Category

Countries

ExxonMobil Guyana Forges Ahead with Sixth Offshore Endeavor
ExxonMobil Guyana Forges Ahead with Sixth Offshore Endeavor

ExxonMobil Guyana Forges Ahead with Sixth Offshore Endeavor

  • 15-Apr-2024 3:21 PM
  • Journalist: Stella Fernandes

ExxonMobil has reached a definitive investment decision regarding the Whiptail development situated offshore Guyana, subsequent to securing requisite government and regulatory endorsements. Whiptail, constituting the sixth project within the Stabroek block, is forecasted to augment daily capacity by approximately 250,000 barrels by the culmination of 2027.

Liam Mallon, President of ExxonMobil Upstream Company, articulated, “Our sixth multi-billion-dollar project in Guyana will elevate the country’s production capacity to approximately 1.3 million barrels per day." He further underscored the corporation's unparalleled success in cultivating Guyana's resource reservoirs, achieved through industry-leading efficiency, cost-effectiveness, and environmental stewardship. This achievement is attributed to the close collaboration with the Government of Guyana, alongside partners, suppliers, and contractors. Notably, the Stabroek block developments are positioned among the least emissions-intensive assets within ExxonMobil's upstream portfolio, poised to furnish the global populace with additional dependable energy resources in the present and in the future.

The Whiptail endeavor, boasting a price tag of $12.7 billion, is slated to encompass up to 10 drill centers, housing 48 production and injection wells.

Mallon reiterated the commitment to facilitating widespread socio-economic benefits throughout Guyana, through investments in local communities and initiatives aimed at fostering the nation's phased and sustainable progress.

The production emanating from the six Stabroek block developments is anticipated to yield tens of billions of dollars in revenue, thereby fostering substantial economic growth in Guyana. Since production began in 2019, the Guyana Natural Resource Fund has received a contribution exceeding $4.2 billion.

Presently, there are 6,200 Guyanese individuals actively engaged in supporting Stabroek block operations, constituting 70% of the workforce. The cumulative expenditure of ExxonMobil Guyana and its collaborating contractors with Guyanese suppliers has surpassed the $1.5 billion milestone as of the culmination of 2023.

The Floating Production Storage and Offloading (FPSO) vessel designated for the Whiptail project, to be christened as Jaguar, is presently undergoing construction. Concurrently, three FPSOs—Liza Destiny, Liza Unity, and Prosperity—are operational offshore Guyana, collectively sustaining the safe production of over 600,000 barrels of oil per day. Construction activities are underway for FPSOs earmarked for the Yellowtail and Uaru projects, with Yellowtail anticipated to commence production in 2025 and Uaru slated for 2026.

ExxonMobil's subsidiary, ExxonMobil Guyana Limited, takes on the role of operator and maintains a 45% ownership stake in the Stabroek block. Hess Guyana Exploration Ltd. maintains a 30% interest, while CNOOC Petroleum Guyana Limited holds a 25% interest.

ExxonMobil, a prominent global energy and petrochemical corporation, innovates to enhance living standards and address the changing demands of society.

Related News

Honeywell, Weatherford Team Up for Cutting-Edge Emissions Management Solution in Oil & Gas
  • 13-May-2024 1:22 PM
  • Journalist: Kim Chul Son
QatarEnergy Secures 40% Stake in Two New Offshore Egypt Exploration Blocks
  • 13-May-2024 12:21 PM
  • Journalist: Patrick Knight
CNOOC Commences Production at Bozhong 19-6 Block 5
  • 09-May-2024 2:23 PM
  • Journalist: Patricia Jose Perez
ExxonMobil Finalizes Pioneer Natural Resources Acquisition
  • 06-May-2024 3:30 PM
  • Journalist: Jung Hoon