Exxon is still the best bet on Guyana overseas oil boom | OilPrice.com

Global Energy Supermarker Exxon Mobile is one of the few Western energy companies investing in the growth of the Guyana and the oil industry. A.D. After acquiring the first high-quality oil in a 6.6 million-acre Stabrock block in 2015, it became an Exxon operator with an interest rate of 45%. Incredible success. A.D. By the end of 2020, as world oil companies tighten their belts and learn to live in a world of less than $ 50 a barrel, Exxon has announced that it will spend capital on the coast of Guyana. That decision is costing the global energy supermarket a lot of money. Guyana is shaping up to be the site of a South American and perhaps the world’s hottest beach. A.D. In October 2021, Exxon announced its 23rd crude oil discovery in the Stabrock Block with the Katabak-1 well in September at the Pinktel well. Recent discoveries with previous high-quality oil discoveries in coastal Guyana and Exxon Improve the estimate Renewable petroleum resources in the Stroke block have already been estimated at more than eight billion barrels to 10 billion barrels.

Along with the great drilling success and exploration opening in the Stabroek block, jobs are proving to be extremely profitable. Hes, with 30% interest in Stabroek and the remaining 25% with CNOOC in China, said in February 2020 that Lisa Chapter One had the lowest production capacity of 120,000 barrels per day in December 2020. Defective price $ 35 per barrel. When Lisa’s Level Two development comes online, that is expected to drop to $ 25 per barrel into the industry. Lisa Unity FPSO, which traveled from Singapore to Guyana in August 2021, is scheduled to begin operations in early 2022. Field.

Exxon is also growing. Piara Oil Field At Stabrock Block, a water depth of about 2,000 feet[2,000 m]north of Lisa. Piara’s field is smashed in barrels for $ 32. Brent is on sale. Over $ 85 per barrel. Piaara is expected to start production in 2024 and will be able to produce 220,000 barrels of crude oil per day. This means that by mid-2024, Exxon is expected to produce about 560,000 barrels of crude oil from Stroke Block.

The low price of the oil refineries in the Stroke block and the excellent product sharing agreement with Guyana will make Guyana a great source of profit for Exxon by combining low royalties and development costs. Energy Supermer plans to expand its Lotel field as the next and fourth development in Stabroek Block. This is the 13th Exxon oil discovery in the block and the 5,622-meter Lowtel-1 well that the company has identified as a new reservoir. The 17th oil discovery of the Starbucks block, a successful completion in the first half of 2020, confirms the existence of an oil-bearing sandstone in the Yellowtail-1 well. The Redtel-1 field, which was successfully completed in September 2020, includes Redtel Oil Field, according to Exxon. Exxon By 2026, Starbuck Block expects to produce more than 750,000 barrels of crude oil per day. The growth spurt combined with the massive exploration of Stroke Block shows that more than 10 billion barrels can be grown.

Stroke is becoming an important value for Exxon not only because of its vast oil reserves, but also because of the properties of crude oil obtained and produced. Exxon Lisa Level crude oil The gravity of the API is 32 degrees and the sulfur content is 0.58%. This indicates that not only is it easier and cheaper to filter out the heaviest and heaviest crude oil compounds on the coast of South America, but they also have a much lower carbon footprint than most compounds. Those characteristics are important in a hot world where governments work to reduce their carbon footprint and keep global warming below 2 degrees Celsius. This has put a lot of pressure on international energy companies to be carbon neutral. After some opposition, Exxon decided to reduce its carbon footprint by developing small-scale fossil fuels, such as Upper Basin Operations. The development of Stroke Block and the simple sweet oil in the tank is an important part of that strategy. This is important to keep in mind, as oil and natural gas are known to be important sources of energy, even when global warming is less than 2 degrees Celsius.

The Guyana national government in Georgetown is focused on reassuring the impoverished South American country. Of great benefit Exxon Petroleum Resources Since 2015. The Exxon-led consortium will not only share the profits of developing Stroke Block, but will also build infrastructure to provide the fast-growing Guyana economy. Investment in petroleum combined with oil export revenues has led to a 43.5% increase in GDP by 2020, when all other regional economies are hit by the epidemic. The IMF protects Guyana. To grow the economy As petroleum investment and production expands in 2021, it needs partners to build a 220-kilometer offshore natural gas pipeline that connects Georgetown’s Lisa Oil Field to a natural gas processing plant and a gas-fired power plant. Exxon guarantees Georgetown. $ 400 million Flash payments Earlier this year, there was a reduction in the amount of carbon in the Lisa field. As more petroleum industry infrastructure develops, broken prices for energy projects in Guyana will be reduced, making it more profitable and accessible to foreign energy companies.

By Matthew Smith for Oilprice.com

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