Crude oil production at the ExxonMobil-operated Stabroek Block averaged 608,000 barrels per day (b/d) in the first 10 months of 2024. Combined output from the three projects—Liza 1, Liza 2 and Payara—have shown they can sustain 660,000 b/d. However, the average was curtailed by shutdowns at the Liza projects in July for the hook-up of a gas pipeline.
In the first 10 months of 2024, ExxonMobil has produced a monthly average of 18.56 million barrels. October was the first month Exxon’s production topped 20 million barrels. The combined projects averaged 647,000 b/d in October, a slight dip from the September high of 660,000 b/d.
Up to October, ExxonMobil produced more than 185 million barrels of crude offshore Guyana. The Guyana government projected in its Mid-Year report that 228 million barrels would be produced this year, but this is unlikely.
If Exxon produces the October average of 647,000 b/d in the last two months, it would close the year totalling about 3 million barrels less than the government projected.
For it to meet the government’s projection, the Stabroek Block would need to produce about 696,000 b/d in November and December. Exxon has said the Liza 2 project, which has demonstrated about 250,000 b/d of sustained output, has scope to produce 270,000 b/d. This would take total production capacity offshore Guyana to about 680,000 b/d if the government approves such an increase.
ExxonMobil operates the Stabroek Block with a 45% stake, while Hess has 30% and CNOOC has 25%.
About Guyana’s Oil Ledger
Guyana’s Oil Ledger offers analyses of the latest oil production data and government oil fund receipts, published typically on a fortnightly basis. The column is authored by Kemol King, a journalist specializing in Guyana’s oil and gas sector.
