‘Significant discovery’ at Lancetfish-2 oil well

Oct 26, 2023 by admin in  Oil & Gas

See below full statement issued by the Ministry of Natural Resources:

The Ministry of Natural Resources (MNR) is pleased to announce that the Lancetfish-2 appraisal well in the Stabroek Block has resulted in a significant discovery.

This marks the fourth offshore discovery in Guyana for the year 2023 and brings the total number of discoveries from 2015 to date to a total of 46.

The earlier discoveries made in 2023 include Fangtooth SE-1 and Lancetfish-1 in the Stabroek Block, as well as the Wei-1 discovery in the Corentyne Block.

The Lancetfish-2 discovery in the Liza Petroleum Production License area has unveiled an estimated 20 meters of hydrocarbon-bearing reservoir, along with approximately 81 meters of additional hydrocarbon-bearing sandstone.

This newly discovered reservoir will undergo a comprehensive appraisal process, which aligns with the ongoing appraisal activities for other discoveries in the region.

ExxonMobil Guyana renews sponsorship of Energy Conference for second edition in 2023

Nov 18, 2022

ExxonMobil Guyana renews sponsorship of Energy Conference for second edition in 2023
– Government welcomes the International Energy Conference and Expo 2023” says Natural Resources Minister

The International Energy Conference and Expo Guyana 2023 (IECEG 2023) today announced ExxonMobil Guyana as the premier sponsor of the second edition of the Conference & Expo.

Commenting on the sponsorship, President of ExxonMobil Guyana, Alistair Routledge said, The event’s theme, ‘Harnessing Energy for Development’, aligns with our commitment to sustainably produce energy and products to meet society’s needs in a manner that protects people, the environment and communities where we operate.”

Routledge added, “Guyana is a thought-leader on low carbon development with an ambitious strategy to secure growth and prosperity for current and future generations. These credentials, I believe, put Guyana in the driver’s seat on energy issues regionally if not globally, and the International Energy Conference is an ideal platform to learn of developments and engage in the debate. ExxonMobil Guyana is proud to be associated with this event and is excited to be part of the transformational journey taking place in Guyana.”

The Conference, which is expected to assemble policymakers, academics, industry professionals and entrepreneurs from around the world, will again see the participation of Heads of State and Government, and global energy thought-leaders, most notably, Professor Jeffrey D. Sachs, world-renowned economics professor, bestselling author, innovative educator, and global leader in sustainable development.

In acknowledging the sponsorship from ExxonMobil Guyana, Kurt Baboolall, Chief Executive Officer of the International Energy Conference and Expo Guyana said, “We are grateful for the sponsors and exhibitors who are committing resources to supporting the conference and driving the energy conversation.”

Baboolall added, “ExxonMobil, as is demonstrated in Guyana, is an unparalleled leader in energy development today and remains committed to meeting current and future needs for development. The rapid development of energy resources being undertaken by ExxonMobil Guyana has positioned Guyana in the middle of the current global discussions.”

At full capacity, this year’s conference will feature 35 sponsors, 300 exhibitors, and 1200 delegates. Over 60% of all places have been taken and the remaining openings have become extremely competitive to secure.

Minister of Natural Resources, Hon. Vickram Bharrat, who attended the announcement, signalled Government’s continued support of the Conference and Expo saying that “The Government welcomes the International Energy Conference and Expo 2023, this is the second energy expo in Guyana showcasing the opportunities and what Guyana has to offer to the world. Guyana of course is one of the newest oil producing countries in the Latin America and Caribbean region, and we have been moving at an unprecedented rate in developing our oil and gas sector and at the same time we have been incentivizing and working towards developing the traditional non-oil sectors.”

Minister Bharrat further explained, “[The IECEG] It’s not just about showcasing Guyana as an oil producing country but showcasing Guyana as an investment destination, a land that  offers many opportunities across all sectors.”

The Conference and Expo is now entering its second year under the theme ‘Harnessing Energy for Development’ and will be held from February 14-17, 2023 at the Guyana Marriott Hotel, Georgetown, Guyana.

The registration portal for the conference and expo can be found on the conference website, www.guyanaenergy.gy. Pre-registration is now open for sponsors, exhibitors, in-person attendees, virtual attendees, workshop participants, and members of the media, all being done online.

‘Oil man’ Ayuk says ‘produce every drop you can find’

Nov 03, 2023

In dialogue at the AfriCaribbean Trade and Investment Forum held in Georgetown, Guyana, NJ Ayuk, the Executive Chairman of the African Energy Chamber (AEC), urged Guyana to fully produce its hydrocarbon resources. The context of his comment was a question about a roadmap for the energy transition of the African and Caribbean countries, amidst the global shift towards decarbonization.

Ayuk stated, “The wealthy nations, they have produced hydrocarbons, developed their economies, and done very well; now, they need to decarbonize. The Caribbean and African nations, they need to industrialize. It is morally wrong to look at Caribbean and African nations and say, ‘you need to go the same path like us.’” He noted that by 2030, Guyana’s hydrocarbon production could reach about 1.5 million barrels a day, which he said is needed for the country’s development.

“Please don’t stop. Produce every drop of hydrocarbons you can find. And use that money to go at your own pace,” Ayuk said. Bolstering this point, he reminded that there are unfulfilled climate support pledges from developed nations. “Where is the $100 billion they promised? It hasn’t come. And then they’ll say, ‘you have to transition.’ Where are you gonna have the money from? [African Export Import Bank] Afrexim  is not going to be alone to power that transition without the money…”

Ayuk, who calls himself an ‘oil man’, has criticized how Western environmental lobbyists have treated with the oil and gas industry in Africa. He has argued that their opposition to oil extraction could put those countries in a precarious position that leaves them dependent on “handouts”, and that African countries should extract their resources, so they can be on a path to self-sufficiency.

“Demonizing the oil and gas industry must stop. We see it constantly, in the media, in policy and investment decisions, and in calls for Africa to leave our fossil fuels in the ground,” Ayuk said in an AEC release. “We see it with lawsuits to stop the financing of projects such as Mozambique Liquefied Natural Gas or lawsuits to prevent Shell from even carrying out a seismic survey.”

He said actions like these are not helpful, especially as Western leaders have pushed the Organization of Petroleum Exporting Countries (OPEC) and European nations to increase their production and escalate coal use.

The AEC said African and Caribbean nations, through collaboration, stand to maximize the benefits of their oil and gas wealth. And should be allowed to fast-track development efforts.

Subsea 7 and Van Oord consortium awarded contract offshore Guyana

Aug 02, 2022

Subsea 7 and Van Oord have announced the award of a substantial contract by ExxonMobil affiliate Esso Exploration and Production Guyana Limited (EEPGL) for the Gas to Energy project offshore Guyana, in water depths of up to 1,450 metres. Although a contract value has not been announced, Subsea 7 has indicated that the contract is between USD150m and USD300m

The scope covers the project management, engineering, and installation of approximately 190 kilometres of pipeline, with an associated shallow water portion and onshore approach making landfall to the west of the Demerara River, along the coast of Guyana.

Craig Broussard, Vice President for Subsea 7 US, said: “We are honoured to have been selected for Guyana Gas to Energy. This is an important project to support the Guyanese people and we look forward to continuing our relationship with EEPGL in one of the most prolific and exciting development basins in the world.”

Hans van Gaalen, Commercial Director for Van Oord, adds: “Van Oord is honoured to have been selected for the Guyana Gas to Energy project in cooperation with Subsea 7. Developing the coastal infrastructure for the project will allow our Subsea 7 and Van Oord consortium to positively contribute to the development of Guyana’s electricity supply which in turn will reduce Guyana’s dependence on imported fuels.”

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