ExxonMobil has announced plans to expand its operations in Guyana, projecting production capacity to reach 1.7 million barrels of oil per day by 2030. This is part of the company’s broader Corporate Plan to 2030, which aims to deliver US$20 billion in additional earnings and US$30 billion in cash flow through competitive investments and disciplined cost management, announced on Dec. 11.
The company plans two new developments in Guyana, Hammerhead, and Longtail, bringing the total number of projects in the country to eight. Gross production in Guyana is expected to grow to 1.3 million barrels per day by the decade’s end.
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Darren Woods, ExxonMobil Chairman, and Chief Executive Officer, highlighted the significance of these projects: “Through 2030, we plan to deploy about US$140 billion to major projects and the Permian Basin development program. We expect this capital to generate returns of more than 30% over the life of the investments.”
ExxonMobil’s investments in Guyana form part of its strategy to prioritize assets with lower costs and higher returns. By 2030, more than 60% of its global upstream production will come from key areas, including Guyana, the Permian Basin, and liquid natural gas (LNG) projects.
The company’s initiatives reflect its commitment to innovation and efficiency. “ExxonMobil has a unique set of highly valuable competitive advantages that equip us to do what few companies have ever done – create world-scale solutions to society’s biggest challenges, decade after decade,” said Woods.
Just nine years after first discovery Guyana has seven projects in play with three already producing
With four LNG projects under development and additional ventures worldwide, ExxonMobil said it continues strengthening its global energy portfolio. Its investments in Guyana are a cornerstone of its growth strategy, solidifying the country’s role in the global energy landscape.
