Exxon's Guyana oil production rose to 668,000 barrels per day last week

Alistair Routledge of the U.S. firm that is responsible for Guyana, Alistair Routledge said at a press conference on Tuesday, "A consortium led by Exxon Mobil, which controls all oil-and-gas output in Guyana, produced 668,000 barrels of oil per day last week."

After receiving the floating production facility in Guyana waters in February, the group is now working on installing it. The companies produced 627, 000 bpd in March. Data from the energy ministry of the country showed that the average 631,000 BPD achieved during the first quarter is 3% more than the previous year.

After the fourth facility has been plugged in, the Exxon consortium will increase its output capacity from 500,000 bpd to 900,000. This will result in increased revenue and royalties to the government.

Guyana wants Exxon to deliver more natural gas over the next few years.

Routledge, speaking at the Offshore Technology Conference, Houston, said that a $1 billion pipeline will transport gas to land from an offshore field for power generation. The initial transport will be at least 50 millions cubic feet per day.

Routledge, in an interview conducted on the sidelines, said that Exxon had been updating the government about its exploration and appraisal efforts, but the company did not expect to be able to provide a number for the amount of gas that has been discovered and confirmed by Stabroek before it began developing the gas-focused project that is currently being planned.

He said, "The truth is that we won't find out the answer until we continue with the development."

We've done lots of research and evaluation work, but have only begun three of six projects. It will be years before we can know the correct numbers.

Routledge, speaking at the conference on stage, said that technology and artificial intelligence help Exxon drill more wells faster, reducing the time to drill one from 60 days to less than 35 days.

Exxon Guyana's operations are not affected by the lower crude oil prices after Donald Trump's globalization.

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He said that the increase in output has affected investment decisions near-term.

(source: Reuters)