Govt. grants Exxon production licence for 5th oil project

The Government of and Uaru reservoirs were processtookover11months. GuyanathroughtheMinistry presented.

The ministry explained ofNaturalResources(MNR) K a i e t e u r N e w s that the Uaru development on Friday announced the understands that the pre- benefits from EM’s “Design approval of the Uaru Field submission engagements o n e , b u i l d m a n y ” Development Plan (FDP) amongst MNR, GGMC and philosophy,whichallowsfor and the issuance of the Uaru Exxon were not a pre- more efficient project Petroleum Production approval mechanism but i m p l e m e n t a t i o n b y License to ExxonMobil’s servedtooptimizealignment leveraging similarities affiliate, Esso Exploration with legislative frameworks betweenblackoilprojects. and Production Guyana and international best

The project is expected Limited (EEPGL) and its practices. to produce 812 million partners, Hess Corporation The ministry further barrels of oil equivalent and CNOOC Petroleum noted that the November 1, resources in the initial 20GuyanaLimited. 2022 submission of the year licensed period through

The ministry, with p r o d u c t i o n l i c e n s e a total of 44 wells – 21 support from the petroleum a p p l i c a t i o n a n d producers and 23 water and division within the Guyana accompanying Field gasinjectors.

Geology and Mines D e v e l o p m e n t P l a n

The floating, production, Commission (GGMC), said underwent a rigorous review storage and offloading it worked alongside processbyMNRandGGMC (FPSO) vessel, Errea Wittu, ExxonMobil Guyana from staff, supported by an which will be built by May to November 2022. As independent consultant JapaneseFPSO-buildingand part of this, it explained that procured through the World operating company, various technical and Bank The FDP review MODEC, will produce 250 financial scenarios for process took over four kbdatpeakproduction. developing the Snoek, Mako months while the overall First oil is anticipated for the second quarter of 2027, perday company responsible for the thereby boosting Guyana’s Additionally, MODEC first four projects in the overall production rate to will now compete with SBM StabroekBlock.Notable over 1,100,000 barrels of oil Offshore, the Dutch-based (Continued on page 14)

Minister of Natural Resources Vickram Bharrat hands over the President of ExxonMobil Guyana, Mr. Alistair Routledge, the signed petroleum production licence for Guyana’s fifth offshore development, Uaru. They are joined by Production Manager of CNOOC Guyana Mr. Xu Xiangdong (far left) and Hess Corporation’s Vice President of Exploration, Appraisal, and Developments for Guyana Suriname, Mr. Tim Chisholm. They represent the two other oil majors comprising the Stabroek Block consortium.