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According to a report from Oil Now on May 1, as the global oil and gas industry continues to recover from the impact of the new crown pneumonia epidemic, ExxonMobil reported that its production has risen from the level of 2020, which is the first time this year.
Steven Littleton, the company’s vice president of investor relations, reported that upstream production has increased by about 100,000 barrels per day on average compared to the fourth quarter of 2020.
At the same time, ExxonMobil Chairman and CEO Darren Woods said that the company's Guyana portfolio is the best in 20 years.
Darren Woods pointed out: "In the next 5 years, 90% of our upstream investment and resources increase, including Guyana, Brazil, and the Permian Basin, can generate 10% returns at a price of $35 or less per barrel.
It is worth noting that although the discovered resource reserves in the Stabroek block are currently about 9 billion barrels, this number is expected to increase.
He added: “Therefore, I think there are many opportunities for us to continue to develop.
Woods said that by 2027, Guyana is likely to build 10 Floating Production Storage and Offloading Units and 6 oilfield development projects: “We are very satisfied with the findings in Guyana.
Wang Jiajing excerpted and translated from Oil Now
The original text is as follows:
Exxon expects'continued and steady progress' in Guyana's multi-billion-barrel basin
As the global oil and gas industry continues to recover from the impact of the pandemic, ExxonMobil has reported that its production volumes are rising from 2020 levels, and for the first quarter of this year, output at the Liza Phase 1 Development in Guyana increased by 70 percent when compared to the same period last year.
This was disclosed on April 30, when the US oil major held is first quarter earnings call.
"Guyana production increased by approximately 70 percent or 19,000 barrels per day over the same period," he stated.
Meanwhile, Chairman and Chief Executive Officer of ExxonMobil, Darren Woods said the company's portfolio of opportunities in Guyana is the best they have seen in 20 years.
"Ninety percent of our upstream investments and resource additions over the next five years, including Guyana, Brazil and the Permian, generate 10 percent returns at $35 a barrel or less," he stated.
He updated stakeholders on the Guyana operations, telling them that progress on Liza Phase Two and Payara are on schedule, while the planning phase for the fourth development at Yellowtail is underway.
The investors heard that while the discovered resource base of the Stabroek Block is currently pegged at about nine billion oil equivalent barrels, that number is expected to grow.
"So, I think it's a very rich set of opportunities that we're going to continue to progress and I wouldn't look for a big bank per se, I would look for a continued and steady progression of bringing those opportunities to market, ”He continued.
With the potential for ten Floating Production Storage and Offloading (FPSO) units and six field developments by 2027, Woods said, “We feel really good about what we're finding in Guyana and a very constructive engagement with the government in terms of those developments .
