Information Americas, New York, NY, Fri. March 14, 2025: A consortium led by U.S. power big ExxonMobil has unveiled plans for its eighth power venture in Guyana, which is ready to provide as much as 1.5 billion cubic toes per day (bcfd) of pure gasoline and 290,000 barrels per day of condensate. The venture will make the most of a floating manufacturing facility with the capability to export the gas, in keeping with particulars submitted to the Guyanese authorities.
The Longtail Mission, which incorporates the event of the Longtail, Tripletail, and Turbot offshore discoveries, was outlined within the group’s request for environmental authorization, not too long ago revealed by the Guyanese authorities and reviewed by Reuters.
Longtail is anticipated to turn into Exxon’s most vital gasoline growth in Guyana up to now, aligning with the federal government’s push to extend gasoline manufacturing to assist varied industries, together with petrochemical crops and liquefied pure gasoline (LNG) tasks.
In response to the environmental doc, the venture will contain the drilling of as much as 60 manufacturing and injection wells, additional increasing Guyana’s quickly rising power sector.
In distinction, Guyana’s authorities has formally pulled the plug on the Frontera-CGX three way partnership, canceling its oil prospecting license for the Corentyne Block. This determination, which had been anticipated since February when the federal government gave the three way partnership a 30-day warning, now marks the top of their efforts within the area.
The Corentyne block had been seen as a possible diversification alternative in Guyana’s oil trade, which is dominated by ExxonMobil’s operations within the Stabroek Block. Regardless of being an underdog, the Frontera-CGX partnership had hoped to safe a bit of the pie, however they’re now out of the race. Whereas each corporations have disputed the cancellation, no additional particulars about potential authorized challenges or behind-the-scenes negotiations have emerged.
Exxon’s management over Guyana’s offshore oil bonanza has solely grown stronger. The corporate, alongside its companions Hess and CNOOC, is progressing with a number of tasks, together with the most recent Longtail venture. Exxon’s ongoing efforts have resulted in over 650,000 barrels per day (bpd) of crude oil manufacturing from a number of operations within the nation. At this tempo, Exxon’s presence in Guyana might quickly rival that of some OPEC members.
Whereas international oil costs stay unstable, with WTI hovering close to $67 and Brent struggling above $70, smaller gamers like Frontera and CGX have confronted a troublesome problem. Nonetheless, Exxon stays well-positioned to proceed its dominance within the area, sending a transparent message: if you wish to drill in Guyana, you’d higher have deep pockets and the endurance of a significant supermajor.
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