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ExxonMobil Vice President: Guyana’s three oil projects generate $1.5 billion in revenue per month
Kaieteur News – In a recent episode of the Energy Viewpoint Podcast, Philip Ritma, Vice President and Business Services Manager at ExxonMobil Guyana Limited (EMGL), revealed that Guyana’s oil industry generates over $1.5 billion in revenues per month from the three operating oil projects in the Stabroek Block.
Phillip Rietema, Vice President and Business Services Manager, ExxonMobil Guyana Limited (EMGL)
ExxonMobil operates the lucrative block with its partners Hess and CNOOC. Currently, ExxonMobil, Hess and CNOOC operate three projects – Liza One, Liza Two and Payara, producing more than 600,000 barrels of oil per day. Guyana’s oil production comes from three floating production, storage and offloading (FPSO) vessels: Liza Destiny, Liza Unity and Prosperity.
“We had our first production since our initial discovery in 2015, and just four years later we have three projects online,” said the EMGL vice president.
Since 2015, ExxonMobil and its partners have made more than 30 additional offshore oil and gas discoveries in the Stabroek Block.
Current production levels generate revenue of $1.5 billion per month.
“At current prices, you can see in our financial reports that we are currently generating over $1.5 billion in revenue per month,” Rittma said.
According to Rietema’s disclosure, the oil business should generate about $18 billion in revenue this year. It is worth noting that these funds are shared by the government and the consortium led by ExxonMobil.
FPSO boom
However, Guyana expects to earn about $2.1 billion from oil exports this year and $320 million from royalties. Under the oil agreement, ExxonMobil will recoup 75% of revenue to cover costs, with the remaining 25% split equally between the oil company and the government. The oil company then pays Guyana a 2% royalty on the country’s oil resources from its share of profits.
Looking ahead, Ritma outlined plans for the Stabroek block, as well as three other projects – Yellowtail, Uaru and Whiptail. ExxonMobil expects production capacity to exceed 1.3 million barrels per day by the end of 2027. He continued, “If production exceeds 1 million barrels per day at current prices, annual revenues would exceed $30 billion, which again would be shared with the people of Guyana and our group.”
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