Exxon Mobil Corp.’s gas-to-power project in Guyana is a “win-win proposition particularly for the people of Guyana,” the Texas-based company’s CEO Darren Woods said during the first quarter 2024 webcast with analysts.
Exxon continues to look for opportunities to assist communities in countries on a development path, Woods said Apr. 26, citing Guyana as a good example of that strategy.
Guyana’s offshore gas production from the prolific Stabroek Block will be used to feed an onshore gas plant and allow the country to displace diesel fuel use in power generation, reducing emissions related to the use of the fossil fuel.
Construction continues on a 130-mile pipeline network and associated infrastructure that will ship 50 MMcf/d of gas from the Liza Field to a 300-megawatt onshore power plant. The plant is expected to be constructed and operated by the Guyanese government, according to Hess.
Exxon Mobil Guyana Ltd. expects to complete pipeline construction and field hook-up by the end of 2024.
The project will allow Guyana “to replace a relatively inefficient high emissions power generation system that-s fairly unreliable with something that-s cleaner, lower emissions and much more reliable, and should be much more cost effective,” Woods said.
RELATED
Exxon Ups Mammoth Offshore Guyana Production by Another 100,000 bbl/d
Recommended Reading
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Stockholder Groups to Sell 48.5MM of Permian Resources’ Stock
2024-03-06 - A number of private equity firms will sell about 48.5 million shares of Permian Resources Corp.’s Class A common stock valued at about $764 million.
Riley Permian Announces Quarterly Dividend
2024-04-11 - Riley Exploration Permian’s dividend is payable May 9 to stockholders of record by April 25.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.