Exxon Mobil Corp. is keeping its options open in Guyana and beyond.

The company is focused on seeking “good investments” and the “right opportunities” that can compete with the rest of the supermajor’s portfolio, Alistair Routledge, the president of Exxon Mobil Guyana Ltd., said at the Offshore Technology Conference in Houston in May.

“Our balance sheet is in good shape [and] what we are looking for are just good investments,” Routledge said on the side lines of OTC, responding to a question from Hart Energy.

Exxon is in the process of contesting Chevron Corp.’s deal to acquire Hess Corp. in a $53 billion proposed all-stock transaction. Exxon Mobil has become, potentially, a major stumbling block to the transaction. Exxon says it has a first right of refusal to buy part of Hess’ 30% interest in the Stabroek Block offshore Guyana.

Chevron’s deal also remains under review by the Federal Trade Commission.

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“We are not in position to make any decision on other equity in Stabroek Block right now, but we are focused on [finding] the right opportunities—whether in Guyana or elsewhere in the world, ” Routledge said. “And if they compete [financially], then we have the resources to get after them.”

In Stabroek, Exxon operates and leads a consortium that includes Hess and China National Offshore Oil Corp. (CNOOC). Since starting exploration activities in 2015, the three companies have found just over 11 Bboe of resources in Stabroek. And Exxon and Hess expect gross production from the block will reach 1.3 MMbbl/d by 2027.

Routledge told journalists that Exxon is also eyeing two prospects offshore Guyana: Redmouth and Trumpetfish.

“Over the course of the rest of this year we’ll drill those two prospects. These are different plans and exciting opportunities, but it’s rank exploration, so high-risk.,” Routledge said during a breakout session with journalists.

Guyana gas opportunities

Construction activities continue to move forward on a 130-mile pipeline network and associated infrastructure that will send 50 MMcf/d of gas from the Liza Field in Stabroek to a 300-megawatt onshore power plant. Exxon expects to finish pipeline construction and field hook-up by year-end 2024.

When it comes to other options for Guyana’s gas offshore, Routledge said there was gas in the southeastern block of Stabroek in a resource area the size of greater Houston — roughly 1,650 sq km.

“So, it’s a huge geographic area, so we’re working the exploration and appraisal of that area to understand that resource, both the static and dynamic testing of the reservoirs to firm up the potential development [and] how much of that resource is recoverable,” Routledge told journalists.

Routledge said that for any large-scale deep-water development, the order of production magnitude would need to be at least 1 Bcf/d of gas.

“I’m not saying that’s the right number, but it gives you an order of magnitude. From there we’ve obviously got to have the right offshore facilities. We haven’t landed on concepts; we’re looking at everything including FPSOs because it will be liquids to handle,” Routledge said.

Routledge said the obvious export exit for gas is LNG, although other options such as pipelines have been considered.

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On the question of sending Guyanese gas to Trinidad, the executive said it has been considered.

“All options have been looked at, including pipeline options to Trinidad. Nothing is ruled out today,” Routledge said, adding that it was good news that the various governments were talking to each other.

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