U.S. oil major ExxonMobil confirmed on Wednesday that a major ramp up offshore Guyana will see the company having the capacity to produce as much as 1.2 million barrels of oil per day by 2027.
“Clearly our objective is to fill up those boats,” Reuters quoted senior vice president Neil Chapman as saying during a call with analysts to discuss the company’s annual plans. He declined to comment on when maximum capacity will be reached.
Exxon is operator at the massive 6.6 million acres Stabroek Block with a 45 percent interest. Hess holds 30 percent interest while CNOOC has a 25 percent stake. The co-venturers have found over 10 billion barrels of oil at Stabroek since 2015.
Oil production started in December 2019 at the Liza Phase 1 Development and Phase 2 came online just last month. A third project at Payara is already approved and Exxon is awaiting the greenlight from Guyanese authorities for a fourth at Yellowtail. The company has said a fifth development is being targeted at Urau.
According to the Reuters report, Exxon said on Wednesday it can drill in Guyana around ten new exploration wells in 2022, and another ten next year.