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Guyana could be the next Caricom oil and gas giant*

Trinidad Express / GUYANA is clearly on course to becoming the next oil and gas producer in the Caricom region after Trinidad and Tobago. For that, it has to thank the tenacity of the world’s leading major, ExxonMobil, which has mounted a comprehensive exploration programme that identified substantial reserves in the Stabroek Block, about 120 miles offshore. Its Lisa 1, 2 and 3 wells found what has been estimated at between 800 to 1.4 billion barrels of recoverable crude, which is likely to start being produced commercially by 2020, at the latest. This will be accomplished via a Floating Production Storage and Offloading (FPSO) vessel—a pipeline to shore would be horrendously expensive to build–which will unload into tankers that will take the oil to ExxonMobil’s refineries abroad. A refinery in Guyana itself is out of the question for an input of crude that would be around 60,000 b/d initially, rising to 150,000-200,000 b/d, for a limited period of time, before declining.

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