Guyana OIL : news update !

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Executive Director of CGX (Guyana) Energy, Professor Suresh Narine
says despite the gradual global transition to renewable energy
the demand for oil will remain high in coming years and as such,
Guyana’s multi-billion barrel resources
are well-positioned to survive the stranded assets phenomenon.

Guyana is in a particularly favourable state compared to the oil sands in Alberta

or heavy onshore oil in Suriname.

Guyana’s oil is light, sweet crude, at least what has been commercialized to date.”

Professor Narine said this means that the net amount of energy needed

to convert Guyana’s oil into consumer-ready fuels is less.

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Liza production to hit peak in August as water and gas injection come online

ExxonMobil is currently commissioning water injection equipment and bringing natural gas injection fully online

at its Liza Phase 1 Development located 120 miles offshore Guyana at the Stabroek Block

This will see production climb to its peak of 120,000 barrels of oil per day in August ~

Hess Corporation says the focus this year is on execution and the more than 3.2 billion barrels of oil

discovered off the Guyana coast is playing a key role in that regard.

John Hess, Chief Executive Officer of Hess Corporation

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By OilNOW July 29, 2020

Guyana will lift its third million-barrel oil cargo next week
just as the upcoming partial return of curtailed OPEC+ oil production from August
is set to create a new four-month supply glut of around 170 million barrels.

Rystad Energy said in a new analysis that after the first five months of 2020
which all registered excess global oil production compared to market demand
June was a month when global stocks saw some relief of 2.2 million barrels per day (bpd)
of implied oil inventory draws.

July, the last month of OPEC+’s record 9.7 million bpd output curtailment commitment

is also set to end with demand surprisingly exceeding supply by 1.9 million bpd.

The payments are in a Trust account in the USA ?

NO government in Guyana !

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“Everything we and the partners can do to progress Payara on schedule, we are doing and we’ve done…

We need to be ready to move as soon as the Government is ready and we are ready.

We need an approved development plan

and that approved development plan needs to come from the Government

…It’s very important that we have this development so that that we can FID

(Final Investment Decision) within September timeframe.

There are weather conditions that if you miss a certain window it could result in delay of some months,”

Exxon VP reiterated.

“We’re waiting for a resolution like everybody else of the election…

What we know is that all parties in Guyana want to progress this development.

Of course, we’re in regular contact with both President Granger and the APNU/AFC coalition
and we’re also in discussions with the PPP and Dr Irfaan Ali…

What we continue to stress to the Government is that if the project does get delayed,

it’s a loss of value to the country.

It’s very, very clear. The Government understands that "

the Exxon official positioned.