July 25, 2024
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Exon-led Consortium Considers Guyana Gas Production After 2029

An ExxonMobil-led consortium is considering its first offshore natural gas production in Guyana, close to the country’s maritime border with Suriname. This was disclosed by an executive at the U.S. oil and gas group said on Wednesday.

Exxon, Hess Corp, and CNOO are under pressure from Guyana to develop untapped natural gas in the South American country, where they have discovered more than 11 billion barrels of oil and gas since 2015.

Exxon’s Guyana manager Alistair Routledge said that the exploration and appraisal work will be done by early 2025. And gas production in the field near Suriname is expected to start by 2029 or 2030.

The consortium is yet to decide whether its seventh offshore project in Guyana would focus on oil or natural gas discoveries in the giant Stabroek block, he added.

Meanwhile, Guyana’s Vice President Bharrat Jagdeo said the country wants the group to co-develop a natural gas project, adding that another international company signaled this week it would be ready to help develop the gas.

“If we allow Exxon to go on their own, they may just slow the pace and tell us there is not enough for a commercial project,” Jagdeo said. “We want another international developer participating.”

Neighboring Trinidad and Tobago, which has an underutilized LNG export facility, said this week it would be pleased to jointly develop Guyana’s natural gas.

However, that proposal “is likely not the most economic option,” Routledge said.




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