New Wave to conduct marine warranty survey for Guyana’s Whip….

New Wave to conduct marine warranty survey for Guyana’s Whip…. New Wave Offshore Energy has been selected to conduct the Marine Warranty Survey (MWS) for ExxonMobil’s Whiptail project in Guyana. This collaboration underscores the critical role of MWS in ensuring the safety and integrity of offshore oil and gas operations. The Whiptail project, ExxonMobil’s sixth development in the Stabroek Block, represents a significant advancement in Guyana’s burgeoning energy sector.

Understanding Marine Warranty Surveys

Marine Warranty Surveys are independent assessments conducted to verify that marine operations comply with established standards and best practices. They serve as a risk mitigation tool, ensuring that all necessary precautions are taken to protect assets, personnel, and the environment during complex offshore activities. These surveys are imperative for complying with regulations and mitigating risks associated with operations such as pipelay, offshore construction, heavy cargo transportation, drilling, installation, and decommissioning.

By engaging in a Marine Warranty Survey with New Wave Offshore Energy, stakeholders and insurance underwriters are assured of a commitment to safety, as every necessary precaution has been taken for the protection of assets, crew, and the environment.

New Wave Offshore Energy’s Expertise

New Wave Offshore Energy specializes in risk reduction for energy projects on a global scale. Their comprehensive technical audit services provide independent verification of operational requirements through rigorous risk assessment and feasibility analysis. The company meticulously evaluates the alignment between an operation’s scope of work and the specific terms outlined in the corresponding insurance policy, ensuring precise and objective technical validation.

The full scope of MWS provided by New Wave includes:

• Kick-off meetings and project management

• Engineering review

• Suitability surveys

• On-shore verification

• Offshore attendance

• Close-out meetings and lessons learned

Their team, accredited by the Society of Offshore Marine Warranty Surveyors (SOMWS), ensures that each project complies with all rules and regulations and employs the proper safety measures.

The Whiptail Project Overview

The Whiptail project is located in the eastern portion of the Stabroek Block, approximately 183 kilometers northeast of Georgetown, Guyana, at water depths ranging from 1,500 to 2,200 meters. It encompasses the Whiptail, Pinktail, and Tilapia fields.

Discovered in July 2021, the Whiptail-1 well encountered 246 feet (75 meters) of net pay in high-quality oil-bearing sandstone reservoirs, while Whiptail-2 encountered 167 feet (51 meters) of net pay.

The project is estimated to cost approximately $12.7 billion and will include up to 10 drill centers with 48 production and injection wells, targeting a resource base of more than 850 million barrels of oil. The Floating Production Storage and Offloading (FPSO) vessel for Whiptail, to be named Jaguar, is currently under construction by SBM Offshore.

Significance of the Whiptail Project

The Whiptail development is a pivotal component of ExxonMobil’s strategy to expand oil production in Guyana. Upon completion, it is expected to add approximately 250,000 barrels of oil per day (bpd) to Guyana’s production capacity by the end of 2027, elevating the country’s total output to over 1.3 million bpd.

This substantial increase in production capacity will significantly bolster Guyana’s economy and solidify its position as a key player in the global energy market.

Environmental and Regulatory Considerations

As with any large-scale offshore development, the Whiptail project necessitates comprehensive environmental assessments and adherence to stringent regulatory frameworks. ExxonMobil has submitted the Field Development Plan (FDP) and is awaiting approval from the relevant Guyanese authorities. A Final Investment Decision (FID) is anticipated in the first quarter of next year, contingent upon the completion of the regulatory process.

The Environmental Impact Assessment (EIA) for Whiptail will address potential effects on marine water and air quality, marine fauna, and socio-economic resources. Given the project’s proximity to other developments, a cumulative impact assessment will be performed to evaluate the collective environmental implications.

Economic and Local Content Implications

The Whiptail project represents a significant investment in Guyana’s oil and gas sector, with expenditures estimated between $12 billion and $13 billion. This development is expected to create substantial employment opportunities and stimulate economic growth within the country. The project will involve drilling 33 to 72 development wells, tapping into the Whiptail, Pinktail, and Tilapia reservoirs.

ExxonMobil has expressed its commitment to investing in local Guyanese communities and supporting the country’s phased and sustainable development. As of 2023, there are approximately 6,200 Guyanese working in support of Stabroek block operations, accounting for 70% of the workforce. The cumulative spend of ExxonMobil Guyana and its contractors with Guyanese suppliers since 2015 surpassed $1.5 billion at the end of 2023.

Conclusion

The collaboration between New Wave Offshore Energy and ExxonMobil on the Whiptail project exemplifies the critical importance of Marine Warranty Surveys in ensuring the safety and success of offshore oil and gas developments. As Guyana continues to emerge as a significant player in the global energy landscape, projects like Whiptail not only contribute to the country’s economic growth but also highlight the essential role of rigorous