The International Energy Conference and Expo Guyana 2023 is pleased to announce the participation of Diletta Doretti, Resident Representative for Guyana and Suriname at World Bank in Guyana, as a speaker at the second edition of the event in February.

Doretti is responsible for maintaining the day-to-day dialogue and solid partnership around the World Bank’s programs in both countries. Since joining the institution in 2002, Doretti has held various positions at the World Bank, the most recent, being Senior Private Sector Development Specialist for the World Bank West Africa region, based in Mali.

Doretti has strong and diversified World Bank experience in leading teams and in corporate assignments, including country engagements and developing the World Bank’s strategies around the private sector, entrepreneurship, and innovation.

Kurt Baboolall, Chief Executive Officer of the International Energy Conference and Expo Guyana 2023, said, “The World Bank representative, Ms Doretti will give all stakeholders present at the conference a glimpse of how the US$44M allocated to Guyana last year will be spent on skills development in the emerging energy sector. We are pleased to welcome Ms Doretti onboard for this year’s conference.

Doretti is among a number of speakers slated to deliver addresses at the Conference and Expo which include World renowned Professor in economics, Jeffrey D. Sachs, CEO of the Hess Corporation, John Hess. There are a number of Heads of Governments expected to deliver remarks; these are; H.E. Dr. Mohamed Irfaan Ali, President of Guyana, H.E. Chandrikapersad Santokhi, President of Suriname and Dr. Keith Rowley, Prime Minister of Trinidad and Tobago.

The Conference and Expo this year is being hosted under the theme ‘Harnessing Energy for Development’ and will be held from February 14th-17th, 2023, at the Marriott Hotel in Georgetown, Guyana. It is expected to assemble Heads of State, government officials, policymakers, academics, industry professionals, and global energy thought-leaders.

ExxonMobil makes two more discoveries offshore Guyana

Jul 21, 2022

IRVING, Texas – ExxonMobil has made two new discoveries offshore Guyana to the southeast of the Liza and Payara developments in the Stabroek block. The discoveries at Seabob and Kiru-Kiru are the sixth and seventh in Guyana this year, with the total number of discoveries in Guyana at more than 25.

  • Seabob and Kiru-Kiru wells in Stabroek block are sixth and seventh discoveries in 2022
  • Guyana investment strategy continues to yield positive results; additional exploration wells planned later this year
  • Production from two vessels currently operating offshore has exceeded their initial combined target of 340,000 barrels per day

The Seabob-1 well encountered approximately 131 feet (40 meters) of high-quality hydrocarbon-bearing sandstone and was drilled in 4,660 feet (1,421 meters) of water by the Stena Carron drill ship. The Kiru-Kiru-1 well encountered approximately 98 feet (30 meters) of high-quality hydrocarbon-bearing sandstone and was drilled by the Stena DrillMAX in 5,760 feet (1,756 meters) of water. Drilling operations at Kiru-Kiru are ongoing.

“ExxonMobil and its partners continue to accelerate exploration, development and production activities for the benefit of all stakeholders, including the people of Guyana,” said Liam Mallon, president of ExxonMobil Upstream Company. “The resources we are investing in and discovering offshore Guyana will provide safe, secure energy for global markets for decades to come.”

The company’s 2022 investment plans include further exploration drilling and resource development in Guyana, where it is already increasing production at an accelerated, industry-leading pace. Two floating production storage and offloading (FPSO) vessels operating offshore Guyana — Liza Destiny and Liza Unity — have exceeded their initial combined production target of 340,000 barrels of oil per day.

A third project, Payara, is expected to produce 220,000 barrels per day. Construction on its production vessel, the Prosperity FPSO, is approximately five months ahead of schedule with start-up likely before year-end 2023. The fourth project, Yellowtail, is expected to produce 250,000 barrels per day when the ONE GUYANA FPSO comes online in 2025.

Guyana’s Stabroek block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45% interest in the block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.

Guyana Opens Offshore Bid Round

Dec 09, 2022

Guyana President Dr. Mohamed Irfaan Ali has launched Guyana’s competitive bid round for 14 offshore oil blocks, comprised of eleven shallow water blocks and three ultra-deepwater blocks.

Officially open today, December 9th 2022, the bid round is expected to be open for 4 months and will close on April 14th 2023.

With the massive potential for “25 billion barrels”, President Ali outlined that evaluations of the proposals will take place and following an expedited negotiation period, awards of blocks are expected in Q2 2023.

Minister of Natural Resources Vickram Bharrat is expected to publish a notice in the Official Gazette in keeping with the Petroleum Act.

Guyana has seen extraordinary success with offshore discoveries in the last 5 years. The country continues to grow and expand the opportunities to increase production and the inflow of investment into the energy industry and other sectors. The largest upstream player to date has been Exxon, who produces more than 340,000 barrels of oil per day from two FPSOs. The company has had significant success in Guyana and indicates that additional FPSOs are already in development for future projects.

The government has made it clear in the past that the industry must be to the benefit of all Guyanese citizens. At the launch of the bid round, President Ali, stated, “We are hoping that there will be maximum participation and that Guyana would be part of a partnership that creates greater benefit and greater wins for our country and our people.”

Improved fiscal terms have been outlined that provide greater balance of the share of revenue between the government and contractor, while maintaining Guyana’s competitive edge in the region globally.

The International Energy Conference and Expo will take place from February 14-17 2023 at the Guyana Marriott Hotel. At the conference there will be keynote addresses by the leadership of the country including: His Excellency Dr. Mohamed Irfaan Ali, President of Guyana, Prime Minister Mark Anthony Phillips, Vice President, Dr. Bharrat Jagdeo and Minister of Natural Resources, Vickram Bharrat.

At the conference we will also hear from senior experts in Guyana’s oil and gas sector, including John Hess, Chief Executive Officer, Hess and Alistair Routledge, President, ExxonMobil Guyana.

Guyana GDP growth rate to be highest in the world

Nov 14, 2022

According to estimates by the WorldBank and International Monetary Fund( IMF), Guyana, one of Latin America’s smallest countries is set to post the world’s highest GDP growth.  For several years, since the production of crude oil begun through Exxon’s Liza development, the country has outpaced global growth averages.

It is projected that at the end of 2023 Guyana’s GDP growth rate will be close to 100% compared with 2021 figures. According to IMF estimates, Guyana will grow 57.8% this year and 25.2% next year, resulting in a GDP increase of around 97.6% in two years. Meanwhile, the World Bank forecasts an increase of 47.9% for 2022 and 34.3% for 2023. This equates to a 98.6% GDP jump over the two-year period.

In comparison the IMF reports the Latin America and Caribbean average is approximately 3.5% in 2022 and 1.7 in 2023.

Bloomberg’s radio show featured an episode titled, “Guyana is the most exciting story in the world oil market”. In the episode, hosts shared the story behind Guyana’s meteoric rise in GDP growth and shared that since 2015 one in every  three barrels of oil discovered has been in Guyana. You can listen to the full episode here.

In the energy industry Guyana continues to be one of the most prolific provinces in the world and the Government in Guyana has consistently reiterated that the people of Guyana must benefit from the hydrocarbon sector. The International Energy Conference and Expo will play part in highlighting these issues. The theme for the conference in 2023 is Harnessing Energy for Development.

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