Despite its role as one of the fastest-growing oil producers in ExxonMobil’s global portfolio, Guyana accounted for just 4.2% of the energy giant’s total long-lived assets at the end of 2024, according to data in the company’s 2024 annual report.
The report shows that ExxonMobil held US$294.3 billion in total long-lived assets globally as of December 31, 2024. Of that, only US$12.4 billion was located in Guyana, where the company is leading one of the most closely watched offshore oil booms in recent history.
The relatively modest figure provides a new perspective for observers who might regard the country’s assets as more of a contributor than they actually are. While Guyana has become a significant contributor to Exxon’s fortune, the country’s role in Exxon’s global asset map still pales in comparison to its assets in Canada and the United States.
ExxonMobil produced 4.3 million barrels of oil equivalent per day in 2024 across its global operations. In Guyana, production reached 616,000 barrels per day (b/d) from three major offshore developments in the Stabroek Block. However, Exxon holds a 45% stake in the block, making its net share of production less than 300,000 b/d, or less than 8% of the company’s global total.
Since first discovering oil offshore Guyana in 2015, ExxonMobil and its partners Hess and CNOOC have made final investment decisions on six major developments. The first three — Liza 1, Liza 2, and Payara — are currently producing and can collectively deliver more than 650,000 b/d.
A fourth project, Yellowtail, is expected to start production later this year, adding another 250,000 b/d. Two more sanctioned projects, Uaru and Whiptail, are anticipated to start production between 2026 and 2028. In addition, Exxon has submitted applications for two future developments – Hammerhead and Longtail – which will also produce condensate and natural gas, with operations expected to begin by 2030.
Beyond oil, ExxonMobil is working with the Guyana government on a Gas-to-Energy project that is slated to begin delivering power between late 2025 and 2026. The project is expected to significantly reduce electricity costs in the country and bolster energy security.
The revenues Guyana earns from its share of oil production have been a key driver of its economic transformation. The country has posted double-digit growth in gross domestic product (GDP) for five consecutive years, making it the world’s fastest-growing economy. Oil earnings have given the government increased fiscal space to invest in infrastructure and social programs.
The numbers from ExxonMobil’s annual report highlight a critical perspective, that while important as a growth engine, Guyana remains a relatively small piece of the puzzle for one of the world’s largest energy companies.
