Guyana has allocated GY$118.9 million (approximately US$570,000) in its 2026 budget to review ExxonMobil’s proposed Longtail development, Natural Resources Minister Vickram Bharrat said on February 10.
Speaking during consideration of budget estimates, Bharrat said the allocation caters for the “eventuality” that Exxon submits a field development plan (FDP) for the eighth project in the prolific Stabroek Block.
“We have an allocation of $118.9 million for the review of the FDP…we are preparing that there will be the possibility of another FDP for the eighth project by Exxon, being submitted to us.”
ExxonMobil, which operates the block, has indicated it is preparing the Longtail project and has begun countrywide environmental consultations in advance of filing the development plan, he said.
Once submitted, the plan would be assessed by an international specialist consultancy before any production licence is granted. “It requires a specialist consultancy company,” Bharrat said, noting that the government has previously worked with UK-based Bayphase on earlier developments.
The proposed Longtail project is expected to target around one billion cubic feet per day of natural gas and about 250,000 barrels per day (b/d) of condensate. It would mark a shift from Guyana’s current oil-focused developments, as the first project centered on non-associated gas.
Exxon and its Stabroek Block co-venturers – Hess, now owned by Chevron, and China’s CNOOC – have secured approval for seven offshore projects to date. Four are producing roughly 900,000 b/d of oil, while three additional projects are slated to begin output in 2026, 2027 and 2029.
Longtail is targeted for startup in 2030.
