1/28/2020 Stabroek Block estimates moved to 8 billion oil-equivalent barrels – Kaieteur News

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LATEST abroek Block estimates moved to 8 billion oil-equivalent barrels Wrong diagnosis cost teen’s parents $800,000 and trip to

Stabroek Block estimates moved to 8 billion oil-

equivalent barrels
 Jan 28, 2020  News 0 Comments

ExxonMobil has revised its reserve estimate for the Stabroek Block to more than 8 billion oil-
equivalent barrels.

Not 8 billion barrels of oil. The term ‘oil-

equivalent’ includes the quantity of oil as well
as the quantity of gas in the quoted estimate. Sports
The company still has not made public the
proportion of oil to gas in most of its
discoveries, despite calls for it to do so.
ExxonMobil had previously stated 6 billion oil-
equivalent barrels as its estimate for the 15
discoveries it made on the Stabroek Block
before the year started. Further appraisals
gave the company the data it needed to make
a more informed estimation of the reserves.
“With recent high-quality finds at Tripletail and Map showing 15 of ExxonMobil’s discoveries. The
Mako contributing to our recoverable 16th discovery is not yet included in the oil
major’s 8 billion oil-equivalent estimate.
FOX Sports and Concacaf agree
resources, our investments will continue to
exclusive three-year US English...
provide benefits for the people of Guyana,”
 Jan 28, 2020
Senior Vice President of Exploration and New Ventures, Mike Cousins, is quoted as saying, in an
2020 Women’s Olympic Qualifiers included Miami –
ExxonMobil press statement.
The Confederation of North, Central America and
Meanwhile, ExxonMobil announced a 16th discovery in the Block, called Uaru. It is the first discovery
Caribbean Association Football (Concacaf) and
of 2020, and is not included in the revised estimate.
major US network FOX Sports have penned an
ExxonMobil said that in that discovery, it encountered approximately 94 feet (29 metres) of high-
exclusive...
quality oil-bearing sandstone reservoir. The well, drilled in 6,342 feet (1,933 metres) of water, is
located approximately 10 miles (16 kilometres) northeast of the Liza field, which began producing oil Read More
in December 2019.
Hess Chief Executive Officer, John Hess, said “We are pleased to have another significant oil Youth Hoops Basketball
discovery on the Stabroek Block at Uaru. Previous discoveries on the block including recent high Clinic & Tour set for...
quality finds at Tripletail and Mako underpin a significant increase in estimated gross discovered  Jan 28, 2020
recoverable resources for current and future developments. We also continue to see multibillion
barrels of additional exploration potential remaining.”
Energy Director, Dr. Mark Bynoe said in a statement from the Ministry of the Presidency, “All
Guyanese should welcome this new discovery and should begin to appreciate that the nation is on Turbo Knockout football
Heartbreak for GFC
the cusp of major economic transformation and sustained development. The Department of Energy
again...
remains committed to working with its partners and ecosystem of agencies, to ensure that the  Jan 28, 2020
benefits from the sector, both direct and indirect, redound to every Guyanese.”
Four drillships are currently exploring and appraising, and a fifth drillship is expected to be added
later this year, according to ExxonMobil and Hess. Trophy Stall Open Tennis
ExxonMobil expects to ramp up production in the coming months for the Liza phase one project to tournament Lopes &...
the maximum production capacity of the Liza Destiny Floating Production, Storage and Offloading  Jan 28, 2020
(FPSO) Vessel, 120,000 barrels per day.
The oil major and its partners have already gotten approval for production in the second phase of the
Liza field. The Liza Unity, meant to operate in that project, is under construction in Singapore, and is
expected to start production in 2022. It has a maximum production capacity of 220,000 barrels per Singh in stable condition
after GMR&SC...
day.
 Jan 28, 2020
ExxonMobil hopes that Government will review and accept its third Field Development Plan, for the
Payara project. The company has jumped ahead prematurely awarding contracts for works related to
that project, including initial construction work for the third planned FPSO, the Liza Prosperity. It is
being built to have the same production capacity as the Liza Unity, 220,000 barrels per day. The

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1/28/2020 Stabroek Block estimates moved to 8 billion oil-equivalent barrels – Kaieteur News
company expects to start production in 2023. Silver Bullets dump
NEWS EDITORIAL SPORTS LETTERS FEATURES / COLUMNISTS
 stated WHAT GUYANA NEEDS TO KNOW
defending Linden  FOLLO
Dr. Bynoe that “The petroleum sector is already stimulating increased employment and
expanded services, and we are expecting a ramping up of these benefits during the Decade of champs High...
 Jan 28, 2020
Development (2020-2029) which is aimed at ensuring that the country’s petroleum resources are
utilised to improve citizens’ quality of life and retaining greater value from the sector for Guyana and
Guyanese.”
The Ministry of the Presidency’s statement noted that Guyana will be getting two percent royalty and Features/Columnists
a minimum of 12.5 percent (which is profit oil), amounting to a minimum share of 14.5 percent.
Government expects that Guyana’s share will increase as the capital and operating costs invested
by Exxon and its partners are liquidated. Winston Jordan, Volda Lawrence,
Hess and ExxonMobil expect that production on the Stabroek Block will meet 750,000 barrels per Nagamootoo and Guyana
day by 2025, but still have not explained how that figure will be reached. Currently approved projects
would take production to a peak of 340,000 barrels per day. If Payara is approved, production would The Stabroek News ran two editorials
peak at 560,000 barrels per day. The companies have indicated that they envision five FPSOs condemning Volda Lawrence’s
operating in the Block by 2025, but haven’t made the necessary proposals to Government yet. advocacy at the Kitty Market Square
The Stabroek Block is 6.6 million acres. ExxonMobil’s local subsidiary, Esso Exploration and campaign meeting... more
Production Guyana Limited (EEPGL) is the operator with 45 percent interest. Hess Corporation’s
local subsidiary, Hess Guyana Exploration Limited, holds a 30 percent interest. CNOOC International
Limited’s local subsidiary, CNOOC Petroleum Guyana Limited, holds 25 percent.
I hope you get the promised ‘good
life’; I gone!
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Think about a situation in which you

          are employed as a labourer. The boss

man promises that he will pay you
$5000 per day.... more

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