The aptly-named “Prosperity” FPSO just sailed into our waters, and is getting hooked up with all those “floaters and risers” and stuff to start pumping at least 260,000 barrels of that sweet, light Brent crude every day of the year!! It’s some distance from the Lisa Destiny and Lisa Unity, exploiting, as it will, the Payara find. Now, we know that Prosperity’s gonna be churning out more than 260,000 bpd, don’t we?? The aforementioned Lisa FPSOs were rated to produce 340,000 bpd, and look at how they’re up to 380,000 bpd without working up a sweat!!
So, by this yearend, we can expect production of over 600,000 bpd!! How sweet it is!! What makes it even sweeter is that, with the war in Ukraine showing no sign of letting up – in fact we’re hearing about “counteroffensives” and all! – and OPEC cutting back their production by 1 million bpd this month…we can expect VERY buoyant oil prices, thank you!! Your Eyewitness can just hear those cash registers jingling at the New York Fed, where we park our oil money!
They say it ain’t good to count your chickens before they’re hatched – but these aren’t chickens coming out of the bottom of the Atlantic, are they?? No siree Bob!! This’s the black gold the world just can’t do without!! No matter what they say about “renewables” and such like, it’s coal production that’s gonna be taking a hit in the next decade!! Yeah…big, bad, dirty coal!! First the brown lignite…then the black coal, and then – after maybe two decades – the heavy, sulphur-laden crude out of Venezuela and Canada!! And finally, our sweet, light Brent not-so-crude!!
So, from where your Eyewitness sits, it was a no-brainer for the PPP to summarise its oil policy as “Drill, baby! Drill!!” We probably got a 30-year window to make the most of what the good Lord gave us! It was He who made the good earth exert all that heat and pressure on those sunken ancient forests to turn them into oil, wasn’t it?? His “bounty” isn’t confined to the on-the-surface goodies!!
Anyhow, by 2025, the “One Guyana” FPSO will be steaming in to exploit the Yellowtail strike!! With a rated capacity of 260,000 bpd, you just know that’s gonna be exceeded to get our production up to ONE MILLION BARRELS PER DAY in that year!! It’s purely coincidental – if serendipitous for the PPP! – that the next General Elections are gonna be held then!! And in case anyone misses the slogan for those elections, the good FPSO “One Guyana” gonna remind them!!
Your Eyewitness is also pretty sure – with the higher oil revenues – there might just be more than a chicken in every (Guyanese) pot!!
…Bid, baby!! Bid!!
Now, in case you forgot, even though Exxon/Hess/ CNOOC and a number of other oil multinationals own massive swaths of deep-water ocean real estate – others are salivating cause of the former’s 13-billion (and counting) confirmed reserves – and there’s some prospects left. The Government had requested bids since 2022 – which was to’ve been closed tomorrow. But the deadline has been extended to July 15!!
Fact of the matter is, some new players – at the governmental level, even!! – have not surprisingly expressed interest in view of the roiling oil markets!! But investing in oil prospects – especially offshore – ain’t the same as buying salara – where you can actually see how much of that good, sweet coconut flakes you’re getting!! With oil, there are reams and reams of data that gotta be analysed – and even then, there’s no sure thing!! Look at the first company off the block – CGX: those poor guys still haven’t struck anything.
But these new bidders gotta move quickly: that window of opportunity’s even tighter for them!!
…cultivate supporters today!!
The Opposition seems to have a schizoid strategy for getting power. By highlighting their “kith and kin” in the armed forces, are they expecting to attract non-traditional voters – who’ve been sensitised by some condign beatings at Mon Repos??
