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Tag Archives: Stabroek Block

Guyana’s oil revenues will decline in short term; ExxonMobil won’t stop production in Guyana

Plummeting demand for oil as a result of the Coronavirus (COVID-19) pandemic and an oil price war are expected to see Guyana earning less than the US$300 million it had expected to rake in annually from the Liza Phase 1 project and force ExxonMobil to push back developing other oil reservoirs, an analyst said. ExxonMobil spokeswoman in Guyana, Janelle Persaud ...

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Guyana fast-tracked negotiations to prevent ExxonMobil-controlled consortium’s pull-out over Venezuela’s threat -PM

Prime Minister Moses Nagamootoo Tuesday night condemned a Global Witness report that concludes that the 2016 ExxonMobil deal amounts to a US$55 billion giveaway, instead saying that government fast-tracked negotiations to prevent the company from pulling out due to Venezuela’s claim. Nagamootoo criticised Global Witness’ call for a suspension of oil production to pave the way for renegotiation of the ...

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As global anti-corruption watchdog calls for renegotiation of oil contract, independent probe believes ExxonMobil likely withheld vital information from Guyana gov’t

Even as the United Kingdom-headquartered international natural resource anti-corruption watchdog, Global Witness, calls for a renegotiation of the Stabroek Block agreement with ExxonMobil to secure at least a 69 percent equal share of oil revenue, an independent probe has found that ExxonMobil appeared to have withheld vital information about another oil discovery before signing the controversial 2016 agreement. The UK-headquartered ...

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ExxonMobil ups Guyana recoverable resources to more than 8 billion oil-equivalent barrels, makes discovery at Uaru

IRVING, Texas – ExxonMobil has increased its estimated recoverable resource base in Guyana to more than 8 billion oil-equivalent barrels and made a further oil discovery northeast of the producing Liza field at the Uaru exploration well, the 16th discovery on the Stabroek Block. The new recoverable resource estimate includes 15 discoveries offshore Guyana through year-end 2019. The Uaru discovery ...

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ExxonMobil makes 15th oil discovery offshore Guyana at Mako-1 well

IRVING, Texas – ExxonMobil said today it made an oil discovery offshore Guyana at the Mako-1 well southeast of the Liza field, marking the 15th discovery on the Stabroek Block. The discovery adds to the previously announced estimated recoverable resource of more than 6 billion oil-equivalent barrels on the Stabroek Block. Mako-1 encountered approximately 164 feet (50 meters) of a ...

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ExxonMobil begins oil production in Guyana

IRVING, Texas – ExxonMobil Friday announced that oil production has started from the Liza field offshore Guyana ahead of schedule and less than five years after the first discovery of hydrocarbons, which is well ahead of the industry average for deepwater developments. Production for Liza Phase 1 to reach full capacity of 120,000 barrels of oil per day in the ...

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Commercial oil production begins offshore Guyana in December, 2019

Hess Corporation, one of the partners in the ExxonMobil-controlled oil operations offshore Guyana, says commercial oil production will begin in December 2019. “In September, we announced our 14th discovery in the Stabroek Block at Tripletail, offshore Guyana and are now targeting December for first oil from the Liza-1 development,” Chief Executive Officer of Hess Corporation, John Hess was quoted as ...

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France-headquartered company wins multimillion dollar seawater treatment contract in Guyana

Veolia Water Technologies, through its subsidiary VWS Westgarth Ltd, says it has been awarded a multi-million dollar contract by SBM Offshore for the supply of a seawater treatment package for the Liza Unity FPSO, located in the Stabroek block offshore Guyana. The award is for the design and procurement of equipment with construction technical assistance for a seawater treatment plant ...

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ExxonMobil makes 1st Tripletail-1 well discovery offshore Guyana 

The Director of the Ministry of the Presidency’s Department of Energy, Dr. Mark Bynoe on Monday announced that ExxonMobil made an oil discovery on the Stabroek Block offshore Guyana at the Tripletail-1 well in the Turbot area. This well was being drilled by the Tom Madden drillship. This discovery adds to the previously announced estimated recoverable resource of more than ...

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Venezuelan rivals cross swords over relinquishing claim of oil-rich Guyana’s Essequibo

Reproduced from Argus Media Venezuela’s rival political authorities are trading accusations of relinquishing the country’s historical claim to a large swath of neighboring Guyana on the eve of ExxonMobil’s launch of offshore production there. Venezuela’s executive vice president Delcy Rodriguez today released what she says is a months-old tape of Vanessa Neumann, the UK envoy of opposition leader Juan Guaido, ...

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