Timeline of Exxon’s oil development projects in Guyana

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Blitz
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Timeline of Exxon’s oil development projects in Guyana Feb 9, 2023 12:54:45 GMT -5 bjspokanimal likes this

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Post by Blitz on Feb 9, 2023 12:54:45 GMT -5

I bolded development wells. If it takes 60 days to drill a deepwater well, a 36 well project for one drillship would take 6 years to drills all the wells. If they want production by 2025 it likes like they are going to need more drillships to make the holes.

And now this...

A timeline of Exxon’s oil development projects in Guyana
By OilNOW - February 9, 2023
oilnow.gy/featured/a-timeline-of-exxonmobils-guyana-oil-development-projects/

The Stabroek Block offshore Guyana is proven to hold around 11 billion barrels of oil-equivalent

With more than 30 discoveries made offshore Guyana, ExxonMobil has a clear line of sight for the addition of six floating production, storage, and offloading (FPSO) vessels by 2027, a goal that is expected to see oil production exceeding 1.2 million barrels per day (bpd).

All projects are to be located in the Stabroek Block, in which ExxonMobil holds a 45% operating stake. Hess (30%) and CNOOC (25%) are its co-venturers.

Liza Phase 1

The Liza Destiny FPSO

Field(s): Liza

Resource: 450 million barrels of oil equivalent

Development wells: 17

First Oil: December 2019

Oil Production Capacity: 150,000 bpd

FPSO Oil Storage Capacity: 1.6 million barrels

Offloading Frequency: Every 5 – 10 days

Estimated Development Cost: US$3.6 billion

Liza Phase 2

The Liza Unity FPSO

Field(s): Liza
Resource: 600 million barrels of oil equivalent

Development wells: 33

First Oil: February 2022

Oil Production Capacity: 230,000 bpd

FPSO Oil Storage Capacity: 2 million barrels

Offloading Frequency: Every 4 days

Estimated Development Cost: US$6 billion

Payara

The Prosperity FPSO

Field(s): Payara, Pacora

Resource: 600 million barrels of oil equivalent

Development wells: 35 – 45

First Oil: 2023 (Expected)

Oil Production Capacity: 220,000 bpd

FPSO Oil Storage Capacity: 2 million barrels

Offloading Frequency: Every 4 days

Estimated Development Cost: US$9 billion

Yellowtail

The hull for the Yellowtail FPSO, to be named ONE GUYANA

Field(s): Yellowtail, Redtail

Resource: 925 million barrels of oil equivalent

Development wells: 45 – 55

First Oil: 2025 (Expected)

Oil Production Capacity: 250,000 bpd

FPSO Oil Storage Capacity: 2 million barrels

Offloading Frequency: Every 4 days

Estimated Development Cost: US$10 billion

Uaru

MODEC’s M350 – Next Generation new build hull to be utilised for the Uaru project FPSO

Field(s): Uaru, Mako, Snoek

Resource: ~1.3 billion barrels of oil equivalent

Development wells: 40 – 76

First Oil: 2026 (Expected)

Oil Production Capacity: 220,000 – 275,000 bpd

FPSO Oil Storage Capacity: 2 million barrels

Offloading Frequency: Every 4 days

Estimated Development Cost: US$12.7 billion

Whiptail

An SBM Offshore multi-purpose floater hull reserved by ExxonMobil for a future Guyana FPSO

Field(s): Whiptail, Pinktail, Tilapia

Resource: ~1 billion barrels of oil equivalent

Development wells: 40 – 65

First Oil: Late 2027 – Early 2028

Oil Production Capacity: 220,000 – 275,000 bpd

FPSO Oil Storage Capacity: 2 million barrels

Offloading Frequency: Approximately every 3-6 days

Estimated Development Cost: TBA

Last Edit: Feb 9, 2023 13:10:24 GMT -5 by Blitz

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Timeline of Exxon’s oil development projects in Guyana Mar 7, 2023 7:11:33 GMT -5

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Post by Blitz on Mar 7, 2023 7:11:33 GMT -5

Exxon’s massive 35-well campaign set to ramp up Guyana reserves

By Shikema Dey - March 7, 2023
oilnow.gy/featured/exxon-gathering-up-prospects-for-proposed-35-well-stabroek-block-drill-campaign/

ExxonMobil has submitted an extensive Cumulative Impact Assessment (CIA) to cover its planned 35-well drill campaign in the 6.6 million acres Stabroek Block.

The document outlines that Exxon’s proposed campaign aims to discover new and re-evaluate existing recoverable hydrocarbons from reservoirs in the Stabroek Block to underpin future development projects.

With approximately 11 billion barrels of oil equivalent resources discovered so far at Stabroek Block, this massive campaign could see this significantly increasing as more discoveries are made. But the exact location of those 35 wells is still being finalised.

The location will be determined primarily by the results of prior seismic exploration campaigns, which have identified areas of interest within the Stabroek Block that may contain economically recoverable hydrocarbon resources.

Appraisal wells may be included in the mix.

Discovered resources in Guyana set to increase as Exxon ramps up exploration operations | OilNOW

“Pending approval, it is anticipated that the Project will begin in the third quarter of 2023, and if discoveries are made, well test(s) may be performed. The conclusion of the proposed drilling campaign is expected by the fourth quarter of 2028,” the CIA reads.

Drilling is expected to occur approximately 200 kilometers (well location dependent) off the coast of Guyana.

The CIA measured the expected impacts Exxon’s 35-well campaign would have, together with other offshore projects and several major onshore developmental projects in the South American country.

These include:

• Continued exploration in the Stabroek, Canje, and Kaieteur blocks

• Liza Phase 1 Development Project

• Liza Phase 2 Development Project

• Payara Development Project

• Yellowtail Development Project

• Uaru Development Project

• Whiptail Development Project

• FPSO #7 Development Project, a future development

• Exxon’s Guyana Office Complex Project

• Gas-to-Energy Project

• A Third-Party Power Plant

• Demerara Harbour Bridge replacement construction

• Caribbean Mariculture Inc. project

• Oil and gas exploration by other companies, including Frontera’s and CGX’s Wei-1 Well

• Hope Wind Farm Guyana

• Vreed-en-Hoop Shore Base Inc., West Bank Demerara

/////////////////////////////////

An excerpt FYI...

seekingalpha.com/article/4488584-noble-corporation-bags-large-scale-contract-extension-with-exxonmobil-buy

Guyana continues to be a bright spot for Noble thanks to the company's long-term commercial enabling agreement ("CEA") with ExxonMobil (XOM). During Q4, Noble was awarded an additional 7.4 rig years which will keep the ultra-deepwater drillships Noble Tom Madden, Noble Sam Croft, Noble Don Taylor and Noble Bob Douglas working until November 2025.

Last Edit: Mar 7, 2023 7:16:17 GMT -5 by Blitz

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Timeline of Exxon’s oil development projects in Guyana Mar 7, 2023 7:50:39 GMT -5 bjspokanimal likes this

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Post by Blitz on Mar 7, 2023 7:50:39 GMT -5

Shell looking to re-enter South America’s hottest new basin

By Shikema Dey - March 6, 2023
oilnow.gy/featured/shell-looking-to-re-enter-south-americas-hottest-new-basin/

After cutting its losses on Guyana’s offshore acreage 10 years ago, Shell could make a stunning return.

Reuters’ sources say that Petrobras, Chevron, and Shell are considering bidding on the 14 oil blocks on auction in Guyana’s current licensing round.

Guyana’s Minister of Natural Resources Vickram Bharrat had told OilNOW on Feb. 22 that over 20 international oil companies (IOCs) have since expressed interest in the blocks.

But only 10 of them cemented this, by paying for the available data to evaluate the blocks. The sizes of the blocks on auction range from 1,000-3,000 square kilometres (sq. km).

By April, the bids will be opened.

Shell was ExxonMobil’s 50% partner in the country’s prolific Stabroek Block, where close to 11 billion oil-equivalent barrels have been discovered.

Exxon sent out 35 letters seeking new partners after Shell walked away from Stabroek Block | OilNOW

Shell could have shared in the success. But the company had already undertaken drill campaigns in Guyana during the period 1971 to 1976, that were not promising.

So, not wanting to invest millions in another dud, it made a calculated decision to back out and voluntarily gave up its shares in 2014, leaving ExxonMobil with 100% of the risk.

This decision was also underpinned by territorial controversies between Guyana and both of its immediate neighbours at the time; Venezuela and Suriname, which had already seen exploration vessels being seized and evicted.

The very next year, Exxon struck black gold with the Liza find – one of the biggest in the world at the time, having encountered 800 million to 1.4 billion barrels of oil equivalent resources.

To date, it has 33 discoveries under its bracket in the 6.6-million-acre Stabroek Block.

Shell realised it made a mistake leaving Guyana.

Back in 2021, Shell’s Vice President of Exploration – North America and Brazil at the time, Bill Langin, was asked about Shell’s departure. And this is what he said:

“We obviously did not realise the significant potential that sat in that block so, I say explorers are usually like baseball players; if we get it right a quarter of the time, we are doing well. Clearly, this is one that we did not quite get right at the time, unfortunately for Shell.”

Maybe they will get it right this time.

Shell can rival Exxon in deepwater experience and can bring some much-needed competition to Guyana’s offshore development since Exxon currently has an effective monopoly.

Click here to get more details on the Licensing Round: oilnow.gy/glr2022/

Last Edit: Mar 7, 2023 7:51:33 GMT -5 by Blitz