MOSCOW (MRC) -- U.S. oil major ExxonMobil Corp said it had made a discovery at Pinktail in the Stabroek Block offshore Guyana, as it develops a major new oil and gas find, said Hydrocarbonprocessing.
Exxon operates the 6.6-million-acre Stabroek Block as part of a consortium that includes Hess Corp and China's CNOOC Ltd. It has made at least 20 discoveries there. The company said the find would add to the previous recoverable resource estimate of more than 9 billion barrels of oil and gas, without specifying the size of reserves in its latest discovery.
The company's second offshore production facility, the Liza Unity, set sail from Singapore to Guyana in early September. The floating production storage and offloading (FPSO) vessel is crossing the East Indian Ocean, with an estimated arrival in Guyana on Nov. 15, according to Refinitiv Eikon vessel tracking data.
The Unity FPSO will be utilized for the Liza Phase 2 development and is expected to begin production in early 2022, with an output capacity of about 220,000 barrels per day (bpd) of oil. The consortium began producing crude in late 2019. Hess Chief Executive Officer John Hess said in remarks to the Barclays CEO Energy-Power Conference on Thursday the Liza 1 project was producing at its nameplate capacity of 120,000 bpd.
He said the company expected the Stabroek block to produce at least 1 million bpd through six FPSOs by 2027. The Payara project, the consortium's third in the Stabroek block, is expected to start up in 2024, Hess told an investor conference hosted by Barclays.
Exxon expects to submit a development plan for its fourth Guyana project, Yellowtail, later this year, said Hess. Hess Chief Operating Officer Greg Hill said he expected Guyana's government to approve the consortium's development plan for Yellowtail, its fourth project, by the end of this year.
As MRC wrote before, earlier this year, ExxonMobil slashed its 2025 global oil and gas production estimate to 3.7 million boe/d, even as it focuses on growing output at the Permian Basin and in Guyana. Production will remain flat from 2020 levels through 2025 at 3.7 million boe/d, the company said during its Investor Day 2021 webcast. That is down from the 5 million boe/d production estimate for 2025 ExxonMobil released last year in its 2020 Investor Day, just as the coronavirus was beginning to take its toll on global oil demand and prices.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.
ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world"s oil and about 2% of the world's energy.
MRC