OIL: Exxon to drill three more exploration wells in Guyana in coming months

With Guyana’s first oil production projected for next month, ExxonMobil yesterday announced that it will begin drilling three additional exploration wells in the Stabroek Block in the coming months, even as the company boasted of its success here during its third quarter earnings call.         

“We continue to progress considerable undrilled potential in Guyana…three upcoming wells, Uaru, Mako, and Hassa are planned to spud in the upcoming months,” said ExxonMobil’s Vice President of Investor Relations and Secretary Neil Hansen, who led yesterday’s financial update for the third quarter.

Providing an update on the company’s Guyana operations, Hansen said even as preparation is underway for possible production next month, it is dependent on weather conditions.

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  • kamtanblog  On 11/03/2019 at 1:54 am

    Greedy exon !
    Horse has bolted….runaway train !

    Sorry this is OTT …even oil needs regulation.
    UK just suspended all “fracking”
    Side effects “earthquakes”
    Go google

    Guyana be aware beware !

    Kamtan uk-spain

    • Trevor  On 11/03/2019 at 8:50 pm

      Someone with a last name “Einstein” penned a letter to the daily newspapers here how the oil located offshore is “17000+ feet below sea”, and difficult to obtain”, yet the writer is an Einstein and supposedly is from the USA.

      The writer of that letter was trying to explain that Exxon should be praised for drilling tens of thousands of feet deep, and we as Guyanese must be grateful for the scraps from the oil corporations.

  • brandli62  On 11/03/2019 at 9:48 am

    I disagree with the previous arm chair commentator writing from his retirement domicile in Spain. Guyana can be lucky that Exxon is making these huge investments to develop oil exploration in a country with a notoriously poor infrastructure. The changes will be transformational and everyone who has not been to Guyana in a decade will see the massive changes – starting at the refurbished airport in Ogle, which also serves as a basis for helicopters that bring supplies to the oil exploration boats of the coast. I am sure that the majority of the Guyanese do not want to turn the clock back. Maybe some Guyanese abroad will be mourning the good old days… The comment that Exxon is greedy is misplaced. The company is after all not a charity and hence investments are made to benefit the shareholders. The Guyanese government’s job is to protect the interests of the nation and it has to find an agreement that enables exploration while delivering a fair share of the revenue to the Guyanese people. What is a fair deal is relative and will change with time. At the start, Guyana had bad cards. No oil infrastructure and the constant threats from Venezuela, which have driven away all potential investors. Exxon is now making the difference. Venezuela will think twice to interfere with Exxon’s operations off the coast of Guyana, which are within the internationally recognised boarders of Guyana. A wise Guyanese government will learn how to harness the oil revenues for the good of the Guyanese people. This has to be done by investing the money into education, vocational training, health care, and infrastructure. In addition, renewal energy sources have to be widely promoted and the garbage disposal system has to be redesigned. The recent proposal to have a state-of-the-art incinerator built outside of Georgetown is a move in the right direction. I would recommend the Guyanese government to study the examples of Norway (with the best state’s fund in the world) and Oman. Oman is particularly interesting. Fuelled by oil revenues, it managed the transformation from medieval times to the modern era by refraining from handouts to the general public. All Omani are working and the government has been paying to get gifted students trained abroad. The future can be golden, if the Guyanese people use the oil revenues wisely in a long-term, sustainable manner. I am optimistic!

  • Quenton Dokken  On 11/04/2019 at 10:49 am

    Guyana should focus its new found wealth on education, health care, food security, environmental health, and job creation. To successfully do this in perpetuity will require a strong and robust management system backed by the rule of law. Is Guyana ready for this?

    It is ironic that Guyana’s perceived pathway to a better quality of life is also the global pathway to the destruction of the Earth’s essential ecological services, clean air and water. But, oil and gas corporations exist to produce financial profit, first for the stockholder and secondly for the employee, primarily the executives. Corporations, beholden to stockholders, are heartless and soulless, responding only to Wall Street and the price per barrel on the global market.

    The oil and gas industry has played a pivotal role in elevating the quality of life accessible around the world. These companies are staffed by good people, our family members, friends, neighbors, and associates. In most developed countries, their wages set the income levels for the working class; and most retirement investment instruments are strongly influenced by the stock prices of the oil and gas corporations. But today, science has uncovered the limits of fossil fuel energy in terms of global environmental sustainability; the evidence is unequivocal. We have arrived at the proverbial, “fork in the road.”

    Guyana should capitalize on this opportunity, but do not let the industry believe that Guyana exists to serve it; the industry exists to serve the people of Guyana. And, the people of Guyana, as members of a global society, have responsibilities to the rest of the world.

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