Exxon to surpass half billion barrels of cumulative oil production in Guyana by yearend

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ExxonMobil is expected to accumulate approximately 516 million barrels of oil production offshore Guyana since first oil in December 2019. The US oil major has already produced more than 370 million barrels so far, according to production data published by the government.

President of ExxonMobil Guyana, Alistair Routledge said in February that its goal is 500 million cumulative barrels by yearend.

The rate of production continues to increase each year, as projects are added and optimized. The rate made a steep jump in 2024, following the start-up of the Payara project in November 2023.

Table shows cumulative oil production from the Stabroek Block offshore Guyana

The Guyana government projected over 550,000 barrels per day (b/d) of oil production, amounting to 202 million-barrel lifts in the full year, according to a January 2024 budget presentation by Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr. Ashni Singh. 

However, the actual production in the full year could easily exceed this projection by more than 50,000 b/d. Production in the first quarter averaged 613,000 b/d, government data indicates. The Liza 1 and 2 projects will be shut down for two weeks each in the second half of the year. However, there are plans to debottleneck the Liza 2 and Payara projects to increase their capacities. While the individual peaks of each project as of March amount to 661,000 b/d altogether, planned optimization could see that total moving in excess of 675,000 b/d. 

ExxonMobil operates the Stabroek block with a 45% stake, while Hess has 30% and CNOOC has 25%. 

The consortium has sanctioned six projects in total for the Stabroek Block. Three of these are set to begin production in 2025, 2026 and 2027. The collective expenditure to develop these six projects is estimated at US$54 billion.

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