ExxonMobil-Led Consortium Confirms Recoverable Oil Reserves of 1.3 Million Barrels in Offshore Field

Written by Ruth Rodrigues

Published on 13/01/2023 at 14:02

Updated on 18/01/2023 at 20:08

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The Potential Of The New Offshore Field Is One Of The Great Attractions For The Consortium Led By ExxonMobil. The Projections Show More Than 1.3 Million Barrels In Recoverable Oil Reserves That Can Be Added To The Current 10 Million In The Basin.

For this Friday (01/13), the consortium led by ExxonMobil and formed by Hess Corporation and the Chinese company CNOOC, has great forecasts for its expansion project of recoverable oil reserves in the Guyana region. There has been confirmation of more than 1.3 million barrels in a new offshore field in the area, which can add an even more significant number to the 10 million barrels already existing in the Guyana-Suriname basin.

New Offshore Field In Guyana Has 1.3 Million Barrels In Recoverable Oil Reserves

The offshore project of the consortium now reaches new numbers, with confirmation of the existence of 1.3 million barrels in recoverable oil reserves in a new offshore field off the country’s coast.

Thus, the new confirmation can ensure that the project adds more 1.3 billion barrels of recoverable oil reserves to the Guyana-Suriname basin, which already has 10 billion barrels.

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ExxonMobil And Consortium Companies Prepare Future Steps For The Project After Major Discovery In The New Offshore Oil Field In Guyana

The current production from the first two fields is nearly 400,000 barrels per day, a quite significant number for the global fuels market.

Considering the environmental risks in the area, the Guyana Environmental Protection Agency required that the consortium led by ExxonMobil obtain insurance to cover the costs of any potential oil spill in these fields.

Now, the company and the other firms in the partnership are preparing for the next steps of the project.

ExxonMobil is awaiting some approvals to bring in a fifth giant floating production, storage, and offloading (FPSO) vessel, which will serve to supply tankers for international markets.

Despite the great potential, the project has not pleased everyone in the fuel sector in the country.

The announcement of a fifth large oil field comes amid calls from opposition parties and human rights groups for Guyana to secure a better deal.

However, Guyana’s authorities have stated that they will not make additional demands regarding the agreement but intend to require better conditions from any new licensees, taking advantage of the current scenario.

ExxonMobil-Led Consortium Confirms Recoverable Oil Reserves of 1.3 Million Barrels in Offshore Field

The Potential Of The New Offshore Field Is One Of The Great Attractions For The Consortium Led By ExxonMobil. The Projections Show More Than 1.3 Million Barrels In Recoverable Oil Reserves That Can Be Added To The Current 10 Million In The Basin.

New Offshore Field In Guyana Has 1.3 Million Barrels In Recoverable Oil Reserves

ExxonMobil And Consortium Companies Prepare Future Steps For The Project After Major Discovery In The New Offshore Oil Field In Guyana

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ExxonMobil-Led Consortium Confirms Recoverable Oil Reserves of 1.3 Million Barrels in Offshore Field

The Potential Of The New Offshore Field Is One Of The Great Attractions For The Consortium Led By ExxonMobil. The Projections Show More Than 1.3 Million Barrels In Recoverable Oil Reserves That Can Be Added To The Current 10 Million In The Basin.

New Offshore Field In Guyana Has 1.3 Million Barrels In Recoverable Oil Reserves

ExxonMobil And Consortium Companies Prepare Future Steps For The Project After Major Discovery In The New Offshore Oil Field In Guyana

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