By 2027, Guyana oil production is expected to hit 1.2 million barrels per day (bpd), making it the second largest producer in South America, after Brazil, based on current output across the region.
Liam Mallon, ExxonMobil’s Upstream President confirmed the production ramp up on Tuesday at the opening of the International Energy Conference in Georgetown, Guyana, pointing out that output may also go beyond this, as even more projects come online.
“It’s an exciting place to wake up in the morning and think about what’s possible. Where will we be in 5 years? What else can we do to innovate, to create, to drive, for Guyana and the world?” Mallon said.
Oil production got underway at the ExxonMobil-operated Stabroek Block at the end of 2019 with the Liza Phase 1 Development. The company has since added a second vessel for phase 2 of the Liza project. The third FPSO – Prosperity – will set sail this month from Singapore while construction of the fourth vessel – One Guyana – is underway.
“The fifth and sixth developments, Uaru and Whiptail, are in the planning process and we expect them both to be online by the end of 2027… increasing capacity to 1.2 million barrels a day…,” Mallon pointed out.
While the combined output from these projects will push production over 1.2 million bpd by 2027, there remains much scope for upside as more developments come online.