Discoveries offshore Guyana led by ExxonMobil are among the high-impact finds reshaping global oil exploration, according to a Wood Mackenzie report published on April 16.
The firm noted that discoveries are concentrated in ultra-deepwater basins, highlighting ExxonMobil’s Guyana portfolio alongside major finds by other global operators.
“You can just about count on two hands the number of companies with the risk appetite and skill set to operate in these environments…The focus follows the high-value-creating discoveries in the last five years, including those by ExxonMobil (Guyana), Eni (Côte D’Ivoire, Indonesia, Cyprus), BP (Brazil), and TPAO (Black Sea),” the report said.
Wood Mackenzie warned that the upstream sector faces a widening supply gap. “Today’s onstream fields will fall short by 300 billion barrels of the almost 1,000 billion barrels needed to meet the cumulative demand through 2050,” the report stated, underscoring the need for more discoveries.
It explained that large oil companies are increasingly focused on deepwater exploration due to the scale and value of resources. “The high-value creation opportunities are increasingly in ultra-deepwater frontier plays,” the analysis noted, pointing to water depths beyond 1,500 meters as key targets.
As global demand continues to rise and legacy fields decline, discoveries like those offshore Guyana are expected to play an increasingly important role in shaping future supply.
A February 26 Wood Mackenzie report had indicated that the world’s 30 largest oil and gas companies must find 22 million barrels of oil equivalent per day by 2040 to maintain their market share.
The group, which includes ExxonMobil, currently produces approximately 50 million barrels of oil equivalent per day, supplying nearly 30% of global demand. However, output from their existing commercial projects is projected to decline by almost 40% between 2025 and 2040.
Wood Mackenzie said filling the 22 million b/d gap is “the equivalent to adding nearly two Permian basins or 14 Guyana-scale plays”.
Industry will need 20M b/d, Guyana a timely supply boost — Wood Mackenzie Chairman | OilNOW
Guyana remains among the world’s fastest-growing oil producers. Production exceeds 900,000 b/d in early 2026, driven by ExxonMobil’s Stabroek Block with co-venturers Hess and CNOOC. When the fifth project, Uaru, comes on stream, production will exceed 1 million b/d.
