ExxonMobil Guyana is on track to ramp up its capacity to produce oil, condensate and gas at almost 2.2 million barrels of oil equivalent per day (boe/d). This includes oil production capacity of approximately 1.62 million b/d, condensate production capacity of 290,000 b/d, and natural gas output of more than 1.6 billion standard cubic feet per day (bscf/d) by 2030, marking a meteoric rise from first oil in 2019.
The South American country, home to one of the world’s fastest-growing oil basins, is progressing toward these numbers through eight offshore projects in the Stabroek Block, operated by Exxon, with co-venturers Hess and CNOOC.
Guyana’s oil production began with the Liza 1 project in December 2019. Current production capacity stands at approximately 660,000 b/d across the first three projects—Liza 1, Liza 2, and Payara—after optimizations increased their output beyond initial projections. By the end of 2025, the fourth project, Yellowtail, is expected to come online, adding another 250,000 b/d. Subsequent projects, Uaru and Whiptail, will further increase capacity between 2026 and 2028.
The final two developments, Hammerhead and Longtail, scheduled for 2029 and 2030, respectively, will mark a new phase in Guyana’s hydrocarbon strategy, integrating large-scale gas production alongside oil and condensate. Longtail will be the first project in Guyana to produce non-associated gas at a capacity up to 1.5 billion scf/d, with initial focus on condensate production before full gas ramp-up.
Despite producing substantial volumes of associated gas, Guyana has yet to commercialize its reserves. At present, gas from the offshore fields is reinjected into reservoirs or used to fuel floating production, storage and offloading (FPSO) vessels.
That is set to change with the government’s Gas-to-Energy project, expected to come online in 2025 or 2026. Under the initiative, 50 mscf/d of gas from the Liza field will be transported via pipeline to shore for power generation, marking Guyana’s first domestic use of its gas resources. Consistent with Exxon’s proposed Hammerhead project, the pipeline will facilitate an increase of gas transport to its full capacity of approximately 125 mscf/d. This will also facilitate natural gas liquids (NGL) production of approximately 9,800 b/d.
When Longtail reaches full-scale gas production, it is expected to unlock new opportunities for industrialization, including petrochemicals and other gas-based industries. The government has positioned gas development as a key pillar of economic diversification, with plans to leverage lower-cost power for manufacturing and industrial expansion.
ExxonMobil and its partners have committed more than US$50 billion in development and exploration expenditures so far across the Stabroek Block, an amount that will grow as the final two projects receive government approval and final investment decisions are made.
Beyond oil revenues, Guyana’s economic transformation has been evident in housing, real estate, tourism, construction, and oil-support services, sectors that have expanded rapidly due to the petroleum boom. Once gas commercialization begins, analysts expect further economic diversification, lower electricity costs, and greater competitiveness for Guyana’s private sector.
