Guyana: Top country for discovered oil in 2018 – will avoid “oil curse” Part Two
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Guyana on the road to becoming a top producer
A final investment decision on the first phase of development for the Liza field was made, and also results were
reported from the Liza-4 well, which the ExxonMobil said encountered more than 197 feet of high-quality, oil-bearing
sandstone reservoirs and will underpin a potential Liza Phase 2 development.
Gross recoverable resources for the 6-million-acre Stabroek block are now estimated at 2-2.5 billion oil-equivalent
barrels, including Liza and the Liza Deep, Payara, and Snoek exploration wells.
Production is expected to begin by 2020, less than 5 years after discovery of the field.
Phase 1 is expected to cost
just more than $4.4 billion, which includes a lease capitalization cost of $1.2 billion for the FPSO facility, and will
develop 450 million barrels of oil.
Drilling of the Payara-2 well on Stabroek is expected to commence in late June of 2017 and will also test a deeper
prospect underlying the Payara oil discovery.
(17)
Guyana Resources Minister Raphael Trotman announced mid-year that ExxonMobil and its partners could now drill
an area believed to contain at least two billion barrels of oil.
He said that oil extraction is expected to start in 2020 at an initial rate of 100,000 barrels per day.
ExxonMobil will
receive a royalty of 2 percent on gross earnings and 50 percent of profits.
(18)
IMG
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