With December 19, 2024, marking five years of oil production in Guyana, ExxonMobil said its deepwater projects are the “most successful” in the world. The company is hailing its first five years as a significant achievement underscoring the potential of the South American country’s energy sector.
Since December 19, 2019, Exxon has managed to ramp up crude oil production, making Guyana the third largest per capita producer in the world. Guyana trails Kuwait and Qatar, according to a ranking by Our World In Data (OWID) for 2023 production.
Exxon said the oil and gas sector has spurred tremendous economic growth in the country, making it one of the world’s fastest growing economies globally.
While in five years Exxon has been able to bring three complex mega-projects to production, there is a lot more in the pipeline. The company said it is advancing plans for five additional projects, set to take total production capacity to 1.7 million barrels per day (b/d) by 2030. That would be more than double the current capacity of just under 700,000 b/d. The three floating production storage and offloading (FPSO) vessels currently in operation at the Stabroek Block are built and operated by Dutch floater specialist, SBM Offshore.
Aside from facilitating direct revenue for the Guyana government, Exxon sees its work promoting local content as vital to its operations. The company said more than 6,000 Guyanese are currently employed in good-paying industry jobs, while approximately US$2 billion (GY$418.4 billion) has been spent to procure goods and services from 1,700 Guyanese businesses. These achievements are the fruits of collaborations and efforts across the industry by Exxon and its suppliers.
ExxonMobil Guyana President, Alistair Routledge, said, “We’re focused on capacity building, local content development, and environmental stewardship to ensure the benefits of Guyana’s oil-and-gas production reach every corner of the country.”
The official expressed gratitude for its strong collaboration with Stabroek Block partners Hess and CNOOC, and the Guyana government, for the crucial roles played in responsibly developing the resource.
“Working alongside our co-venturers and the Government, we are doing our part to foster a brighter future for all Guyanese… ExxonMobil Guyana proudly celebrates this five-year milestone as a shared achievement, and we look forward to continuing our successful collaboration with the people of Guyana,” Routledge stated.
Exxon has a 45% stake in the Stabroek Block projects, while Hess holds 30% and CNOOC holds 25%. Direct revenue for the government already measures in the billions annually and is set to expand further as Exxon adds projects.
