Offshore staff
OSLO, Norway – Global oil companies are preparing to spend more than $53 billion in Guyana’s coveted Stabroek block during the coming decade, according to new research from Rystad Energy.
With more than 8 Bbbl of recoverable oil discovered in Stabroek thus far, companies are set to boost their capex for the area, with ExxonMobil leading the way. The Liza field – the first and largest discovery in the block – has increased the major’s appetite, as its capex in Guyana is forecast to reach around $22.6 billion between 2019 and 2030, according to the consultant.
US independent Hess is expected to follow with a capex of some $15.1 billion and CNOOC of China with $12.6 billion. The Liza field will attract most of the expenditure, with the Turbot field and the Payara field expected to round out the top three.
The 2015 Liza find has completely rewritten the script for Guyana’s economic outlook, with capital investments (including exploration) having surpassed $3 billion in 2019.
Palzor Shenga, Senior Upstream Research Analyst at Rystad Energy, said: “Currently, most of the costs are being spent on developing Liza and finding new resources. Soon, however, capital-intensive new development projects are likely to kick off, with greenfield costs forming a major part of the spending.”
02/14/2020
