ExxonMobil Guyana announced on November 13, a milestone of 500 million barrels of accumulated crude oil production. The output was derived from three Stabroek Block projects—Liza 1, Liza 2, and Payara—in less than five years. Exxon said the three projects are averaging 650,000 barrels per day (b/d).
“Our unrivaled success in developing Guyana’s oil resources at an industry-leading pace, cost and environmental performance is built on close collaboration with the government of Guyana, as well as our co-venturers, suppliers and contractors… We remain committed to Guyana for the long-term and look forward to continue delivering for the country,” the company’s President Alistair Routledge said.
Committed investments to develop multiple oil projects offshore Guyana amount to almost US$55 billion. The commitments are set to result in installed production capacity of 1.3 million b/d by the end of 2027. There is also significant upside potential due to Exxon’s strategy of production optimization through debottlenecking. This mechanism has so far resulted in added capacity of 100,000 b/d beyond nameplate levels.
ExxonMobil Guyana Limited is operator and holds 45% interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.
Oil production will generate tens of billions of dollars of revenue and significant economic development for Guyana, Exxon said. Since first production in December 2019, more than US$5.4 billion in oil revenues and royalties have been paid into the country’s Natural Resource Fund (NRF). More than 6,000 Guyanese support the Stabroek Block operations, which is nearly 70% of the industry workforce locally.
The oil boom has made Guyana the fastest growing country in the world. Aside from direct revenue, the country benefits from local content and waves of investment interest in other sectors that was spurred by the oil bounty.
SBM Offshore is the builder and operator of the FPSOs currently operating offshore Guyana.
