With the CARICOM three-member observer team deeming the recount process to be legitimate and categorically stating that its results should be honoured, it is the expectation of the Chief Executive Officer of Hess Corporation, John Hess that Guyana can have its new government installed in a matter of days.
The official expressed these and other sentiments during his latest engagement at the J.P. Morgan Energy, Power and Renewables Conference. There, the CEO noted that US Secretary of State Michael R. Pompeo along with other western governments weighed in on the credibility of the recount process which recently concluded and noted that the will of the people should be respected.
Hess said, “We are cautiously optimistic at this time” while noting that the company can work with either APNU+AFC or the People’s Progressive Party (PPP) as both have promised to honour the existing Stabroek Block deal which has been heavily criticized as being a lopsided agreement. Once a new government is in place the CEO said that the company’s priority will be getting the approval for the Payara Development Project.
The Payara development plan includes a floating production, storage and offloading (FPSO) vessel, named Prosperity; it is expected to produce 220,000 barrels per day. The development is similar to that of Liza phase 1 and 2. Payara will have up to 45 wells, including production wells, water injection wells and gas injection wells. The Payara development startup is expected as early as 2026.
This development is ExxonMobil’s third project.