Exxon paid almost half of what Guyana earned in 2022 to rent oil ships

Esso Exploration and $111,761,974,019 or K a i e t e u r N e w s

In its 2019 annual report, Production Guyana Limited approximatelyUS$558.8M. understands that SBM, the SBM had indicated it would (EEPGL),theoperatorofthe The financial statement Dutch ship builder based in recover the full cost of its Stabroek Block and disaggregated the amount, Netherlands was contracted investments on the two subsidiary of American oil i n d i c a t i n g t h a t to operate the leased Liza vessels, through a sale to the giant, ExxonMobil in 2022 $89,821,181,301 was Destiny (FPSO) for a period client, ExxonMobil. In the recovered a total of US$7.4 allocatedtodepreciationand of 10 years, while the Liza meantime, significant billionincoststodevelopthe amortization fees for the use Unity(FPSO)andProsperity interests are being paid to crude discovered in the of the vessels, while the (FPSO) contracts cover a support leasing and StabroekBlock. balance of $21,940,792,718 maximum period of lease operatingarrangements.

A whopping US$558.8 wasspecificallydueonlease and operate of two years, Drill ship rentals million alone was expended interestortherentalfees. within which the FPSO It must be noted that on the rental of the Floating Guyana currently has ownership and operation Guyana is also paying Production Storage and two FPSO’s operating in the will transfer to the client, hundreds of thousands of Offloading (FPSO) vessels Stabroek Block namely the ExxonMobil’s affiliate, US-dollars daily to rent the and drill ships among other Liza Destiny and Liza Unity EEPGL. Both ships were drill ships being used by equipment to support the that started producing oil in built by the world renowned Exxon in its exploration offshore activities This 2019 and 2022 respectively shipbuilder campaignoffshore.AUnited accounts for almost half of The third FPSO, Prosperity The Liza Destiny was Kingdom firm, Noble the total revenue Guyana is expected to start built to the tune of US$1B Corporation was hired to earned last year for the production activities later while its sister, the Liza leasethevesselstoGuyana. petroleum production this year. It is likely that this Unity was built for Notably, in May last, activities. During 2022, the will also further balloon the US$1 2B Both vessels N o b l e a n n o u n c e d country benefitted from lease costs being charged to operate within the Liza field ExxonMobil Guyana has US$1.4B from the revenue Guyana. and produce approximately extended their contract for Noble Corporation

Anew report from Wood generated in the Stabroek ExxonMobil in its 400,000 barrels of oil per therentaloffouroftheirdrill earned significantly from Mackenzie,aglobalresearch Block. financial statements have day ships at an average day rate Guyana last year It was and consultancy group, has

This information is indicated that in 2021, the Just last month, it was of about US$420,000 reported that the drilling however signaled that the contained in the recently total expense for lease reported that ExxonMobil (GYD$84 million) for each. company generated some daily rental fees are likely to released2022AnnualReport charges amounted to just Guyana’sVice President and With the new extension by US$1 4 billion in total increase to $100 million. by EEPGL- ExxonMobil over $41 billion If one Business Service Manager, Exxon, drill ships Noble revenues for the year ended According to the report, rig Guyana. considers the approximate Phillip Rietema confirmed Sam Croft, Noble Don December 31, 2022, with a utilization has returned to

According to the $112billionchargesin2022, that the company is

Taylor, Noble Tom Madden, plurality of the revenue pre-COVID levels, driving document seen by this it would mean that the progressing with plans to and Noble Bob Douglas will coming from its operations rates up by 40 percent in the newspaper,theleasecostlast expense increased by a purchase the Liza Destiny work in Guyana until second in Guyana – US$469 pastyear,withanexpected year amounted to a total of whopping$71B. andLizaUnityFPSOs. quarterof2027. million.

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