ExxonMobil’s Uaru and Whiptail projects are each targeting an initial production range of 220,000-275,000 barrels per day (b/d), according to a document distributed at the company’s recent public meeting in Georgetown.
Uaru and Whiptail are the fifth and sixth oil projects at the Stabroek Block offshore Guyana. They will utilize the Errea Wittu and Jaguar floating production, storage and offloading (FPSO) vessels, to be delivered by MODEC and SBM Offshore. The upper production targets of these vessels would place them among the highest producing FPSOs in the world.
They are expected to benefit from learnings from the fourth project, Yellowtail, which will start production in 2025. Yellowtail is targeting initial production up to 250,000 b/d.
Exxon continues to outdo itself, achieving its production targets in record time and optimizing production to boost revenues. The company has optimized the Liza 1 project, raising production from the initial target of 120,000 b/d to 150,000 b/d. Similarly, Liza 2 started out at 220,000 b/d and was optimized to 250,000 b/d. Payara was optimized to similar levels as Liza 2. The three projects can therefore produce in excess of 650,000 b/d collectively. A further production boost is expected at Liza 2 in the third quarter, with additional optimization work by Exxon. The company said it would pursue debottlenecking to increase Liza 2’s output during a two-week shutdown period to hook up a gas pipeline.
Yellowtail, Uaru and Whiptail are expected to all be in operation by 2027, boosting production capacity by 750,000-800,000 b/d. Oil production capacity offshore Guyana could therefore be lifted to more than 1.4 million b/d by 2027.
The Hammerhead project, planned for first oil in 2029, could add an additional 120,000-180,000 b/d in oil production capacity. The production target is subject to finalization as the company irons out its development plan.
The combined investment commitment for these projects is more than US$50 billion, not including Hammerhead. ExxonMobil is the operator of the Stabroek Block with a 45% stake, partnered with Hess (30%) and CNOOC (25%).
