• Third quarter production grew to approximately 360,000 barrels a day; one million barrels a day targeted by 2030
• Third major development on schedule for 2023 start-up
• 40 discoveries in the Stabroek block since 2015

“Our unrivaled exploration success and accelerated pace of development in Guyana are a testament to our people, decades of experience, technology capabilities and steadfast focus on optimizing all aspects of operations,” said Liam Mallon, president of ExxonMobil Upstream Company. “We are committed to responsibly and safely developing this world-class resource to help meet global demand for secure, reliable and lower-emission energy. Our investments through the pandemic have allowed us to increase supply at this critical time, while creating value for the people of Guyana, our partners and shareholders.”

The Sailfin-1 well encountered approximately 312 feet (95 meters) of hydrocarbon-bearing sandstone and was drilled in 4,616 feet (1,407 meters) of water.

The Yarrow-1 well encountered approximately 75 feet (23 meters) of hydrocarbon-bearing sandstone and was drilled in 3,560 feet (1,085 meters) of water. Both wells were drilled by the Stena Carron drillship.

ExxonMobil’s first two sanctioned offshore Guyana projects, Liza Phase 1 and Liza Phase 2, are now producing above design capacity and achieved an average of nearly 360,000 barrels of oil per day in the third quarter. A third project, Payara, is expected to start-up by the end of 2023, and a fourth project, Yellowtail, is expected to start-up in 2025. ExxonMobil is currently pursuing environmental authorization for a fifth project, Uaru. By the end of the decade, ExxonMobil expects Guyana’s oil production capacity to be more than one million barrels a day.

Stabroek block is 6.6 million acres (26,800 square kilometers). ExxonMobil affiliate Esso Exploration and Production Guyana Limited is the operator and holds 45% interest in the block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.

ExxonMobil announces third-quarter 2022  financial results

IRVING, Texas – October 28, 2022

Exxon Mobil Corporation today announced third-quarter 2022 earnings of $19.7 billion, or $4.68 per share assuming dilution. Third-quarter results included net favorable identified items of nearly $1 billion associated with the completion of the XTO Energy Canada and Romania Upstream affiliate divestments and one-time benefits from tax and other reserve adjustments, partly offset by impairments. Capital and exploration expenditures were $5.7 billion in the third quarter, bringing year-to-date 2022 investments to $15.2 billion, on track with full-year guidance of $21 billion to $24 billion.

Third-quarter 2022 results, summary

• Grew earnings and cash flow from operating activities to $19.7 billion and $24.4 billion, respectively, as strong volume performance, including record refining volumes1, rigorous cost control and higher natural gas realizations more than offset lower crude realizations and weaker industry refining margins
• Achieved best-ever quarterly refining throughput in North America and highest globally since 20081
• Delivered strong quarterly oil and gas production, including record Permian production of nearly 560,000 oil-equivalent barrels per day to better serve demand; year-on-year, total production increased 50,000 oil-equivalent barrels per day
• Signed largest-of-its-kind commercial agreement to capture and permanently store up to 2 million metric tons of CO2 emissions per year
• Declared fourth-quarter dividend of $0.91 per share, an increase of $0.03 per share; paying out $15 billion in aggregate for the year

The full report can be accessed through this link :- https://corporate.exxonmobil.com/news/newsroom/news-releases/2022/1028_exxonmobil-announces-third-quarter-2022-results

The Ministry of Natural Resources on behalf of the Government of Guyana is  again pleased to announce  new oil discoveries by ExxonMobil at Sailfin-1 and Yarrow-1  within the   Offshore    Stabroek Block.

The Government anticipates that these two discoveries will further increase  petroleum resources with 40 discoveries within the Stabroek Block since 2015.  The Ministry of Natural Resources and its regulatory agencies continue to build capacity to enhance monitoring and exploration activities as Guyana’s offshore development and production accelerate at a pace that exceeds the petroleum industry average.

The Sailfin-1 well encountered approximately 312 feet (95 meters) of hydrocarbon-bearing sandstone and was drilled in 4,616 feet (1,407 meters) of water. The Yarrow-1 well encountered approximately 75 feet (23 meters) of hydrocarbon-bearing sandstone and was drilled in 3,560 feet (1,085 meters) of water. Both wells were drilled by the Stena Carron drillship.

Natural Resources Minister, Hon. Vickram Bharrat, M.P., stated that the Petroleum Sector regulatory agencies were mandated to enhance collaboration with  other operators to expedite drill programmes  to  expand the sector through the discoveries of recoverable high-quality hydrocarbon.

The much-anticipated bidding round for offshore   oil blocks   is expected to bring new and emerging major petroleum companies to further increase Guyana’s oil and gas potential.

The first two offshore projects, Liza Phase 1 and Liza Phase 2, are now producing above design capacity and achieved an average of nearly 360,000 barrels of oil per day in the third quarter. A third project, Payara, is expected to start up by the end of 2023,. A fourth project, Yellowtail, is expected to start up in 2025.  ExxonMobil is  pursuing environmental authorization for a fifth project, Uaru. By the end of the decade, ExxonMobil expects Guyana’s oil production capacity to be more than one million barrels a day.

The Government remains committed to the sustainable exploration and development of  oil and gas resources in keeping with international best practices for production, compliance, and transparency within the petroleum sector, and to ensure benefits  for all Guyanese.

Declaring that Regions Five and Six are well positioned to benefit from the country’s take off in the oil and gas sector, President Irfaan Ali  laid out a six point development plan of his government.

He  said the country’s energy security is paramount, not only because of the oil and gas sector, but also in securing the environment.

‘As I speak to you today, we are about to launch a new advertisement for a request of proposal  for new 30,000 barrel refinery for national security to be built in Guyana—here in region six. In two months’ time we will be receiving the submissions from those interested in investing in this.”

Government will only be providing the land at Crab Island in Region Six for the project and intends to play no part in the investment. Tenders are schedule to be opened within two weeks for the project and will be closed by mid-December.

“The opportunities this will create, for transport and logistics, for the services industry, for the construction industry, the rental industry are enormous and will bring tremendous benefit to the people of this region.”

The Government is working on an aggressive programme which includes a modern highway for the Berbice region and  is thinking beyond 2030.

Government is also evaluating the need for a new bridge across the Berbice River that will not hinder the development of the Berbice River.

“We are doing the hard work now to ensure that the economy 2030 and beyond will be the strongest, most diversified, most dynamic and most structurally integrated in the world.”

 Government will capitalise  on  opportunities  arising  with the visa-waiver for Guyanese travelling to the United Kingdom (UK),

President Dr Mohamed Irfaan Ali highlighted that Guyana will now seek more financing from the UK for transformative infrastructural projects, “The idea of this visa waiver for visitors is not only about strengthening the relationship and building out the expansion of the economic opportunities between Guyana and the UK.”

President Dr Mohamed Irfaan  told  a  press conference hosted the British High Commissioner’s residence,“These days, it is getting very complex to enter the financing market, especially with the volatility that exists. And we are pursuing very, very strong terms in favour of Guyana, fixed rate financing and less than three percent, and that is how we have been pushing for financing. It is difficult to achieve in this market but we are still pursuing this,.”

President Ali emphasised the economic potential of Guyana and spoke extensively about opportunities in the infrastructure, tourism, and other sectors with significant development potential.

“Just like the EXIM bank of the US, the UK also has facility in which they build, finance and transfer. There is also an export credit available and we are pursuing these elements. One of the projects from the last trade mission, that we’re still pursuing, is that of the new technology to build concrete drains in Guyana at a very fast pace.”

The  drainage system in Georgetown needs to be rehabilitated.

This forms part of government  efforts to ensure  drainage capacity is improved “and we are looking at the best technology available to do this in a very efficient manner.”

These concrete drains would be constructed  to reduce flooding. The government is looking at innovative ideas that can get the work done efficiently. By taking this action, the two nations would be able to conduct more commerce and business.

“I know that today’s announcement will open up immense opportunities, not only for infrastructure and economic activities as a result of trade. But also now, looking at Guyana as an important hub in servicing the region itself. This is what this type of decision allows.”

British High Commissioner Jane Miller

Meanwhile, British High Commissioner, Jane Miller,  stated that, “this visa-lift is a real sign of the confidence that the UK has in the growth of our relationship and together with the direct flight that will be happening at the end of March with the British Airways.”

High Commissioner Miller underlined that this move will further strengthen the relationship between Guyana and the UK.

“In mid-November, we’ll be having a trade mission here when British businesses will be coming here to experience all the opportunities in this wonderful country. We hope that with this visa lift, we look forward to welcoming many British and Guyanese businesses to the UK to explore farther opportunities.”

His Excellency Dr Irfaan Ali said that the benefits of the  announcement of the UK visa waiver are not isolated to strengthening relationships and building out opportunities, but it is also an important pillar in developing people-to-people contact. The  two governments aim to expand bilateral relations with the hope of further investments, including in the expansion of Guyana’s tourism market.

“We have been working on the expansion of this relationship. We have had two visits to the UK—we are hoping to also have a high-level visit from the UK, which we are pursuing. And we have had exchange visits from the mainstream private sector and individual private sector groups.”

The visa waiver announcement was made at the residence of the British High Commissioner to Guyana, H.E. Jane Miller, during a press conference.

President Ali explained that the move was something that his Government has been seeking  and credits the UK Government for its approval.

“Today’s announcement comes with very hard work … the High Commissioner herself has been pushing this agenda. It was one of our priority areas in our meeting with former Prime Minister Boris Johnson. We raised it on several other occasions. I must say, we also raised it in the meeting with King Charles, and the team both in the UK and in Guyana pursued the objective, and today I’m very pleased that Guyanese can travel with greater ease to the UK.”

This announcement also opens “immense opportunity”, not only in the area of trade but in viewing Guyana as an important hub in servicing the region.  Government will look to secure direct flights and “more UK financing” for our infrastructure and transformative projects.

This decision is a demonstration of the UK’s confidence in Guyana and Guyanese and it should not be taken for granted.

“We have a responsibility to safeguard these decisions—they come with hard work and take a long time, and we will be working very closely with the UK in strengthening our systems to ensure there is proper monitoring and to ensure that there is no abuse of the system.”

The  Government will continue to engage with representatives from the European Union (EU) to also “bring some ease” regarding the Schengen processing and requirement.

GUYANA AS A “TOP-TIER COUNTRY”

He noted too that the UK will continue to be a strategic partner  in several sectors, including energy transformation, even as Guyana positions itself as a “top-tier country”.

The objective is to place Guyana as a global leader in areas including ecological services, environmental services and climate change. High on the agenda is to place Guyana as a top-tier country in the world when it comes to global energy security, food security and human resources.

“We are now making the investments to have the most capable human resource capacity and capability globally—a highly-skilled, highly-trained human resource pool not only to aid our transformational agenda but to be part of a global mix. That is why we are going after, as I said before, building Guyana’s economy 2030 and beyond”.

High Commissioner Miller explained that the visa lift would take effect from November 9 and is not applicable to persons seeking to work, study, or settle in the UK. She reiterated that the removal of the visa requirement is a “real sign” of the growing Guyana-UK relationship

The Governments of Guyana and the Peoples’ Republic of China  inked an Air Service Agreement (ASA)  that not only seeks to enhance passenger travel and trade between the two countries but also broaden Guyana’s global connectivity. The Agreement was signed by Public Works Minister Juan Edghill and Chinese Ambassador to Guyana, Guo Haiyan, at the Ministry’s Kingston, Georgetown, office.

Minister Edghill said  this ASA will facilitate air transport connectivity between the  nations and develop mutual relations in  civil aviation. While Guyana and China have excellent trade relations in different fields, the lack of direct Airlink  is a disadvantage.

“The signature of this agreement puts the legal framework in place to address this challenge. So, China and Guyana would not only be “friendly” and… “distant” but would become nearer. It is anticipated that airlines of both countries will capitalise on the opportunities that exist for the movement of people and cargo between the two countries.”

There is already significant traffic of passenger and cargo between the two nations annually and the enactment of this agreement will only foster cultural interactivity as well as advance air transport services, trade, and economic growth. Such interconnectivity will seek to ensure that the tourism potential of Guyana is fully explored. The  Minister noted that the agreement is yet another step  by the People’s Progressive Party/Civic administration to expand Guyana’s global reach by establishing new air connectivity.

“The signing of this agreement reflects the government’s commitment to connecting Guyana to the rest of the world… This agreement complements the more than 50 years of services agreement Guyana has established with other ICAO (International Civil Aviation Organization) subscribing standards for the development of Airlink amongst ourselves. We are playing our role in getting that landscape in place.”

 Minister Edghill used the opportunity to lobby the Chinese Ambassador to invite China Southern Airlines, China Eastern Airlines and Air China, among others, to explore flying the Guyana-China route. Guyana and China have been exploring the possibility of civil aviation cooperation for years. In 2014, the Civil Aviation Authorities of the two countries signed a Memorandum of Understanding (MOU) in Indonesia. Then in 2019, the two sides began negotiations in preparation for the agreement.

Guyana Leading  global growth