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11 billion barrels of oil

11 billion barrels of oil

11 billion barrels of oil

Puts Guyana on the map

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Amsterdam January 21 2023 — UK’s British Petroleum has been awarded a contract to market Guyana’s share of oil produced at the Liza Destiny and Liza Unity platforms, reports Oilprice. 

With 11 billion barrels found to date, Guyana is home to one of the largest oil discoveries over the last decade.

U.S. oil and gas Exxon Mobil is one of the largest players in Guyana, and has been developing production in offshore Guyana at a pace that ”far exceeds the industry average”.

Exxon’s two sanctioned offshore Guyana projects, Liza Phase 1 and Liza Phase 2, are now producing above design capacity and have already achieved an average of nearly 360K bbl/day of oil.

ExxonMobil expects total production from Guyana to reach 800.000 bpd by 2025and cross a million barrels per day by the end of this decade. The company might even exceed that target: a month ago, Exxon announced it had made two more discoveries s at the Sailfin-1 and Yarrow-1 wells in the Stabroek block offshore Guyana, bringing discoveries on the block to more than 30 since 2015.

Exxon is the operator of the Stabroek block where it holds a 45% interest while partners Hess Corp and Cnooc hold a 30% and 25% interest, respectively. Through mid-year, the consortium produced crude worth US$ 307 million in Guyana.

The group markets two types of crude: a medium to light sweet oil called Liza, and an even lighter grade called Unity Gold.

Currently, Exxon’s total oil and gas production is well below record levels, averaging 3.7M boe/day at midyear, in-line with last year but 9% below 4.1M boe/day set in 2016.

According to Guyana’s Ministry of Natural Resources, BP has agreed to market the state’s share produced from the two platforms at no charge per barrel, replacing Saudi Aramco’s trading unit. 

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