Statements by Guyana’s Vice President Bharrat Jagdeo suggest that ExxonMobil is likely to breach the proposed cap of 14 billion cubic feet in the given period. He warned of penalties.
Discomfort about flaring in Guyana is not just about environmental concerns. It also reflects demands for Liza gas to be used to generate electricity, replacing dirtier fuels.
Tighter controls
These concerns were in evidence in October, when President Irfaan Ali’s incoming administration granted approvals for Payara-Pacora the third phase of offshore development on the ExxonMobil-operated Stabroek block and included tougher controls on gas flaring, backed by penalties.
These measures are piecemeal and the increase in flaring also provides Guyana with a reminder of the importance of pushing ahead with promised regulatory reforms more systematically.
By Reuters Staff
2 Min Read
(Reuters) - U.S. oil producer Hess Corp has been selected to market two Guyana crude oil shipments as the emerging oil power seeks a permanent partner to handle its share of a major offshore oil find, the country’s vice president said on Tuesday.
The South American country has became an oil hotspot after a consortium led by Exxon Mobil Corp discovered more than 8 billion barrels of oil and gas off its coast. Guyana receives a portion of the consortium’s output, which it then sells.
But with no domestic refining nor state oil company, Guyana relies on private companies to market its share. President Irfaan Ali’s government re-launched an advanced search for that partner after taking power last year, receiving 29 bids in October.
Exxon Mobil Corp said on Friday it had reduced crude output levels at the Liza Destiny floating platform off Guyana's coast after a gas compressor failed.
ExxonMobil reports results for fourth quarter 2020 and provides perspective on forward plans
Source: Reuters
Fourth quarter loss of $20.1 billion included unfavorable identified items of $20.2 billion, primarily non-cash impairments; earnings excluding identified items were $110 million, or $0.03 per share assuming dilution
Exceeded cost-reduction objectives, with 2020 capital spending of $21 billion below target by $2 billion; cash operating expense more than 15% below 2019, of which $3 billion is a structural reduction
Met 2020 methane emissions (15%) and flaring (25%) reduction targets versus 2016
1 , and announced 2025 emission reduction plans; projected to be consistent with the Paris Agreement
Management Perspectives on Forward Plans
Additional annual structural operating expense reductions of $3 billion expected by 2023, resulting in total annual structural reductions of $6 billion versus 2019
Provided by Business Wire
Hess Reports Estimated Results for the Fourth Quarter of 2020
Fourth Quarter Financial and Operational Highlights:
Net loss was $97 million, or $0.32 per common share, compared with a net loss of $222 million, or $0.73 per common share in the fourth quarter of 2019
Adjusted net loss1 was $176 million, or $0.58 per common share, compared with an adjusted net loss of $180 million, or $0.60 per common share in the prior-year quarter
Completed the sale of the Corporation s 28% working interest in the Shenzi Field in the deepwater Gulf of Mexico for net proceeds of $482 million, after closing adjustments
Oil and gas net production, excluding Libya, averaged 309,000 barrels of oil equivalent per day (boepd), down from 316,000 boepd in the fourth quarter of 2019; Bakken net production was 189,000 boepd, up 9% from 174,000 boepd in the prior-year quarter