Development plan for Exxon's seventh project in Guyana expected in Q1 2025
Recasts top with seventh oil project, details on bidding round awards
By Kemol King
GEORGETOWN, Aug 14 (Reuters) -A development plan for Guyana's seventh offshore oil project is expected early next year, Natural Resources Minister Vickram Bharrat said on Wednesday, and would bring the South American nation's total oil production to more than 1.4 million barrels per day.
The South American country has emerged as the fastest growing oil nation in the last decade, with more than 30 discoveries off its coast. A consortium led by Exxon Mobil XOM.N is producing about 650,000 barrels of oil per day (bpd) from three production platforms.
The group's latest discoveries slightly raised the country's total estimate of recoverable oil and gas in Guyana to 11.6 billion barrels, Bharrat said. The official figure is up from the "more than 11 billion barrels" that has been used since 2022 by the Exxon-led consortium.
The seventh project, called Hammerhead, is projected to add up to 180,000 bpd of production capacity after it starts output in 2029.
"We have not received the field development plan as yet. That will probably be in the first quarter of 2025, and then we will conduct the necessary due diligence with the view of issuing the license once everything is okay," he said.
Winners of a 2023 offshore bidding round for offshore exploration and development blocks are reviewing a production sharing agreement with the intention of paying the signing bonuses and ink the contracts, he said. Bharrat did not say when the companies are expected to conclude their reviews.
INACTIVE LICENSE
A license that had been granted to Canada-incorporated firms CGX Energy OYL.V and Frontera Energy FEC.TO to explore a promising offshore block in Guyana, Corentyne, has expired and no decision has been made to extend it.
"There is no license held by CGX presently. However, the matter is still at the cabinet level for further discussion," Bharrat said.
Guyana's Vice President Bharrat Jagdeo thisyear criticized the group, which has been unable to secure a financial partner for its Guyana projects, complicating itsdevelopment plans.
Analysts and experts were expecting Corentyne to be the next block to be developed in Guyana, bringing much neededdiversity to the country's industry, where all output is controlled by the Exxon group.
A separate license to Spain's Repsol REP.MC for exploring the Kanuku block expired last year, with no renewal approved.
Reporting by Kemol King in Georgetown; additional reporting by Marianna Parraga; writing by Gary McWilliams; Editing by Josie Kao
Activos relacionados
Últimas noticias
Descargo de responsabilidades: Cada una de las entidades de XM Group proporciona un servicio de solo ejecución y acceso a nuestra plataforma de trading online, permitiendo a una persona ver o usar el contenido disponible en o a través del sitio web, sin intención de cambiarlo ni ampliarlo. Dicho acceso y uso están sujetos en todo momento a: (i) Términos y Condiciones; (ii) Advertencias de riesgo; y (iii) Descargo completo de responsabilidades. Por lo tanto, dicho contenido se proporciona exclusivamente como información general. En particular, por favor tenga en cuenta que, los contenidos de nuestra plataforma de trading online no son ni solicitud ni una oferta para entrar a realizar transacciones en los mercados financieros. Operar en cualquier mercado financiero implica un nivel de riesgo significativo para su capital.
Todo el material publicado en nuestra plataforma de trading online tiene únicamente fines educativos/informativos y no contiene –y no debe considerarse que contenga– asesoramiento ni recomendaciones financieras, tributarias o de inversión, ni un registro de nuestros precios de trading, ni una oferta ni solicitud de transacción con instrumentos financieros ni promociones financieras no solicitadas.
Cualquier contenido de terceros, así como el contenido preparado por XM, como por ejemplo opiniones, noticias, investigaciones, análisis, precios, otras informaciones o enlaces a sitios de terceros que figuran en este sitio web se proporcionan “tal cual”, como comentarios generales del mercado y no constituyen un asesoramiento en materia de inversión. En la medida en que cualquier contenido se interprete como investigación de inversión, usted debe tener en cuenta y aceptar que dicho contenido no fue concebido ni elaborado de acuerdo con los requisitos legales diseñados para promover la independencia en materia de investigación de inversiones y, por tanto, se considera como una comunicación comercial en virtud de las leyes y regulaciones pertinentes. Por favor, asegúrese de haber leído y comprendido nuestro Aviso sobre investigación de inversión no independiente y advertencia de riesgo en relación con la información anterior, al que se puede acceder aquí.
