ExxonMobil Guyana’s President, Alistair Routledge, has unveiled the company’s intentions to submit a Field Development Plan for its Uaru project by October.
Routledge made the revelation while speaking during a seminar at the University of London’s Chancellor Hall last week. The event, titled “Navigating a Changing Guyana: Pathways to Prosperity in the Era of Oil and Gas,” gathered experts and stakeholders from Guyana and the Guyanese diaspora to discuss the country’s evolving oil and gas industry.
At the seminar, Alistair Routledge, representing Esso Exploration and Production Guyana Limited (EEPGL), emphasized ExxonMobil’s commitment to Guyana’s development. He announced that the company is preparing to submit its Field Development Plan (FDP) for its sixth project, the Whiptail field, by October 2023.
Routledge highlighted the extensive investments ExxonMobil has committed to the country, with a focus on the Stabroek Block and noted that the company’s sanctioned developments, combined with the Whiptail project, represent an investment of over US$40 billion, dwarfing the government’s annual budget by comparison. With an anticipated production rate of 1 million barrels per day by 2028, he said ExxonMobil’s projects are set to generate substantial revenue for the nation.
In addition to financial contributions, Routledge underscored ExxonMobil’s commitment to local content opportunities and revenue transparency. He explained that all proceeds from the oil industry earmarked for Guyana are channeled into the Natural Resource Fund (NRF), which the government utilises to fuel various developmental initiatives. However, Routledge also acknowledged the importance of bridging the gap between resource discovery and realizing tangible benefits for the citizens, such as improved infrastructure, healthcare, and overall prosperity.
Thus far, ExxonMobil and its partners have successfully initiated five developments. Notably, the Liza Unity and Liza Destiny vessels are currently producing an average of 400,000 barrels per day. The upcoming Payara development is scheduled to commence first oil production in the fourth quarter of 2023, while the Yellowtail development is projected to deliver first oil by 2025.
The Uaru field development project, the fifth project in the Stabroek block, includes around ten drill centres and 44 production and injection wells. It also aims to exploit an estimated resource of more than 800 million barrels of oil and is scheduled for production start-up in 2026. The development is expected to have a production capacity of nearly 250,000 gross barrels of oil per day (gbopd).
Routledge indicated that as ExxonMobil’s plans continue to take shape, the company’s commitment to sustainable development in Guyana remains a central focus, with the upcoming submission of the Whiptail Field Development Plan as a pivotal step in this journey.