1.3 billion barrels of oil to potentially be added to Guyana-Suriname basin

A fifth major offshore oil field, emerging from a consortium led by ExxonMobil at approximately $12.7 billion may potentially lead to 1.3 billion barrels of recoverable oil reserves being added to the 10-billion barrel Guyana-Suriname basin. This developing Exxon oil field is referred to as the ‘ Uaru-Mako project,’ the fifth of its kind. Once approved, this project could be executed in the next three years, adding an average of 63 more wells to the 30 wells already present in the Stabroek Block by the consortium. Of this consortium, there includes Hess Corporation and CNOOC. This consortium, should the Uaru-Mako project be wholly successful, will see two small South American nations among the world’s largest fossil-fuel producers. To further facilitate this, ExxonMobil is keen on introducing a fifth giant floating production storage and offloading vessel (FPSO). According to the Environmental Protection Agency which released the oil field's specifications for public review, Uaru-Mako has the capacity to meet the estimated recoverable reserves projected by the consortium. Further, Guyana’s first two oil fields accumulate nearly 400 000 barrels of oil per day. With the support of the International Monetary Fund, the government is urged to steer clear of unjust deals, especially since the newfound oil wealth has increased Guyana's GDP by nearly 60% in 2022.

Source(Bert Wilkinson, contributor, Fabio Palmigiani, contributor)

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10 Jan 2023 17:30 | by anaraine

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