ExxonMobil Guyana is moving forward with plans to develop its seventh oil project in the country, targeting the Hammerhead field in the Stabroek Block. The Environmental Protection Agency (EPA) has begun reviewing ExxonMobil’s application for this new venture.
ExxonMobil is planning a new drilling campaign in Guyana’s Stabroek block and has filed a project summary with Guyana’s Environmental Protection Agency for the Hammerhead development project
Global oil and gas exploration is increasingly concentrated in “core” areas like Guyana and Namibia, where recent discoveries have been made.
While this concentration brings economic benefits, it also raises concerns about unexplored potential in other regions and the environmental impact of deepwater drilling.
Namibia, with its recent discoveries and influx of major oil companies, is poised to become a significant player in the global oil and gas market, but must navigate the challenges of the “resource curse.”
Guyana’s Environmental Protection Agency has begun a review of an ExxonMobil-led consortium’s intended seventh oil project known as Hammerhead, where up to 30 wells are to be drilled at the site located at the country’s offshore Stabroek Block, the government’s official news agency said July 16.
The project, which is pending government approval, would start production in 2029, lifting the country’s capacity to more than 1.4 million barrels of oil per day.Exxon operates all production in Guyana, with Hess Corp and China’s CNOOC as partners.
Indented in the Guyana’s 2016 Production Sharing Agreement (PSA) with Exxon, is a clear and unequivocal statement (I will break it down in layman language) – renegotiation of the Oil Contract is quite possible as long as there is mutual agreement (Exxon & the Guyana Government) on both sides. It did not specify any limitations to renegotiation because unanticipated fluctuations/market conditions can cut both ways. For simplicity sake, I offer this as an example.
With new projects to come on stream soon, Guyana will continue to see greater earnings from the oil and gas sector. At the current production level, over US$1.5 Billion is being generated every month.
If you and a partner invest in a boat and decide to split profits equally, you will feel cheated if her share is much greater than 50%.
Like 80% of Guyana’s college graduates, Richard Singh had left the tiny South American nation for better job prospects abroad. Then, in a surprising turn of events, he realized he could make more money back home.
President of Guyana Irfaan Ali says his government is evaluating the feasibility of a second major gas initiative to complement the ongoing gas to energy project at Wales, Essequibo Islands-West Demerara.