“Ten years is only the beginning.” That’s how Hunter Farris, Senior Vice President for Deepwater at ExxonMobil Upstream Company, summed up the extraordinary transformation of Guyana’s oil and gas industry, as the company marks the 10th anniversary of its first offshore oil discovery.
“What a difference one short decade can make,” Farris said. “That historic find continues to reshape the world of energy just as it transforms daily life for many of the country’s 800,000 citizens.”
On May 10, 2015, ExxonMobil, along with co-venturers Hess and CNOOC, struck oil more than three miles beneath the seabed, in waters some 100 miles off Guyana’s coast. “Very few companies could have drilled this well given a host of complexities and difficulties,” Farris noted. “But our technical team stood its ground. They had the guts to see it through.”
Liza was Exxon’s ‘well from hell’ | OilNOW
The result was one of the most significant oil discoveries in generations. Continued exploration has confirmed a resource base of roughly 11 billion barrels.
From discovery to first oil in just four and a half years, ExxonMobil’s pace was unprecedented. “That short timeframe – less than five years – is nearly unheard of in our industry,” said Farris. “We did it in half the normal time.”
Guyana’s production has since skyrocketed. “Like a race car that blazes from zero to 60 in just a few seconds,” he said, “Guyana’s oil industry has ramped up – and ramped up safely – from zero barrels to 650,000 per day in the five-and-a-half years since we started.”
Production capacity is expected to hit 1.3 million barrels per day by 2027, and 1.7 million by 2030. That would make Guyana one of the largest oil producers per capita in the world.
ExxonMobil’s Liza projects cop excellence award | OilNOW
Its growing global stature is already clear. “Guyana was elected to serve on the UN Security Council in 2023,” Farris noted. “More importantly, though, is the role Guyana plays in offering heightened energy and economic security for economies around the globe.”
With cargoes reaching Latin America, the U.S., Europe, and the Pacific Rim, Guyana’s oil has brought vital stability to world energy markets. Farris referenced energy historian Dan Yergin, who cited Guyana in The Wall Street Journal for helping steady global markets during a time of upheaval.
More than 6,000 Guyanese now support ExxonMobil’s operations – nearly 70% of the local oil and gas workforce. The company and its partners have spent over $2.5 billion with more than 1,700 Guyanese suppliers.
Liza was biggest, best prospect in a basin with zero discoveries…next target was a dry hole | OilNOW
“Smart planning by Guyanese officials has positioned the country to avoid the so-called ‘resource curse,’” Farris said, “while ensuring the benefits of oil production are widely spread.”
Looking ahead, ExxonMobil is preparing for the next phase of its partnership with Guyana. “The next chapter will cover our partnership, figuring ways to develop Guyana’s natural gas deposits,” Farris revealed.
He believes this could further fuel regional development and position Guyana as a critical energy hub.
“Cheers to the amazing team and our company who made this happen,” Farris said. “I am so proud of what we’ve achieved, and ten years is only the beginning. May our partnership thrive for more decades to come.”
