November 26, 2024
ExxonMobil Guyana and its Stabroek block partners, Hess and CNOOC, have announced plans to expand production capacity to over 1.3 million barrels of oil per day by the end of 2027. This growth projection aligns with the ExxonMobil-led consortium’s goal to fully operationalize six major offshore projects within the Stabroek block, a milestone anticipated to bring substantial economic gains to Guyana.
This announcement follows the consortium’s achievement of producing 500 million barrels of oil since Guyana joined the ranks of oil-producing nations in 2019. In a statement, ExxonMobil Guyana President Alistair Routledge attributed the rapid development pace to close collaboration with the government of Guyana and strategic partnerships with suppliers, contractors, and co-venturers.
ExxonMobil Guyana Limited operates the Stabroek block with a 45% stake, while Hess Guyana Exploration Ltd. and CNOOC Petroleum Guyana Limited hold 30% and 25% shares, respectively. Together, these companies have committed nearly $55 billion to developing six government-approved projects in the block. Current projects, Liza Phase 1, Liza Phase 2, and Payara, are already producing more than 650,000 barrels daily, positioning Guyana for sustained growth in the global energy market.
Since production began in December 2019, oil revenues and royalties totaling over $5.4 billion have been directed to Guyana’s Natural Resource Fund ExxonMobil Guyana said. Additionally, more than 6,000 Guyanese now support operations at Stabroek, representing nearly 70% of the local oil industry workforce the company added, noting that the steady growth in production and employment is expected to bring further economic benefits to Guyana, alongside billions in projected revenue from continued offshore development.