ExxonMobil continues to focus on meaningful development of oil resources

ExxonMobil Guyana is hoping for at least 5 billion barrels of oil from its ongoing project offshore Guyana, the company’s President Alistair Routledge has indicated.

During a recent interview with the OilNow website, Mr. Routledge noted that while there are varying figures about the estimates in the Stabroek block, the company is moving full speed ahead to move the estimated resources into developed resources.

It is estimated that some 11 billion barrels oil equivalent is in the Stabroek Block.

“The number that is most important is how do we move estimated ultimate recover resource to prove and developed resource, which is much more meaningful, there is always a degree of key assumptions of what the future may hold and what sort of developments, but moving those forward and materializing those development, getting to the final investment decision is what moves that resource into development and we have now got to the point where with the projects that has been sanctioned we are approaching 5 billion barrels of developed resource which is a significant step forward for the country,” Mr. Routledge noted.

The increase development, he added, will be significant for Guyana.

Further, he stated that although there has been a slight dip in commercial discoveries offshore Guyana, he is hopeful for a turnaround, noting that it is still early days yet for the local oil industry.

“That is what we are working towards, can we find additional place we have already established a very good understanding of certain place, and certain portion of the block, and we have drilled other exploration wells trying to rest parts of the Stabroek block and ExxonMobil has drilled in the Canje and Kaieteur blocks too but this is early days in a new frontier basin,” the ExxonMobil Guyana President noted.

The ExxonMobil Guyana President also explained that the company is seeking to expand its investment portfolio here with a large-scale gas project which is set to provide natural gas to shore and export liquefied natural gas.