Green Light: ExxonMobil Gets Approval to Drill New Oil Wells in Guyana, Initiative Will Create Hundreds of Jobs

Written by Roberta Souza

Published on 09/07/2023 at 11:04

Plataforma de petróleo da ExxonMobil/ Fonte: Offshore Tecnology

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The New Oil Wells That Will Be Originated in This ExxonMobil Endeavor Will Generate Numerous Job Opportunities for the Residents of Guyana

While Petrobras awaits a new decision from Ibama to explore the potential oil potential of the Equatorial Margin in Brazil, ExxonMobil is advancing with its plans in the oil exploration region. The American giant has received the green light from the Guyana Environmental Protection Agency (EPA) to begin a drilling campaign to explore and evaluate 35 oil wells in the Stabroek Block, on the Guyanese coast. This authorization will allow ExxonMobil to discover new resources and reassess existing recoverable hydrocarbons in the block’s reservoirs, paving the way for future development projects.

Guyana holds the largest oil and crude oil reserves in South America, and ExxonMobil is taking advantage of this strategic opportunity. ExxonMobil plans to start drilling activities for oil and crude oil wells in the third quarter of this year, and if discoveries are made, tests on these wells may be conducted. The drilling campaign is expected to be completed by the fourth quarter of 2028. It is estimated that, on a single drillship, the offshore workforce will consist of approximately 175 people, considering the range and average crew size for the fleet currently operating in the region.

Guyana is being swift in exploring its oil and crude oil resources, recognizing the importance of utilizing them before the energy transition. Meanwhile, Brazil seems to be missing the opportunity. While ExxonMobil advances with its plans in Guyana, Petrobras is still awaiting a decision to explore the oil potential in Brazil’s Equatorial Margin.

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The Oil Wells “Found” by ExxonMobil

In the Stabroek Block, ExxonMobil has already identified the presence of several reservoirs of oil and crude oil, with an estimated recoverable resource of approximately 1.75 billion cubic meters of oil equivalent. Development projects in this area have already brought in more than US$ 1 billion in direct revenue for Guyana so far. Additionally, these oil and crude oil operations by ExxonMobil have created opportunities for over 4,400 Guyanese workers who support onshore and offshore activities, and for more than 1,000 local companies, which received approximately US$ 700 million in spending on these projects.

While the Brazilian government seeks to advance oil and crude oil exploration in the Equatorial Margin, it is important to look at neighboring countries, such as Guyana, that are seizing their opportunities and generating jobs and economic development.

Green Light: ExxonMobil Gets Approval to Drill New Oil Wells in Guyana, Initiative Will Create Hundreds of Jobs

The New Oil Wells That Will Be Originated in This ExxonMobil Endeavor Will Generate Numerous Job Opportunities for the Residents of Guyana

The Oil Wells “Found” by ExxonMobil

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Green Light: ExxonMobil Gets Approval to Drill New Oil Wells in Guyana, Initiative Will Create Hundreds of Jobs

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The Oil Wells “Found” by ExxonMobil

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