With the price of brent crude oil per barrel hovering at USD$100.00, Guyana’s position in the global petroleum industry remains very attractive.
Prospects for new discoveries outside Guyana’s most successful offshore oil block, the Stabroek Block, are being revisited for commercial viability.
Co-venturers of the Orinduik Block, Tullow Oil plc, Eco-Atlantic, and TotalEnergies/Qatar Energy JV, are returning to the previously stagnant Jethro well as its value has surged with the rising price of oil.
The co-venturers of the Orinduik Block are expected to submit drilling targets to the Government of Guyana for the third quarter of 2022. This drilling request comes at a time when the Government of Guyana is considering renegotiating the fiscal terms for discoveries outside of the Stabroek Block.
ExxonMobil Guyana’s activities continue at a fervent pace. Ahead of a 12-well drilling campaign in the Canje and Kaieteur Blocks, Guyana’s Environmental Assessment Board of the Environmental Protection Agency (EPA) held a public hearing at the end of June to discuss any concerns surrounding prospective activities.
Within the Stabroek Block, ExxonMobil Guyana made two more successful finds. With the addition of these finds, the number of commercially viable wells is now more than 30. ExxonMobil Guyana projects to have 10 floating production storage and offloading (FPSOs) vessels operational in the Stabroek Block by 2030.