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ExxonMobil and Partners Approve Final Installations for $12.7 Billion Guyana Oil Field Project

Uaru Project Aims to Produce 250,000 Barrels of Oil Daily and Develop 800 Million Barrels of Petroleum

ExxonMobil and Partners Approve Final Installations for $12.7 Billion Guyana Oil Field Project

ExxonMobil Corp. and its partners have approved the final installations on the $12.7-billion Uaru oil field project offshore Guyana. The fifth project on the block aims to produce around 250,000 barrels of oil daily and is expected to start production in 2026. The Uraru project, which plans to develop an estimated 800 million barrels of petroleum, will involve the installation of subsea structures, risers, flowlines, and umbilicals for a large subsea production facility. ExxonMobil’s affiliate Esso Exploration and Production Guyana operates the Stabroek block with a 45% stake, while Hess Guyana Exploration holds 30% and CNOOC Petroleum Guyana has 25%. The project received regulatory approval from Guyana’s Environment Protection Agency on April 27.

ExxonMobil’s President of Upstream, Liam Mallon, said that the investment in Guyana exemplifies the company’s long-term commitment to the country’s sustained economic growth. The World Bank has predicted that Guyana’s oil output could quadruple by 2023, with the gross domestic product doubling by this year. The petroleum sector, which expanded by an estimated 73.5%, produced 34.6 million barrels of oil in the first half of 2022. ExxonMobil reported $11.4 billion in net income for Q1 2023, with net production in January-March driven by projects in Guyana and the Permian.

Source: https://www.rigzone.com/news/exxonmobils_uaru_oil_project_in_guyana_enters_final_phase-05-may-2023-172708-article/

Date: 7 mei 2023

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Tags:  ExxonMobil 

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