In a pivotal revelation, Vice President Dr. Bharrat Jagdeo unequivocally accentuated the government’s definitive position on the monetization of ExxonMobil’s gas discoveries. “We’ve made it clear, we want to monetize our gas assets,” iterated Dr. Jagdeo. His statement underscored that areas with extensive gas deposits, such as Haimara, should be monetized, and if ExxonMobil fails to act, they should relinquish these to the government.
Insights from Guyana’s Maritime Administration Department reflect ExxonMobil’s ongoing utilization of the Stena DrillMax for drilling operations at Haimara-2, aimed at confirming the volumetric assessment of gas resources in the Haimara field. The initial revelation at Haimara-1 was made in 2019, exhibiting approximately 207 feet of premium gas-condensate bearing sandstone reservoir. Positioned 19 miles from Pluma-1, another gas-dense discovery, Haimara-1 was identified by ExxonMobil as a significant development zone. However, the company’s priority has predominantly been the extraction of Guyana’s oil reserves.
Currently, with a sequence of six oil ventures and a seventh undergoing appraisal, ExxonMobil is intensively evaluating the prospects of natural gas ventures in the Stabroek Block. Comprehensive examinations are also underway to discern optimal production facilities for gas extraction. It’s notable that the Stabroek Block encompasses approximately 17 trillion cubic feet of natural gas, representing about a quarter of Guyana’s 11 billion oil-equivalent barrels.
Dr. Jagdeo attributed Exxon’s rigorous asset appraisal to the government’s insistence on gas monetization or relinquishment. “That’s what they’re doing, and we’re pleased that that is being done,” he remarked.
The government is concurrently formulating a comprehensive gas strategy, which, as per Dr. Jagdeo, is projected to be presented for consultation within the forthcoming weeks. “That strategy will outline basically our approach to the industry,” he highlighted.
In anticipation of a wide-ranging dialogue, a draft of the national gas strategy is scheduled for imminent publication and public consultation. Dr. Jagdeo had assured this strategical endeavor would ensue post the conclusion of the offshore licensing round. The upcoming Petroleum Activities Law will impose more stringent requisites for the development of discovered resources, introducing provisions for collective gas development between Guyana and Suriname.
Substantial gas deposits have been detected in the eastern segments of the Stabroek Block, aligning with Suriname’s border, where Total Energies has also identified extensive natural gas volumes in Block 58.
Dr. Jagdeo’s explicit articulation amplifies the government’s commitment to maximally leverage the country’s energy assets and sets a benchmark for responsible resource management. The strategic initiatives and impending regulatory augmentations are indicative of a progressive trajectory in energy resource management, focusing on optimal and responsible exploitation of Guyana’s substantial energy assets.
This dynamic approach is not just a beacon for national development but is also a catalyst for prospective regional collaborations, harmonizing efforts to shape the future landscape of the energy sector and ensuring the effective and sustainable harnessing of Guyana’s abundant natural resources.