The new oil wells that will originate from this ExxonMobil venture will generate several job openings for the residents of Guyana
While Petrobras awaits a new decision from Ibama to explore the potential oil of the Equatorial Margin in Brazil, ExxonMobil moves forward with its plans in the oil and oil exploration region. The American giant received the green light from the Environmental Protection Agency (EPA) of Guyana to start a drilling campaign for exploration and evaluation of 35 oil wells in the Stabroek Block, off the Guyanese coast. This authorization will allow ExxonMobil to discover new resources and re-evaluate existing recoverable hydrocarbons in the block's reservoirs, paving the way for future development projects.
Guyana is home to the largest oil and oil reserves in South America, and ExxonMobil is seizing this strategic opportunity. ExxonMobil plans to start oil and oil well drilling activities in the third quarter of this year and, if discoveries are made, tests may be carried out on the wells. Completion of the drilling campaign is scheduled for the fourth quarter of 2028. It is estimated that, aboard a single drillship, the offshore workforce will comprise approximately 175 people, considering range and average crew size for the fleet currently operating in the region.
Guyana is being agile in exploiting its oil and oil resources, recognizing the importance of harnessing them before the energy transition. Meanwhile, Brazil appears to be missing out. While the ExxonMobil advances with its plans in Guyana, Petrobras is still waiting for a decision to explore the oil potential in the Brazilian Equatorial Margin.
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The oil wells “found” by ExxonMobil
In the Stabroek Block, ExxonMobil has already identified the presence of several oil and crude oil reservoirs, with an estimated recoverable resource of approximately 1,75 billion cubic meters of oil equivalent. The projects projects in this region have brought more than US$1 billion in direct revenue to Guyana to date. In addition, these ExxonMobil oil and oil operations have created opportunities for more than 4.400 Guyanese workers who support onshore and offshore activities, and for more than 1.000 local companies, who have received approximately $700 million in spending on these projects.
While the Brazilian government seeks to advance in oil and oil exploration on the Equatorial Margin, it is important to look to neighboring countries, such as Guyana, which are taking advantage of their opportunities and generating jobs and economic development.