Guyana expects to finalize a new oil production-sharing agreement model on time for an auction that will collect bids through mid-April, the country's vice president told an energy conference on Tuesday.
has the capacity to increase output in Guyana to as much as 400,000 barrels of oil and gas per day by optimizing operations at its two production vessels, Mallon said.
Their two vessels, Liza Destiny and Liza Unity, currently produce 380,000 boepd, above the 340,000 originally planned. Exxon is working to more than triple Guyana production to 1.2 million barrels per day by 2027 and may go beyond that, Mallon said. A third vessel, Prosperity, is expected to depart Singapore shortly. The consortium plans six floating production storage and offloading vessels with combined capacity to produce over 1.2 million boepd by the end of 2027.INDIA, QATAR ARRIVE
Guyana is using this week's conference to highlight next quarter's auction which could potentially double its offshore area under exploration.Oil industry contingents from India, the United Arab Emirates, Qatar and the United States were on hand to hear Jagdeo and Ali discuss their goals for the lease sale. Like Exxon, many executives are hoping to learn precise terms before deciding whether to invest billions of dollars.
"At the end of the day, you are investing in deepwater developments, you are investing a lot of money upfront," Mallon said of the risks involved. But he added: "We are still relatively early in the exploration phase."
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