Members of Ministerial Oil & Gas Committee attend annual partnership meetings with ExxonMobil Officials – Houston, Texas, USA

On  August 10 and 11, 2017, Ministers of Government –  Vice-President Carl Greenidge, Raphael Trotman, Winston Jordan, David Patterson and Dominic Gaskin, together with Presidential Advisor, Dr. Jan Mangal, and Technical Officers, Ms. Teresa Gaime and Kiran Mattai, of the Ministry of Natural Resources and the Guyana Energy Agency respectively, participated in meetings and briefings with officials of the ExxonMobil Development Co. and ExxonMobil Gas and Power Marketing Co. at the ExxonMobil Campus in Houston, Texas, USA.

The Governemnt of the Cooperative Republic of Guyana is a fifty (50) per cent partner with ExxonMobil, Hess and CNOOC Nexen for the development of the off-shore Stabroek Block in which petroleum has been discovered.

Several Ministers had attended similar briefings in 2016, and it was decided then, to have annual engagements of a comprehensive nature in preparation for ‘first oil’ in 2020 and beyond. These meetings follow closely on the award of a Production Licence by the Government of Guyana for the Lisa Phase 1 development in June 2017, ExxonMobil’s and partners – Hess’ and CNOOC Nexen’s subsequent Final Investment Decision (FID), and the quantification of petroleum in the Payara well in July 2017, and were considered timely.

At the August briefings the Ministers were provided with updates on developments with the Liza Phases 1 and 2. Phase 1 is scheduled to commence in 2020 to recover approximately 500m barrels of oil at a rate of 120,000 barrels per day (bpd) and phase 2 is expected to recover the remaining resource in the Lisa field in 2023 and beyond.

Contracts have been awarded for the Floating Production Storage and Offloading (FPSO) vessel and the sub-sea infrastructure and connections necessary for production in deep-sea.

The Ministers were also briefed on, and engaged in, discussions on the advancements of the proposed project to utilise available natural gas for energy generation by GPL and scrutinised the various financial and fiscal models that will emerge from oil revenues in the post 2020 period.

Both sides expressed confidence and satisfaction in the process and undertook to have follow-up discussions on the natural gas project within two months.

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