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Politics : Peak Oil reality or Myth, of an out of Control System

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From: dvdw©	4/13/2017 2:13:50 PM
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ExxonMobil last week announced its third successful oil find offshore Guyana – the tiny Latin American country squeezed between Venezuela and Suriname. The Snoek discovery follows hitting oil-bearing rock in the Liza-1 well and the Payara-1 well, where Exxon struck oil at the beginning of this year. The three finds together have led analysts to estimate the total reserves held in Exxon’s Starbroek block at between 1.4 and 2 billion barrels of oil equivalent, which Exxon is developing in partnership with Hess and China’s Nexen. First commercial oil will probably start flowing in 2020, from a floating production storage and offloading vessel, to be later joined by a second one and later by a third one, if all goes well. According to Wood Mackenzie, by the mid-2020s daily output from the Starbroek block could reach 450,000 barrels—a pretty respectable figure that is bound to attract the attention of other oil players. uk.news.yahoo.com

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