More oil finds energise Guyanese government

THE GUYANESE GOVERNMENT IS EXCITED by the newest oil discovery by Exxon
Exploration and Production Guyana (EEPGL) and partners in the Pinktail well within the
Stabroek Block, offshore Guyana.

Exxon explorers discovered high-quality hydrocarbon-bearing sandstone reservoirs at 67
meters within the Stabroek Block.  This latest discovery is in addition to high-quality
hydrocarbon discovered at the Turbot-1 and Turbot-2 at 13 meters and 23 meters
respectively.

These discoveries will cement Guyana place among the petroleum producing countries of the
world.

“Hence, the Government of Guyana has mandated the Ministry of Natural Resources and the
Petroleum Sector’s regulatory agencies to enhance the oversight and management of the
exploration programmes of all operators as we seek to further expand the sector through
advancing commercial discoveries,” the Department of Public Information (DPI) said on its
website.

“The Government also takes this opportunity to welcome the announcement by EEPGL that
the Liza Unity FPSO (floating production storage and offloading) [vessel] departed
Singapore on September 03, 2021 and is expected to arrive offshore Guyana in mid-
November 2021 with an anticipated startup of production in early 2022,” DPI said.
It said the FPSO has a capacity of approximately 220,000 barrels per day (bpd) which will
complement the Liza Density FPSO “which is currently producing approximately 120,000
barrels of oil per day, bringing Guyana to producing approximately 330,000 barrels of oil per
day in 2022.”

The government is reassuring all Guyanese and its stakeholders that it will manage the
country’s petroleum resources “in keeping with international best practices for
compliance and transparency…to ensure benefits are derived for (by) Guyanese.”