demand for secure, reliable, and lower-emission energy. Our investments through the pandemic have allowed us to increase supply at this critical time while creating value for the people of Guyana, our partners, and shareholders.”
These wells, when added to the developments taking place at ExxonMobil’s Guyanese projects, will mean Guyana will produce over 1 million barrels of oil per day by 2030, according to the company.
Furthermore, ExxonMobil said its first two offshore projects, Liza Phase 1 and Liza Phase 2, are now producing above design capacity and achieved an average of nearly 360,000 barrels of oil per day in the third quarter.
A third project, Payara, is expected to start up by the end of 2023, and a fourth project, Yellowtail, is expected to start up in 2025.