ExxonMobil’s exploration and production manager, Liam Mallon, said that they expect to generate production of 1,300,000 barrels per day (bpd) in 2027, with their six offshore projects in Guyana.
Guyana on Friday granted an oil production license to the US company, operator of the Stabroek block, for its new offshore development in the country, called Whiptail.
The $12.7 billion project will produce 250,000 barrels of oil per day (bpd), bringing Guyana’s daily production to 1.3 million bpd by the end of 2027.
This figure represents an increase of 100,000 barrels per day (bpd) compared to previous production estimates of more than 1.2 million bpd.
“Our sixth multi-billion-dollar project in Guyana will boost the country’s production capacity to approximately 1.3 million barrels per day,” said Liam Mallon.
Exxon announced on April 12 its final investment decision (FID) for its Whiptail project in the Stabroek block, offshore Guyana, following receiving the required government and regulatory approvals.
The upward revision to production estimates was detailed by Exxon as part of a report on its $12.7 billion FID at Whiptail, a project that will have gross production capacity of 250,000 bpd.
The company noted that production from the six projects in the Stabroek Block will generate tens of billions of dollars in revenue and significant economic development for Guyana.
In this regard, he noted that since the first production in 2019, more than $4.2 billion has been paid into the Guyana Natural Resources Fund and that there are currently 6,200 Guyanese working in the Stabroek Block operations, representing 70% of the workforce.
Guyana has experienced an economic revolution since the discovery of oil on its coast in 2015, with reserves of more than 11 billion barrels, making it the country with the highest economic growth in the world (with a projection of 26.6% in 2024).
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2024-07-22 00:45:53
