The Government of Guyana and the ExxonMobil company today announced Exxon’s 18th oil discovery in Guyana.
The latest discovery will add to the estimated recoverable resource of more than 8 billion oil-equivalent barrels on the Stabroek Block.
In a statement, Natural Resources Minister Vickram Bharrat said the Government welcomes the latest discovery, adding that it remains committed to the development of Guyana’s Oil and Gas Resources.
“I assure you that the Government will do everything possible to ensure benefits from this and other sectors enhance the lives of all our people. The ExxonMobil exploration programme continues to identify high-quality reservoirs in close proximity to previous discoveries. This will play an integral part in our long-term growth plans which will bring significant value to Guyana’s Development”, the Minister said.
The Redtail Discovery is an addition to the Liza 1 well, which is in production and has already yielded almost US$150 million from the three (3) completed lifts with the 4th lift schedule for later this year.
The Liza 2 well is expected to start production in early 2022.
With the development of the Payara oil project expected to move into the next phase soon as negotiations and approval appear to be nearing an end, Additionally, upon successful conclusion of the negotiations and approval, Guyana’s oil production is likely to experience even more significant growth.
“The Government of Guyana is committed to ensuring Guyanese benefit from this sector, this has been demonstrated in President Ali’s appointment of the Local Content Panel. The Panel has already commenced work in this regard and will soon be holding consultations and workshops with the relevant Stakeholders with the intention to draft a policy document and eventual Local Content Legislative framework”.
While oil discoveries in Guyana date back to 2015, the country officially started oil production in December last year.